Wholesaling in TX updated 2012 laws

Bird Dogs, Wholesaling
1

I’ve been out of REI for a little while, but…

I was wondering if the laws ever changed with wholesaling in TX this year? I seem to vaguely remember a law that was coming about regarding wholesaling in TX this year?

Is it now required to do a double close opposed to just assigning contracts?

or

Any other new laws I should be aware of?

Any new contracts/forms/paperwork I need or need to be aware of?

Thanks!!

2

As I plan to work out the Denton Texas area, I would also like to have this information. Or at least, a good place to start looking.

Thanks all.

3

There are no real changes in the law for wholesaling. I wholesale in Houston.

If you have a house under contract to buy and there is equity, you can assign the contract.

If there is zero equity you can SUB2 and take over payments. You can rent it out, lease option (CHECK NEW LAWS HERE) and/or resale immediately or later.

If the house is up side down on the mortgage, you can Short Sale. You will need proof of funds from a source.

If Bank Owned (REO) you can make an offer. You will need proof of funds from a source.

On Short Sales and Bank Owned, you can do double closings, but may have to hold for 30 - 60 days using transactional funding, or be on the contract with the end buyer (using their money) and quit claim off after closing.

There are finer details.

4

Homes in Houston are selling a dime a dozen.