Thank you for responding so thoroughly to my questions about the Purchase Agreement Addendum. Being new in this business, I think the most sensible thing to do is try to cover all my bases when it comes to the Contract. Upon conducting a search for “addendum” and “contingencies”, I was surpised to find that there was not a lot of information referencing this topic/issue. In addition to that, I didn’t get a lot of input or helpful information from forum members who, in my opinion, should be extremely knowledgeable in this area – thus, having lots of advice to share. Even though I’m in Texas, my questions were not specific to Texas but are germane to any state.
In my observation, most posts warrant a rapid response because the member seeking advice is either in the midst of a deal or about to commence one and desperate for a reply with no time to spare. If other forum members would keep that in mind and act accordingly, this forum would be most effective and valuable to the members and those of us seeking to learn and share.
Nevertheless, I appreciate you taking the time to respond and I look forward to sharing my knowledge and experiences, too.
This is a question and answer forum, but it is NOT a rapid response system to help people out of situations that, in all honesty, they probably shouldn’t be in but are simply because they didn’t take the time earlier to learn more about what they were doing before they do it.
Ask questions, but don’t expect to get a really good answer within a few minutes of posting. If you want good answers, then be prepared to wait. Why? Because the true full-time, experienced investors that post here are actually busy most of their time with their own business. Believe it or not, Tedjr, reoconsultants, Cash, myself and others do actually do something besides post here. And, this is a FREE site. We help others because we want to do so, not because we get paid to do it.
So please forgive me if I sound a little upset at your post. There have been answers on this forum to questions that have whole books and courses written about them. And now, I have to read that someone is upset because their post wasn’t answered fast enough?
Boy Raj, great response. Shame, shame Trixie. I am also new (will be looking for my first investment next month) and have spent the last 3 months reading the posts on this site and doing outside research. I am amazed at the willingness of experienced investors to share their knowledge and experience. Just wanted to assure Raj that the VAST majority of readers on this site understand that this is not a 24 hour helpline. It is the best site of its type and I would know; I have searched them all. Kudos to all the contributors and moderators. The pros here are phenomenal. Keep up the good work and thank you again from all of us. Betty
Thanks for your timely response! It appears that my post was misconstrued!!! I wasn’t looking for a "rapid response. I’ve done my research and I’m learning like all of you. Since a lot of you pros are busy with your own business and should know the importance of having a sound Purchase Agreement where you dot all your “i’s” and cross all your “t’s”, surely you know it warrants attention. As a matter of fact, I would bet it is the most important factor in the deal. Whether you chose to respond or not is your choice but don’t pass judgment on me.
So, if you know something about Purchase Agreement Addendums, please direct your energy to answering the question.
P. S.: Betty, the last time I checked, this forum was a 24-hour site/ “helpline”. Take some time to peruse it, I bet you’ll find a lot of requests for “HELP!!!”
I did not see your post as threatening or overbearing or demanding. I did not think anything of it until the other posts.
I guess I do not pay that much attention to the contracts, It is so old hat I just glide right thru them. Even the commercial ones I only take a second glance at. I never even give it a second look unless I am selling and the I look to see the price and the earnest money and the closing date and he loan stuff. Only after stuff starts going wrong do I look at inspection days etc. I am not as good at it as I should be. I am trying to get more into commercial too.
I have heard of some investors that spend hours looking over the contracts and finally get the offer ready to submit. I beat them by days sometimes if they ever get it submitted. I saw the 30,000 foot building on Thur am off loopnet and had it under contract by Friday by 3pm. I saw, I liked, I offered and now to the closing in a few weeks. The papers were just a formality that I can not even read the copies any way. I have $500 bucks at risk on a $600,000 deal, Who cares what the papers say about losing the earnest money. I have 6o days to close I remember that or I may lose the money. Who cares. No big gamble. Thats all folks
Well, guy, I see you’re smoking!!! Now, that sounds like a “real” deal – $500 earnest money on a $600K property. When I grow up, I want to be just like y-o-u!!
I think you’re great and so is this forum. Congrats on your deal.
Sorry, the impression was that you were not happy in the response time to a number of “help” postings you had observed. My comment is that the fact we have any place at all to get this type of professional help is amazing; and I’m not about to complain about how long it takes. Believe me, I am almost blind from the number of postings I have read. Always something to learn.
I’m sure I will be posting a help wanted sometime real soon, with any luck. That’s means I am in the game.
Good luck in your endeavor, then post your success story so we can all share.
Trixie,
seasoned investors in Texas are familiar with the TREC contracts, but as a new investor the best advice for you is the one given on the TREC site:
“Notice Regarding Contract Forms
As public records, the contract forms adopted by the Texas Real Estate Commission are available to any person.
However, TREC contract forms are intended for use only by licensed real estate brokers or salespersons who are trained in their correct use. Mistakes in the use of a form may result in financial loss or a contract which is unenforceable.
If you are obtaining the forms for possible use in a real estate transaction, you should contact a real estate licensee or an attorney for assistance. TREC cannot provide legal advice to the public on private contractual matters.
TREC does not promulgate listing or buyer representation agreements, property management contracts, forms for commercial property, or residential leases (other than temporary residential leases used in connection with a sale). Contact your attorney or a trade association for such forms.”
Now, we’re on the same page!!! I’m in total agreement with you. I think this site is awesome and absolutely invaluable. You sound very eager to get started!! I’m looking forward to reading some of your posts and reading about your successes!!!
I obtained a copy of the TREC from a licensed RE agent who said, “Use this for your deals.” My concern is from a RE investor’s standpoint – is this Contract, which was drawn up by TREC, investor- friendly?
I’m scheduled to take a class in a couple of weeks that reviews the TREC in detail. I’m really looking forward to learning as much as possible to temper down my anxiety! Having worked in the legal field, I know the importance of protecting yourself BEFORE you enter into an agreement or a seal a deal – if you’re sued or needs to sue a seller, then that Purchase Contract means EVERYTHING!!!
This seems to be the last thing I’m getting hung up on – I have all my other forms in order. I am anxious to get this Contract business together so I am no longer a victim of “paralysis by analysis”!!!
Thanks, again, for the info. Where in Texas are you located?
I have never put an emphasis on the TREC contract helping one kind of purchaser or party over another. As a licensed agent I am required by law to use the TREC contract in representing a buyer or counter (offering) for a seller. I think they are very well thought out contracts, as an agent with a large independent brokerage in Dallas we are required by our broker to attend contract updates yearly. We are fortunate that many of the attorneys that own title companies make these updates informative for us. You will understand or have a million questions, both are good scenarios, after your class. I would recommend taking them frequently, i.e. at least yearly, asking questions of real estate attorneys and studying them. You will find there are actually different interpretations by different individuals who deal with them daily. Contracts are also very often revised and updated by the broker/lawyer committee of TREC, so watch for these changes and revisions and become familiar.
Good Luck, and I commend you for your desire to learn and understand the instruments available.