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TO ALL INVESTORS
FROM Dallas Texas Economic Development Corporation (DTEDC)
SUBJECT INVESTOR SALES (FOR CONSTRUCTION PROJECTS ONLY)
The following policy is effective immediately:
1. Every investor contract should include a non-refundable cashier’s check as earnest money for no less than $3,000 on an inventory home or a minimum of 3% of base price on a pre-construction purchase.
2. Investors may purchase completed homes that can close within 30 days. The purchaser must agree to close within 30 days or the contract is null and void as of day 31. Earnest Money deposits will not be refunded if closing fails to occur in a timely manner or if the investor has not followed the guidelines set forth herein.
3. The contract should include a commitment letter from an approved lender, this is a mandatory requirement. (Letters from mortgage brokers do not qualify.) OR If you are unable to provide an approval letter from a lender, Dallas Texas Economic Development Corporation will recommend you to a lender for approval. Requirements for approval are; you must have at least a 730 credit score and $50,000 in your account for a minimum of 6 months prior to approval.
4. Investors may purchase an inventory home at bottom line. No other incentives, bonuses, or discounts apply to this price.
5. Dallas Texas Economic Development Corporation does NOT pay closing costs, title policy, or real estate bonuses when offering a bottom line purchase price. To receive any of these incentives, the price will be increased from our bottom line price.
6. All bonuses or fees paid at closing will be fully disclosed on the HUD-1 statement.
7. Dallas Texas Economic Development Corporation will pay the standard 3% realtor commission. Dallas Texas Economic Development Corporation does NOT participate in marketing agreements, third party disbursement agreements, assignment fees, or other creative ways to pull cash out at closing.
8. Dallas Texas Economic Development Corporation (DTEDC) reserves the right to designate certain homes and communities for investor purchases. DTEDC reserves the right to limit the quantity of investor homes purchased in a community.
9. An individual investor may purchase no more than 10 homes at a time. If closing occurs in a timely manner, Dallas Texas Economic Development Corporation reserves the right to limit the amount of homes an investor may purchase in any community.
10. The investor has THREE DAYS to return a contract, earnest money, and approval letter from the day the contract is delivered to the investor. This also applies when there is an out of state investor, faxed contracts, or any situation when the contract is not reviewed with the Dallas Texas Economic Development Corporation investor contact. The property will be turned over to another investor or the sales rep on the fourth day if the paperwork has not been received or is incomplete.
All negotiations, communications, and contracts must be handled by the Dallas Texas Economic Development Corporation Investor Relations Contact. Investor contracts will not be accepted if they are handled by a community salesperson. Community sales reps are instructed to allow investors to view the properties only. Please notify all sales reps you are an investor, or working with one, and have spoken with the Dallas Texas Economic Development Corporation investor relations contact Nick Datoo at nickdatoo@dtedevelopment.com
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