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I am using a buyer's agent for a property that I have a purchase agreement on but the agent has not been in contact except to inquire about the security deposit.
I found the wooded acreage and instead of going with the listing agent, I called a different agent to represent me/my interest. My agent has not been in real estate very long but worked in his father doing timber work. He is also an avid hunter.
Problem is from the beginning, the only help my agent has been was to walk the land and tell me it had some timber value and that if I didn't buy it, he would himself.
That day, I made an offer (full price) which was accepted but now I'm having some regrets.
Now one week later, I've been spending many hours each day on the internet learning a few things...just enough to let me know he should have done a comparative land analysis for the area so I would know what land like it around there is running. Also, I'm doing all the research about past ownership, covenant restrictions, and am trying to figure out when and how to find out if the land will perc, can have a well, and would be buildable.
While looking for caparative lands for sale through the internet, I've found an experienced agent local to that area who is familiar with the local real estate market who is also an seasoned forester. We discussed a land listing he had not far from the property, and he offered to even look over any other property I might find to give his opinion on it as long as it wasn't going to be far out of his way.
The short answer is yes, you can always fire your agent. BUT... You would probably still owe part of the fee though, he did show the property and did draw up the contract that was accepted. That's worth something.
I would give your current broker a chance to help you. Have you called your current broker to ask for his help with any of these issues?
While I agree your agent should be at your service during this time, much of the due diligence is still yours to do and you probably do need to let your agent know how engaged you want him to be. Clients vary widely on this... some want my involvement, and some don't. You should go down to the county and inquire about building restrictions on the property and permitting process. Your agent though, should be there to advise you how and what to check and why. The title company should be issuing the title report on the property that should show history, covenants, and any liens or collection actions against the current owner.
As far as comparative market analysis... this is VERY difficult to do on raw land, as I said on your other thread. Not all land is alike, an acre is not equal to another acre, and interpreting the differences can be difficult at best, requiring good familiarity with all the compared parcels and what has already been done on them. Raw land is VERY speculative, and for the dollar amounts you're talking about, I would not expect much in the form of prior site work, permits, or utilities installation. You have to find out how much it will cost to install all that. I would hope your agent would give you places to start with, and some expertise on what to expect to find, but not do the research.
I am using a buyer's agent for a property that I have a purchase agreement on but the agent has not been in contact except to inquire about the security deposit.
I found the wooded acreage and instead of going with the listing agent, I called a different agent to represent me/my interest. My agent has not been in real estate very long but worked in his father doing timber work. He is also an avid hunter.
Problem is from the beginning, the only help my agent has been was to walk the land and tell me it had some timber value and that if I didn't buy it, he would himself.
That day, I made an offer (full price) which was accepted but now I'm having some regrets.
Buyer's remorse is quite common - you're wrapped up in it now by your need to change the relationship you chose and frankly the parcel you're considering. What's the cost to you to terminate your contract for the land? Or tell him you want out, and maybe you could assign your contract to him.
Quote:
Originally Posted by outdoorman
Now one week later, I've been spending many hours each day on the internet learning a few things...just enough to let me know he should have done a comparative land analysis for the area so I would know what land like it around there is running. Also, I'm doing all the research about past ownership, covenant restrictions, and am trying to figure out when and how to find out if the land will perc, can have a well, and would be buildable.
Unless I've missed something, all your prior expectation was vacant undisturbed land for hunting and enjoyment of nature. You never mentioned anything about building, etc. Why would your agent have wondered about these things?
Quote:
Originally Posted by outdoorman
I've found an experienced agent local to that area who is familiar with the local real estate market who is also an seasoned forester. We discussed a land listing he had not far from the property, and he offered to even look over any other property I might find to give his opinion on it as long as it wasn't going to be far out of his way.
2 questions to begin .... is either of them a Realtor, or just a licensed agent? What type of agency agreement do you have with your original agent?
Are you surprised that you called an agent who was happy to discuss the virtues of a nearby parcel that he had listed? Did you ask him his thoughts about the parcel you had under contract?
Quote:
Originally Posted by outdoorman
So you see my predicament, what can I do?
your predicament lies with you, not with your original agent. Unless you said to him "You know, now that i think of it, I really want to buy a parcel that can handle some type of housing unit. Can you help me figure out whether this parcel can or not?" And his response was "No way. You only told me to help you buy this parcel as a vacant place for hunting. I didn't sign on for that."
Do you want to back out of the sale or continue in the sale with a different agent. The seller pays the agent. if you want another agent the seller would pay the other agent and you owe the original one.
If you want to look at other properties you can dump the original one. Better to ask the new one how much he would charge you to council you and go over the paperwork and keep the one you have now, or complain to the one you have and tell him to let you out of the contract because he didn't do his job.
Are you the one who said the land was bought for $5 K and you are mad because the neighbor paid a lot less than you did 2 years ago?
I have called the county planning and zoning as well as the tax assessors office and the health department to inquire about zoning, permits, restrictions, taxes. I've met with the UGA extension office and spoke with the Georgia Forestry Commission to try to arrange a visit to the property to get their assessment of it's forest and timber as well as hear about suggestions for improving habitat (I hope to set up a day for this week). I driven around neighboring rural communities.
I've spent many hours reviewing the neighboring properties histories, prices as well as those in surrounding rural area and neighboring counties.
I've written to and personally spoken with neighbors to the property.
I've researched about the county schools, economy, demographics, etc.
True, I plan to use the land for hunting but I also want to consider it's potential for residential use in the event I sale it in the future.
My buyer's agent is not a realtor; the agent who is a forester has his own real estate office; so he is.
When I called the second agent it was because he had a nearby listing of similar size to the property. I was sort of checking for comparatives so I hadn't mentioned anything about the property. It was in closing our conversation that he offered to look at a property if I found one as a courtesy since he was an experienced forester as long doing so wouldn't take him away from his area or take too much time.
do you know the difference between an agent, a broker, and a Realtor?
Pertinent question, after the last post. Adding to the confusion, is probably me using agent and broker fairly interchangeably in my post, because in our state, we're all called brokers, not agents. I often use agent here, because that's what most other people are used to, but sometimes slip. I apologize for how confusing it can be dealing with people from areas with differing vocabulary.
Out here we write into the contracts that the land will perc for a septic as part of the inspection period. You don't have it in the contract that a perc test is to be done?
You said he did do a comparable analysis of other land nearby. What I want to ask is has it turned out you have since found out you aren't happy with the price you are paying? Of course he should have done this, but I'm just trying to figure out if you feel your purchase price is fair at this point?
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