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We are looking to sell our suburban tract home and purchase a larger home on a 1-2 acre lot in the same city. Lots of this size ("horse properties") are fairly rare in our city, and as far as we can tell, there are only a very few agents who specialize in them. We want to select one of these specializing agents as a buyer's agent, since they are knowledgeable about comps, sewer/well, accessory structures, etc. However, it is likely that the properties we are interested in will be listed by that agent, so the agent would have an allegiance to the seller. How should we handle picking an agent and potential conflicts of interest? Should we go with the specialist or bring in an outsider?
Check out ALL of the horse properties in your area +/- 10 miles by looking on line. Note who the selling agents are. If you really like a few of the properties, talk to agents NOT selling those.
One thing you need to do, though, is educate yourself as much as possible about ordinances in the area, plus environmental issues such as waste management, erosion, storm water runoff.
We are looking to sell our suburban tract home and purchase a larger home on a 1-2 acre lot in the same city. Lots of this size ("horse properties") are fairly rare in our city, and as far as we can tell, there are only a very few agents who specialize in them. We want to select one of these specializing agents as a buyer's agent, since they are knowledgeable about comps, sewer/well, accessory structures, etc. However, it is likely that the properties we are interested in will be listed by that agent, so the agent would have an allegiance to the seller. How should we handle picking an agent and potential conflicts of interest? Should we go with the specialist or bring in an outsider?
If you encounter that problem, be up front with them. Tell them you realize it's hard to represent both a buyer and a seller at the same time, and if that turns out to be the case, you will probably want to hire an attorney or another buyer's agent to represent you. You may be in an area that doesn't even allow dual agency (when an agent represents both sides). I don't think there's anything wrong with a frank, friendly discussion of your concerns. If someone takes offense, that's probably a red flag that that might not be someone you want to do business with.
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FosterFarm,
What city/state are you in ?? A free internet site to search for properties that I recommend is Realtor.com to find active and recently sold properties.
We are not having a problem locating the properties (through online searches such as realtor.com). Our reason for wanting a buyer's agent experienced in acreage properties is to assist us in determining the offer amount (producing an accurate CMA), negotiating the contract with appropriate contingencies, understanding local zoning and laws, etc. For example, we don't want to purchase a property only to find that it is not on city water and has poor water access. We want an agent who will bring up these types of issues (and the ones we haven't thought of yet) to check out beforehand.
Any agent who is any good can do all those things. Finding out zoning for horses and if it has a well is 5 minutes worth of phone calls. I think your over analyzing this.
That said..... I wish you luck finding agricultural zoned (or similar) property on public water.
Last edited by 399083453; 01-21-2014 at 08:38 AM..
Any agent who is any good can do all those things. Finding out zoning for horses and if it has a well is 5 minutes worth of phone calls. I think your over analyzing this.
That said..... I wish you luck finding agricultural zoned (or similar) property on public water.
Thank you everyone for your feedback.
Even better, it takes about a minute to look up the info on our county's zoning and tax assessor webpages. Finding out zoning, sewer/septic or "if it has a well" is not a problem. It is having an agent experienced in the legal and technical issues that would be helpful for things like negotiating existing/additional water rights.
The properties we are looking at are .5-2 acres in the middle of town. None are zoned "agricultural." They are often called "horse properties" because they are zoned Rural Estate (RE) Residential (animals allowed). They are about 50% on public water and 50% on wellwater, same 50-50 for sewer vs. septic. Some have additional water rights for purchase, some utilize well water for irrigation and city water for house, with the option to convert. I would say we are well-versed in our understanding of water/sewer, but a knowledgable agent can help us with the "what have we not thought of yets."
One option might be to work with one of the known agents, but with the understanding that you'll get another agent to represent you if they happen to show you a property which they have listed. But...if these types of properties are as rare as you seem to point out, I rather doubt that there's a significant amount of specialization in these properties. These are still pretty small lots you're talking about, and there's not a world of difference in the issues pertaining to a 1/2 acre lot or a 2 acre lot.
Quote:
Originally Posted by FosterFam
Finding out zoning, sewer/septic or "if it has a well" is not a problem. It is having an agent experienced in the legal and technical issues that would be helpful for things like negotiating existing/additional water rights.
While an agent may have knowledge and guidance along these lines, this sounds like an issue which would be better addressed by a real estate attorney. Agents really can't give you legal advice (which I'm sure you realize).
Quote:
Originally Posted by eevee188
Is horse property just a name, or are you actually planning to have horses? Because let me tell you, you can't have horses on a 2 acre lot!
It all depends on local zoning. Most communities in my area require a 5-acre or 10-acre minimum to have horses. But I also know of communities which allow horses on a 2-acre property. Whether it's a good idea to keep horses on a 2-acre lot is another matter.
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