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Old 08-27-2010, 08:13 AM
 
Location: Todds Rd. area
969 posts, read 2,511,874 times
Reputation: 290

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Hey Jaham, You assume that the agent will try to strong arm the seller to accept your offer, but it could just as easily end up where you are the one being talked into something. The problem with using the PVA for info is that you don't know if the buyer's closing costs were included in the sale price. If you saw a recent sale on the PVA for say, $150k, it could be that the house sold for $145k and the buyer included their closing costs in the financing, meaning the house would have really sold for $145k. I have that info on houses that have sold through the lbar members. I also have can see how long the house has been on the market (agents like to delete listings and assign a new MLS # to hide long DOM's), I can see pictures of the comps so I know if the house in question is typical, superior or inferior, plus I've been in thousands of houses. You said you ask the seller's agent, who is also your agent for comps....but your strategy is to play on their dishonesty? Sounds like you are at risk of getting taken to me.

Also, all the people who are under water now on their mortgages may have used agents, but your logic left out the fact that they may not have overpaid at the time. All markets change, whether it is stocks, houses or the price you pay for a lobster. Along the same lines, you can't feel like you stole a house today that sold for more than it did several years ago.

Glad your system has worked for you. I am interested in learning about the steals of a deal you have gotten. Are they in the bluegrass area?
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Old 08-27-2010, 09:18 AM
 
Location: Todds Rd. area
969 posts, read 2,511,874 times
Reputation: 290
Hey Mitty, I just found this article about lease-option/lease-purchases online that I read a couple years ago. It is by an attorney for the Kentucky Real Estate Commission. The article starts on page 4. Here is the link: http://krec.ky.gov/about/Documents/2...20-%20Fall.pdf
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Old 08-27-2010, 09:47 AM
 
62 posts, read 137,902 times
Reputation: 37
LEXpert,

My most recent purchase was on Cassidy ave in Chevy Chase. 2,200 sqft (1900 per pva with an addition that I added HVAC to), one of the largest yards on the street, stone house (which I love) for $245,000. Wouldn't call it taking candy from a baby, but a pretty good deal for the LT. I would rather not disclose the exact address in this forum, but you can probably figure it out with what i've given you and some PVA research (even in my situation the lady bought the home at 167,000 prior to me so she could argue she got a good deal as well). But for being one of the nicer looking, larger homes, and larger lots on the street I think 245,000 is good for the area, do you?
This strategy has worked particularly well on multi-family investment purchases.

Agents do have greater access to a wealth of MLS info, I was suggesting that you can still get DOM, and comp info, etc. from the agent without having a buyers agent.

Agreed, you could argue those individuals who purchased at the height of the market didn't overpay in that regard, but my point is that no RE agent advised them to wait a year because a housing collapse was looming. Point being not all RE agents are created equal and i'm sure you know that.

And, i agree that you can get "taken" this way, but not if you are familiar with the purchase process, the local market, and know what your doing. the seller agent may very well coerce the seller into selling to you because he will get more money with dual agency. And the seller agent may very well coerce you into buying at a higher price so he/she gets more money. Can be viewed either way and has its pros/cons, but I maintain that it can be a excellent strategy if done correctly.

I do not eblieve it to be the case that being a RE agent is completely a dying art, but I do undoubtedly believe that the advent of new technologies and the wealth of info online (MLS, PVA, increased use of FSBO sites) now will start to weed out the best from the rest. Only agents with the greatest experience and expertise will be worthwhile. Wouldn't you think so?

LEXpert, what agency do you work for? And who do you think are the best agents in the bluegrass area?

As to your most recent post, are you suggesting the OP pursue some sort of owner financing or lease/option deal?



To the OP - recommending the best agent will depend on what type of house your in the market for and in which markets you are looking. I think looking up the best single family/gentleman farm buyers agents for each of the peripheral town/areas around lexington and consulting with them on their respective areas of expertise would be advisable. I know the Lexington market well, but am not as familiar with the agents in the peripheral markets to suggest one.
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Old 08-27-2010, 10:59 AM
 
Location: Todds Rd. area
969 posts, read 2,511,874 times
Reputation: 290
I never recommend lease options to anybody.....just sending her a link to show her what an attorney with the KREC said. Much easier than doing all that writing myself. I looked your house up on lbar and the PVA. I am in a deal now with that agent on an Ashland Park home. The same agent cut her commission on her side to make our deal work.....so my buyer got the benefit of your strategy and got to have their own agent.

While you did get a great location and a nice house for a good price, I don't know if I would say it fully because of your strategy. While under $250k does sound like an incedible deal, you got what is more of a house ready to be renovated in an area where many already are renovated.....which is a smart way to go no doubt. There was another house, about 200 sq ft smaller on Cassidy that sold for $220k 6 months before you bought your house. That one had a buyer's agent involved. Have you seen that one on Chenault? That has a great price compared to others on the street, but is still over-priced for what it is.

I totally agree that all the info out there has and is weeding out those agents that do no more than fill out blanks on the contract and open doors. Realtors use to be the source for info....many are still trying to hold on to that. Today it is more about helping somebody know what to do with that info, or I guess I should say where to apply the info. Check this out: Info shows a house just like your house 1/4 mile east is worth more than twice as much. Info shows a house 1/2 mile north in Kenwick is worth less. I guess I am complimenting you here by pointing out something you are missing.....not everybody knows as much about real estate as you do, and many have no desire to do it on their own.

Glad we can share opinions without getting nasty with each other......very nice.
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Old 08-27-2010, 01:32 PM
 
62 posts, read 137,902 times
Reputation: 37
John,

I agree, I am all for constructive debate. Yes, I did see the property on Chenault and another Chenault property that was a master commissioner sale a few months ago ( I think the MC property sold around 280k if i remember correctly). Still both a bit pricey. Also a potential tear down or complete renno listed on Old Cassidy (listed at 235k i think). there's a decent little property on Louisiana as well. My Cassidy property definitley needed some work but I am happy to do it and know it's done right than purchase someone else's renno at top dollar. I try not to compare it too much to the other side of Cassidy or Colony since those house and lots are smaller. I hope that the 220k price isn't telling for my home, what was the address?

What do you think for the short and intermediate term prospects for Ashland and CC, perhaps another drop in store, or do you think things will hold steady and start to appreciate in 2-3 years when economic picture is brighter and inflation is a bit higher?

PS have you seen that new construction on the corner of Romany and Cochran is trying to rent for $4,500 per month + utilities !?!
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Old 08-28-2010, 03:08 PM
 
Location: Todds Rd. area
969 posts, read 2,511,874 times
Reputation: 290
Ashland Park and Chevy Chase will always be the cream of the crop for Lex. I've got mixed feelings about the whole decline in value thing that everybody talks about.....and here is why: To compare a before and after value for a house, you need one that sold near the end of the boom as well as afterwards to really tell....otherwise it is just a guess. I have seem some houses that have sold for less than they did in 2005, but I have seen several that have held their value. The one I am closing on this week sold for $4000 more in 2006 than it is now. That is about even really since that is less than 1% of the sale price. I did a lot of research in my neighborhood (Andover Hills) and I discovered that it didn't really see any price drop. I used a few houses that sold before and after the boom that had not had any updates or new items like a roof or furnace.

So, I think if any in Ashland Park or CC decline in value, it will be the ones that have a big negative like odd floor plan, tiny lot, beside a 4 plex, etc. The things that nobody really wants if they have a choice.

I did see that one on the corner. Crazy! Nobody will ever pay that much. I remember when that was just a giant whole in the ground when they tore down the original house. They'd have been better to have gutted the old one and add on to the back verses a complete tear down.
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Old 08-28-2010, 10:05 PM
 
Location: Louisville KY Metro area
4,824 posts, read 13,123,225 times
Reputation: 2129
I believe that a Realtor on the buy side is far more important than a Realtor on the sell side. If you sell and make a mistake, you grieve the loss and move on. If, however, you make a mistake on the buy-side, you could be forced to live with the wrong place for a long time.

I personally recommend Donna Elder with RE/MAX Creative Lexington, University Of Kentucky, and Nicholasville, Real Estate - Donna Elder She's as good as they get! There might be equals, but nobody better.
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Old 08-28-2010, 11:36 PM
 
Location: Lexington
270 posts, read 862,029 times
Reputation: 107
I highly recommend Connie Morton with Bluegrass-Sotheby's Realty. She's patient, extremely knowledgeable and personable! She helped me purchase my current house, after looking at about 30 or so. More than 18 months after my purchase, she still stays in touch and has been immensely helpful for recommendations on home repair professionals and contractors. She's been so thoughtful and helpful that I really consider her a friend now. Personally, I wouldn't contract with any other realtor!

You can contact Connie at 859-492-8522, conniemorton@bgsir.com, Bluegrass Sotheby's International Realty.
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Old 01-29-2011, 05:09 PM
 
138 posts, read 277,550 times
Reputation: 47
I will get one of those fractions,but try Jim & Jay Atkins
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Old 01-31-2011, 06:37 AM
 
Location: The Beautiful Bluegrass!
628 posts, read 1,101,908 times
Reputation: 450
I recommend Amy Diamond from Sotheby's. She was with another group when we used her four years ago, but if you are looking for horse property, she's great! Listings don't tell you how the land lays, what condition the barns are in, etc, and, since she owns horses also, she was able to cull down our search by understanding what our specific needs were!! She did the drive-bys prior to our trips to the area, which were numerous, and had an enormous amount of patience with us!!

Good luck!
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