The Texas Real Estate Commission (TREC) 1-4 Family Residential Contract (Resale) is the standard purchase agreement used in Texas for the sale of single-family homes. Understanding this contract is important for homeowners looking to sell, as it outlines key terms, responsibilities, and deadlines. Here’s a breakdown of essential sections to help homeowners understand it.
1. Property Details and Price
At the start of the TREC 1-4 contract, the property address, legal description, and purchase price are specified. It’s crucial to verify these details to avoid future legal issues. The contract should also clearly state the agreed-upon sales price.
2. Earnest Money and Option Fee
Earnest money shows the buyer’s commitment to purchasing the home, while the option fee gives them the right to back out of the contract within a set period, known as the “option period.” The contract details how much will be paid, where the money will be held (typically at a title company), and the timelines for these payments.
3. Closing Date and Possession
The contract specifies a closing date when the sale will be finalized. This date is flexible if both parties agree to changes. Additionally, the contract addresses when the buyer will take possession of the property—usually upon closing and funding unless otherwise agreed.
4. Property Condition and Repairs
The TREC 1-4 contract includes a section on property condition, allowing buyers to inspect the home. The “Repairs” section outlines who is responsible for repairs or updates. Sellers should clarify these terms to avoid unexpected costs.
5. Special Provisions and Addendums
This section allows for additional terms specific to the sale, such as items included in the sale (e.g., appliances). Addendums, like financing or home warranties, may also be attached.
By carefully reviewing each section and consulting a real estate agent or attorney, homeowners can confidently understand their obligations and rights under the TREC 1-4 contract. This knowledge helps ensure a smoother, more informed sale process.
We are often asked about selling houses directly, and how it differs from using a licensed Texas agent. When you think about using a cash buyer to buy your home instead of listing your house on the market and skipping the traditional method with an agent, it involves a few quick steps.
We just need a little bit of your information, and then we can start reviewing your home. If your home matches what we are currently buying then we schedule time to visit your home so we can see the current condition of your home.
While some homeowners would prefer to do the DIY work themselves, and pocket the agent’s commissions $$, there are others owners who simply want to avoid the showings. We’ve heard from dozens of homeowners who can’t stand getting a last minute appointment request where they have to rush out of their house only to have the potential buyers cancel the appointment. Another dinner ruined. Ouch!
Time may also be a motivating factor if a job or personal matter forces a quick move to a new location. Finally, some homeowners decide to sell directly because of the convenience of the process, which is easy and can happen as quick as 7 business days. No matter the challenges you face with selling, a direct sale may be your best property solution.
It only makes sense that you have concerns about making a mistake that could cost you some of your equity or profits. And even cost you more time or additional stress. By taking the time to understand the most common errors sellers make, you can put yourself in the driver’s seat and feel secure about making the best decision for your family on how to sell your home. So read on as we explore three mistakes you should avoid when selling your house directly in Fort Worth.
The Value
While the sentimental value you place on your home is understandable, it truly does not equate to the current market value, which makes it a fairly common mistake and one you should avoid when selling your house directly in Fort Worth.
Instead, you can get a better read on your current market value of your home by looking on line and comparing your home to recently sold properties in your neighborhood. Remember though, you need to look at houses that are the most like your and the nearest to yours; preferably in the same neighborhood.
Then, of course, you’ll need to make adjustments, up or down, for the value of any property differences, lie a pool or outdoor kitchen. Many other factors are at play in determining the value of a home, such as the property’s location, style and age, and its conformity to the neighborhood. Professional buyers like those at Starfish Group Properties want sellers to make an educated decision about the direct sale of their house. At Starfish Group Properties, our professional buyers help you understand the current market value of your house, comparing what you could profit from with a traditional listing and then making you an offer that you’ll agree is fair for a direct sale. Another plus of working with professional home buyers at Starfish Group Properties is that you won’t incur any expenses for prepping and repairs because we buy houses as-is for cash.
The Contract
Another thing you should avoid when selling your house directly in Fort Worth is not getting everything in writing, especially oral agreements. Enforcing these agreements without having the details written out can be challenging. We use the TREC 1-4 Contract, promulgated by the Texas Real Estate Commission. With everything spelled out clearly in writing, you’ll avoid conflicts and misunderstandings and ensure each party is on the same page with the expectations and responsibilities placed upon them therein. Professional buyers like those at Starfish Group Properties go through the details of the contract in writing and never pressure sellers to sign quickly before you can review the document. In addition, our professional buyers at Starfish Group Properties provide a guaranteed closing date, often in just days or, because they won’t be moving in, they’ll work with you so that you’ll only have to move once, allowing you to choose the most closing date that works best for your family. Another plus of working with the professional home buyers at Starfish Group Properties is that you won’t pay any closing costs because of the built-in streamlined efficiency of our in-house professionals handling every aspect of the transaction.
The Buyer
Not taking the time to research the professional home buyer you select to work with is another thing you should avoid when selling your house directly in Fort Worth. It’s essential to check the background, track records and credentials to ensure they’re legitimate. We are A Plius rated on the Better Business Burea.
Professional home buyers like those at Starfish Group Properties have a strong track record of successfully closing real estate transactions since 2011. At Starfish Group Properties, our highly regarded professional home buyers at Starfish Group Properties invite you to check our reviews and reputation. When a professional home buyer from Starfish Group Properties contracts with you to buy your house directly, you can be sure that we have financial resources to get to the closing table.
The best way to avoid making any mistakes when selling your house directly in Fort Worth is by working with professional home buyers at Starfish Group Properties. So talk to one of our professional home buyers at Starfish Group Properties today about how we may be be the best fit to save you time and money and avoid making costly errors with the sale of your house. At Starfish Group Properties, we’re happy to answer your questions without any obligation about the unique features that add value or any concerns about the condition of your property. At Starfish Group Properties, every member of our highly regarded team of professionals lives and works in Fort Worth. At Starfish Group Properties, we operate with total transparency; we’re your neighbors who care about our community and the people who live here and want you to feel good about working with us long after the closing. Contact Starfish Group Properties at 817-859-6677.