Eastern Shore Wanting to buy a Home there (Virginia Beach, Hampton: for sale, rental)

[ricutie]

I am interested in buying a home on the Eastern Shore of Virginia. I am from out of state so for the time being would like to invest in rental property and eventually relocate. My price range would be up to 90K. Areas such as Exmore, Parksley etc... I realize these homes probably will need some type of repair. I am not looking to rehab or major renovations. Would prefer cosmetic work, ie... rugs, flooring, paint interior/exterior. I have contacted a number of realtors regarding homes for sale I have found on the mls listings within my price range. The realtors have been downright unhelpful in my search. I have explained what I am seeking, my price range, areas I am ineterested in. As soon as I inquire what work the house may need I am told "just come down and see, or I don't know" . Its not easy just to hop on a plane, drive for hours to "see a house" They refuse to disclose anything and what was once an exciting experience to me has been rather frustrating. Aren't realtors suppose to disclose "problems" with a home they are representing? Seems they are not interested in a sale and can not be bothered. If I wrere to search for propert in new england where I am from,the realtors here would be hounding me day and night. Any suggestions to make this process easier would be helpful. I almost feel that they do not want us to move there.
thanks

[shellytc]

ricutie, if you are contacting the listing agent, they may not be allowed to "disclose" items. In Va., the seller has the right to "disclose" or "disclaim". If they have chosen to disclaim, and most do, then it is buyer beware. Get an inspecter and do your due diligence. Except for latent defects, they are not required to disclose and the listing agent would be going against their fiduciary duty.

Your best bet is to engage your own buyers agent, and be serious with them. Ask them if they would go and take pictures and do a visual inspection for you. Narrow your search down, and then plan to come in for a day or two to check them out.

Shelly

[ricutie]

Thanks Shelley!!!!
At least you informed me concerning what may be happening. So technically the seller is the one able to reveal home defects. The realtor is not under any legal clause. Things are done differntly up north US I suppose! I will definitely get a home inspector as have used them in the past, they are precise and sometimes can give a numerical figure as to what repairs will cost. There are a handful of places I am interested in, probably will be flying down in a month or 2 to look at what is available and fruitful. hopefully ther are some good houses in my range> thanks again

[shellytc]

Both seller and agent have the obligation legally to disclose latent defects. Other than that, the agent can only disclose what his client gives him persmission to.

I am still going to encourage you to get your own buyers agent. : ) They will know the area, what is going on, developments that may or may not be coming to that area. And help you negotiate. The listing agent works for the seller and his/her duty is to the seller.

Shelly

[ricutie]

I will definitely be looking into getting a buyers agent, makes sense, as a home is a big investment no matter what one pays for the home!!!! I read online that a buyers agent can visually inspect the prospective home for sale and report back to the person interested in buying the home? As far as home inspection I read that the buyer would make an offer, sign a contract, hire a home inspector, but can not get out of the contract unless there is a major defect in the home. Seems risky if the home has significant amount of work to be done.

[shellytc]

You are absolutely right ricutie. by getting your own buyers agent, they may go out to the property and preview it for you, take some pictures if needed, and help you narrow down to make your time on the eastern shore more productive. I have some contacts over there, if you want some help finding an agent, just click on my name, and send me a direct message. I'll be happy to help you.

Shelly

[ricutie]

Well been looking online at homes. in reality, there seems to be "nothing" out there in eastern shore, or norfolk and surrounding area for 70k that do not need a lot of work. So decided to keep saving and hopefully have enough $$$ put aside by the summer. Then we can actually make a trip to virginia, see what is out there, and yes before that time hire a buyers agent. Due to the fact I want a house that is an investment and rentable seems we have to look for something remodeled already but not going go beyond $115, am looking towards homes priced at 125 k and hopefully the seller will bargain with the selling price. Rents usually go between $650 - $1000 if the house is in good shape? thanks for advice!!!

[shellytc]

Yes ricutie, home prices are little higher around HR area (norfolk) and eastern shore has been heating up, because of the water. Hard saying what the spring will do....

shelly

[TrvlnMn]

When getting a buyers agent you will also want to be careful to avoid a dual dual agency situation. Virginia allows it. Dual Agency - Who benefits? : Real Central VA

[easternshorehouseforsale]

Originally Posted by ricutie

I am interested in buying a home on the Eastern Shore of Virginia. I am from out of state so for the time being would like to invest in rental property and eventually relocate. My price range would be up to 90K. Areas such as Exmore, Parksley etc... I realize these homes probably will need some type of repair. I am not looking to rehab or major renovations. Would prefer cosmetic work, ie... rugs, flooring, paint interior/exterior. I have contacted a number of realtors regarding homes for sale I have found on the mls listings within my price range. The realtors have been downright unhelpful in my search. I have explained what I am seeking, my price range, areas I am ineterested in. As soon as I inquire what work the house may need I am told "just come down and see, or I don't know" . Its not easy just to hop on a plane, drive for hours to "see a house" They refuse to disclose anything and what was once an exciting experience to me has been rather frustrating. Aren't realtors suppose to disclose "problems" with a home they are representing? Seems they are not interested in a sale and can not be bothered. If I wrere to search for propert in new england where I am from,the realtors here would be hounding me day and night. Any suggestions to make this process easier would be helpful. I almost feel that they do not want us to move there.
thanks

Me again- finding all your older posts. The Realtor in Virginia Beach is totally clueless how the realtors work here on the shore...........which is to say they don't. They had it way too easy for too long. People walked in and bought stuff sight unseen, bags of money, tons of stuff available. They have no idea how to or even what marketing is. I asked if they would put ads in the daily paper in Hampton Roads and they said no. They had never done that. We HAD our home listed and got nothing to show for it. They don't do realtor caravans so if another realtor shows up to show your house it's the first time they have been in it so they don't know about any special features they should point out. Of the 6 showings I had my realtor could only be there for one, which meant I did the showings myself. I did ALL the open houses because she always had some other thing (non-realty related) going on. In a way I am glad I didn't sell because I would have been demanding to know exactly what they had done to earn their 6% commission.
Hope the truth is helpful!!
Prices have come down considerably since you first started inquiring by the way.
LW