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Well, the title pretty much said it all. I've recently received a job offer in Cheyenne with a projected start date of July.
I was wondering if anyone could recomend a trustworty real estate agency. I'm looking at houses in town, but since this is my first home purchase, and I'm currently in Kansas, I really need someone I can trust to look out for my intrests. Don't get me wrong, I'm doing tons of research, but since I don't live there, I don't know who to run away from, or who can be trusted not to completely screw me over.
but based upon my repeated experiences with real estate agents in Cheyenne and their brokers, I can't give you a recommendation as to any of them.
There may be an agent or two in town that's above the rest for professionalism, and I know of one broker who's better than most. But I think you'll find that the overall picture here is pretty dismal, and in spite of "buyer representation" statutes, the agents here maintain their first priority of agency to the seller, to who they look for their compensation.
As we've discussed on many threads here in the past, as a buyer, you will have to do the utmost in due diligence to research your potential purchase. Since you're looking at properties in town on municipal services, that's going to help a lot. But you still need to have your own independent information about your prospective purchase ... when it comes to building inspections, an appraisal of fair market value, quality of construction, needed repairs & defects, terms of possession/occupancy, title insurance, and so forth.
This has to be one of the toughest situations for a "first time buyer" I can think of. Perhaps you have the time to consult with a trusted and well respected broker/agent in your current town in Kansas who can give you an overview of the real estate purchase process and the more obvious pitfalls that can happen to a new buyer. I wouldn't expect them to do this for free, since there's no commission waiting for them at this point ... but then again, they may have a working relationship with an agent in the Cheyenne area (perhaps from a previous relocation, or from another source) they can refer you to and stay involved in the process.
... I really need someone I can trust to look out for my intrests.
As Sunsprit mentioned, your typical Realtor is under contract with the seller to represent him/her. That's by state law. They should be fair and honest with you, but they're paid by the seller to represent his interests.
I don't know how common it might be in Cheyenne, but buyers can hire a Realtor to represent them. In this case the buyer pays the Realtor. Usually this would amount to two separate fees being paid (one by the seller and a second one by the buyer), so it's seldom done, as far as I know, especially for residential homes.
If you think you need someone to represent only you, you could sign a separate contract with a real estate agent to do that. His job would be to help you find a home and to advise you on getting the best deal possible. This wouldn't be cheap, so I'd suggest you talk about it with a Realtor you know and trust for some advice.
What WyoNewk is mentioning is "buyer agency" contracts, where the real estate agent's first loyalty is to you, the buyer. These contracts were put into Wyoming real estate law in the recent past, and attempted to address the mis-representation or other issues that seemingly are prevalent in the practice of Wyoming real estate sales.
The theory is very good, and in some states, it works fairly well.
Unfortunately, here in Cheyenne ... at least in my experience ... it doesn't. That's because the fee for services is still paid for by the seller, which ... on the bottom line ... is the party to which the agency looks to for their fees.
To generalize a bit further ... the problems I see in the practice of local real estate is very lazy real estate agents (as well as "realtors", a supposedly higher standard of ethics and professionalism in the business ... but essentially, worthless in this area. As an agent, take a few classes and pay your fees, sign a pledge for professional ethics and services ... and poof! you're now a "realtor", and can wear the badge and use the symbol on your business card). The bottom line is that the agents here will not disclose any adverse information that they should ... oh, they go through the legal motions of "lead paint" disclosures and such, but they will allow you to have any misconception about a property even though they may know ... or should have known, as professionals ... that the truth is quite different.
For example, you may see lights flicker in a house when appliances come on. Your reaction is "that's funny", but you're not concerned. The agent knows that the house is not properly wired today ... perhaps it's grandfathered in inadequate wiring from years ago, or it's got aluminum wiring that has started to fail in some of the j-boxes or outlets, or some similar fault. The agent won't say that it might be a concern or a problem for you to fix with updated or repaired wiring or increased power supply to the house ... they just nod their head in acknowledgement that you've noticed something.
Similarly, you might try running water at a couple of faucets in the house, and notice that the water isn't flowing very much. Your reaction is "that's funny, it'd take a long time to fill a pot of water in the sink" ... and the agent says, "yes, it looks like it's running a little slow. Probably has a clogged aerator screen at the nozzle, and it's no big deal to clean out or replace". So you, as a unknowledgeable buyer, think now that it's "no big deal", and certainly not an obstacle to the big picture of buying the house. What the agent (or seller, who's not always candid about problems in the house they've been living with) is allowing is for you to rationalize away what could be a serious problem in this area due to the high mineral content of the water (hard water) ... and that is the possibility of corroded delivery pipes in the house which cannot flow much water. It's no big deal if you don't mind having low water volume when you go to wash dishes and pots and pans, but if you enjoy taking a real shower you might be disappointed ... or if it takes 20-30 minutes to fill a bathtub. Same issues and concerns with a highly plugged up hot water heater that's lost the sacrificial anode and is filled with junk ... the agent might say "it's only 5 years old, and it's got a 7 year warranty, see it says so here on the label", or they might just simply acknowledge your observation without any response at all.
The problem here is that they'll allow you to draw your own misconceptions and conclusions about the condition and quality of the house you're looking at rather than be your "trusted resource" to guide you to make an informed decision about your purchase.
This is so pervasive in the real estate sales industry in Cheyenne that I've literally had the "top producer" or "agent of the month" show me properties ... when I had walked in and identified myself as a capable, qualified, and motivated buyer, ready to make a decision ... and they push very hard with "questions that close a sale" while we're looking at a property through the windows because they couldn't get access to the place. Are you ready to buy? How soon do you want to close on this? Isn't that living room and kitchen really nice? and similar questions are really out of place when I can't even go in to look closely and check the place out ... and yet, Cheyenne real estate agents think that's the time to "close" the sale. What about traffic? What about the neighbors? What's planned for the zoning on the vacant property across the street? Does the washer/dryer/refrigerator that the seller is including with the sale work properly? How about the central air conditioning? What's the insulation R value in the attic and walls? Do you have a history of utility bills, especially winter heating bills? Are all of the dual-pane windows still functioning properly, or have any of them shown signs of failure in humid days?
The lists of your concerns with the property you intend to buy are very lengthy. It takes more than a nice floor plan, nice paint, nice carpet and drapes, nice flooring in the kitchen, and all the other "eyewash" that dresses up a house to make it a "good buy" for you.
I've had those "top agents" work with me and then not follow up at all, not take my calls, not return my calls, or act professionally at all when it was apparent to them that I wasn't a "newbie" buyer ready to fall over with their sales pitch this afternoon and sign the contract they wanted to draw up ... I've even had agents make a "show" of having "prepared" a contract for a property with an offer price already filled in before I saw a property. Only so it was "more convenient" and would make it easier for them to drop off the contract on the way back to the office ... here, just sign here, and here, and here, and initial here, and give me an earnest money check for $'s so the seller knows you're serious.
To put this in perspective, I've had agents walk away from me when we were looking at 4-5-6 plex conversions or apartment buildings or single family rental houses ... when they couldn't even tell me the current cash flow, rental income, condition of the house, couldn't see the interiors, etc. ... because I was too difficult of a buyer. What they had to show me was only the gingerbread and the smell of success, but no substance of the purchase. Far easier to go back to their office and wait for some sucker to come in and simply sign a contract and make their day ....
On another note, don't feel obligated to buy anything because an agent has taken their time to show you a property or two, driven you around to look at the places and the neighborhoods, bought lunch, whatever ..... they've getting very handsomely compensated for these expenses. It's a business.
My first guideline of possible competency is an agent who takes the time to listen to your wants and needs, and then researches the marketplace ... in-house listings, multi-list, and so on. Then they take you to a couple of possibles in your price range ... again, here's a "red flag" area. If you've pre-qualified for a given price range (you did talk to your bank/lender in advance, right?), then you ... and only you ... need to determine how much you can comfortably justify spending; perhaps it's not as much money as the lender says you can qualify for. So, if you tell an agent here's your price guidelines, and they're showing you properties well over your range ... you've got an agent "fishing" for an upsell with a bigger commission. An aspect of this is to "tease" you with how much "more" house you can get for just a bit more money .... in hopes you'll bite for the bigger expense. Again, ask yourself whose interest is being served by this? Are you seriously interested in the more expensive house or not? If not, then tell your agent to cut out the crap and show you places in your budget range ....
I've actually had Cheyenne agents listen to my requirements and price range, and then they hand me the current multi-list or in-house listing binder and invite me to "look through that and tell me if there's anything there you'd like to see". Further, if I did find a listing, they gave me some rudimentary directions on how to go "drive by the place and take a look, see if you like it" ... as you will see from the listing information sheets, they're pretty minimal information about a property. I'd really like a showing, thank you ... and if you're too busy to do so, I'll be happy to find another real estate agent who would like to provide service for their compensation. I've walked out on many agents in the Cheyenne area who think real estate sales are a part-time "found money" business. With this being a major purchase, one expects professionalism ... not just a friendly face and a cheerful personality (although they are nice attributes in a professional, too) and the ability to make you think that you're their newest "best friend" in town.
Wow! Sunsprit, thanks for the detailed information. I must say it's a little discouraging to hear how apparently lazy the realtors are there, guess that means extra work for me.
I've already been closely watching the housing market, and have several houses I'm interested in, if only they're still on the market when I'm ready to buy (and with this economy I'm sure they will be).
It sounds to me that a good building inspector is really going to be key. This will be my first house, but fortunately I was old enough to pay attention when my Mom bought her house, and have learned from her mistakes. She fell for the realtors candy-coated description and ended up in a money pit. So, hopefully, with your advice and lots of research on my part I'll be ok. Just a little nervous with being out of state. Although I'm not the least bit afraid to lay down the law and walk out if I need to. I know exactly what I want and what I can afford, and I'm not going to budge until I get it.
Are building inspectors in the area generally reliable, or are they just as bad as the realtors?
Same issues and concerns with a highly plugged up hot water heater that's lost the sacrificial anode and is filled with junk ....
A truly informative post for anyone looking at property anywhere in the state really. Although I've not experienced the push to look at higher priced properties, what I have experienced is a very um.... shall we say, "laid back" approach which, if you're seriously looking, is infuriating.
(By the way, if the owners have purposefully removed the sacrificial anode in the water heater, it invalidates the warranty. Sometimes it's removed as it can cause the water to smell sulfurous. Just a small something to keep in the back of your mind.)
snip Are building inspectors in the area generally reliable, or are they just as bad as the realtors?
The building inspectors and their services I've received in the area are the finest quality that can be produced by "matchbook cover mail-order certification", or "make easy money big time working from your home in the high demand home inspection business" ads in the back of popular magazines.
And the last person I'd trust around here for a referral for an inspection would be the real estate agent or broker showing me a house.
One item became a must at all houses we looked at........a clip board and several pages of listed inspection items. You can find inspection lists by googling it. The first few houses we looked at (years ago) we took my Dad along. He knew systems, construction and other handy things. We became quick learners. We have also had good inspectors and bad. We've had good luck with hiring individual trades to inspect different aspects of a house........electrical, plumbing, roofing, insulation, siding and windows.
I want to recommend Realty Trac. You must pay a subscription fee to get all inso, but it covers Cheyenne and Casper well. The rest of Wyoming, not so much. We compared the information on that site to what we found in MLS listings. Educational when you come across differences. Realty Trac is also up front about whether it might be a foreclosure or bank owned home. It will also generally give you the date the home was listed, local realtor's don't want you to have that info. You need only subscribe on a month to month basis.
Thank you everyone for the information. It's pretty discouraging, but forewarned is forearmed as they say. So, basically I need to research, research, research and not trust anything anyone has told me until I verify it for myself.
msdmckee, thanks for the tip about Realty Trac, I'll have to look into it.
Keep your fingers crossed for me, and I'll let you all know how my home buying experience goes.
look up jon pietsch in cheyenne. tell him dean from gillette sent you. he is a very honest realtor and will do a good job for you. http://www.jonp.us/
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