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Need advice from some real estate folks. I'm potentially buying first house where I'm using a Real Estate Agent. I have two burning questions, but please let me know if I've jumped into this the wrong way or if my expectations are outside the norm.
The area I'm looking at is rural Virginia and I'm concerned that this is a laid back job for folks in the area. Because I unexpectedly found something I like, and houses are not listed very long in this area, I did not spend long interviewing the agents in the few firms in the area (that's on me). I found the listing and pressed an agent to get a tour of the property to get ahead of the pack. The agent did a fine job showing - I did a virtual tour and will have my daughter go in and put her eyes on things. After the virtual tour I submitted a list of questions for the seller for a house built in 1962 - age of furnace, age of roof, what exactly was updated in house, what type of plumbing, etc... The list has 40 questions that can be answered in one word answers. After taking days to hear back from the sellers agent, the real estate agent said the list of questions overwhelmed the seller and she also said " I think it's the longest list I've saw in my 34 years". This would be a cash sale . . .honestly, I felt like this sale has/had the potential of being slam dunk but the perception I'm getting is that no one wants to do any work. Am I wrong here?
Also, this house was represented as being 1625 square feet and upon diagramming it and multiplying out all the square feet, I'm finding it is less than 1000 square feet based on the outside dimensions of the house. A portion of the basement is heated and was used as a den. They have priced the house at $117.00 per square foot (including some square footage below grade). Is this customary to charge the same price on above grade and below grade square footage? Unfortunately, my real estate agent hasn't offered her opinion on this, she is very nice but she seems lost.
While waiting for the seller to answer the questions I've offered, I've also asked her if she will compile a list of comps that will guide in establishing an offer instead of simply asking what I wanted to offer. I'm new at this, but I'm surprised I had to ask. Much of this has been like pulling teeth. I'm obviously mid stream and not sure if timing will allow changing horses in the middle but if I will go back and ask her if she feels up to the challenge. I've hinted that if the last visual tour is satisfactory, I will likely move toward making a cash offer contingent on a home inspection and appraisal. I'm clicking along but there is no sense of urgency. Eager to hear your thoughts - either I'm the ocd client or they are not being very responsive - which is it?
Need advice from some real estate folks. I'm potentially buying first house where I'm using a Real Estate Agent. I have two burning questions, but please let me know if I've jumped into this the wrong way or if my expectations are outside the norm.
The area I'm looking at is rural Virginia and I'm concerned that this is a laid back job for folks in the area. Because I unexpectedly found something I like, and houses are not listed very long in this area, I did not spend long interviewing the agents in the few firms in the area (that's on me). I found the listing and pressed an agent to get a tour of the property to get ahead of the pack. The agent did a fine job showing - I did a virtual tour and will have my daughter go in and put her eyes on things. After the virtual tour I submitted a list of questions for the seller for a house built in 1962 - age of furnace, age of roof, what exactly was updated in house, what type of plumbing, etc... The list has 40 questions that can be answered in one word answers. After taking days to hear back from the sellers agent, the real estate agent said the list of questions overwhelmed the seller and she also said " I think it's the longest list I've saw in my 34 years". This would be a cash sale . . .honestly, I felt like this sale has/had the potential of being slam dunk but the perception I'm getting is that no one wants to do any work. Am I wrong here?
Also, this house was represented as being 1625 square feet and upon diagramming it and multiplying out all the square feet, I'm finding it is less than 1000 square feet based on the outside dimensions of the house. A portion of the basement is heated and was used as a den. They have priced the house at $117.00 per square foot (including some square footage below grade). Is this customary to charge the same price on above grade and below grade square footage? Unfortunately, my real estate agent hasn't offered her opinion on this, she is very nice but she seems lost.
While waiting for the seller to answer the questions I've offered, I've also asked her if she will compile a list of comps that will guide in establishing an offer instead of simply asking what I wanted to offer. I'm new at this, but I'm surprised I had to ask. Much of this has been like pulling teeth. I'm obviously mid stream and not sure if timing will allow changing horses in the middle but if I will go back and ask her if she feels up to the challenge. I've hinted that if the last visual tour is satisfactory, I will likely move toward making a cash offer contingent on a home inspection and appraisal. I'm clicking along but there is no sense of urgency. Eager to hear your thoughts - either I'm the ocd client or they are not being very responsive - which is it?
Quote:
Originally Posted by wildcat465
Interesting...you're purchasing your first house and believe that you're agent is the lost one. ok.
Forty questions? - Get an inspection. (I'd love to see the list)
Square footage is normally recorded with the county recorder and is probably available online along with other property information.
Are there any comps to help you understand if the home is priced right?
"First house using an agent."
40 questions? Wow. Oh, yes, I bet the sellers were put off.
I wonder if there is no property disclosure?
Is the county square footage on line? Is it right? Here in NC, it is never right.
I wonder if they count the basement in the SF. Some people think basement SF should not be counted.
A listing agent or a subagent should not be coaching on an offer amount, but should be encouraging the OP to offer as much as they can get for the sellers.
40 questions is too much. You should find those answers between the property disclosures and inspection. If it's a sellers' market as you describe, seller has little point in spending so much time answering all of your questions.
I can't speak for your area, but in mine, if the basement is heated/cooled, it counts as square footage.
You described it as rural, so comps are usually hard to come by. Looking for comps to base your offer on is probably not going to work in your favor in a rural area in a seller's market. Offer what you're willing to pay and seller will either accept it, counter it, or reject it. They probably care little about comps.
A listing agent or a subagent should not be coaching on an offer amount, but should be encouraging the OP to offer as much as they can get for the sellers.
Yes, Real Estate Agent.
I have to think there is no property disclosure other than the facts listed on MLS or they would have forwarded it in reply to my questions.
The square footage is online but listed by owners name. This is one of the questions I asked.
I've not signed an agreement. The first real estate agent I interviewed had a great local reputation. He indicated he had an open schedule and then wasn't available for tour and passed me off to a colleague in his office. I'm guessing that's why I've not seen this form.... I've been pretty clear from the start that I want to put an offer on this house and pay with cash.
Not looking for the listing agent to give me comps but thought the real estate person who is assisting me was supposed advise and assist in negotiations. I could be mistaken. Sounds like their only responsibility is to show the property based on feedback I'm getting here.
Thanks for your feedback!!
.
Last edited by refeek; 12-26-2020 at 07:24 AM..
Reason: formatting
40 questions is too much. You should find those answers between the property disclosures and inspection. If it's a sellers' market as you describe, seller has little point in spending so much time answering all of your questions.
I can't speak for your area, but in mine, if the basement is heated/cooled, it counts as square footage.
You described it as rural, so comps are usually hard to come by. Looking for comps to base your offer on is probably not going to work in your favor in a rural area in a seller's market. Offer what you're willing to pay and seller will either accept it, counter it, or reject it. They probably care little about comps.
Thanks for the feedback. Everybody starts somewhere - glad I asked!
I have to think there is no property disclosure other than the facts listed on MLS or they would have forwarded it in reply to my questions.
The square footage is online but listed by owners name. This is one of the questions I asked.
I've not signed an agreement. The first real estate agent I interviewed had a great local reputation. He indicated he had an open schedule and then wasn't available for tour and passed me off to a colleague in his office. I'm guessing that's why I've not seen this form.... I've been pretty clear from the start that I want to put an offer on this house and pay with cash.
Not looking for the listing agent to give me comps but thought the real estate person who is assisting me was supposed advise and assist in negotiations. I could be mistaken. Sounds like their only responsibility is to show the property based on feedback I'm getting here.
Thanks for your feedback!!
.
As you have placed no agent in a fiduciary role, requiring advocacy on their part, they all work for the seller and the seller's best interest. That would include not coaching you at all, not in any way that could compromise the seller's best interests including getting the highest price.
Which also prompts the question as to why they are not taking care of the seller? Maybe the cobroke is minimal or there is local friction.
Interesting...you're purchasing your first house and believe that you're agent is the lost one. ok.
Forty questions? - Get an inspection. (I'd love to see the list)
Square footage is normally recorded with the county recorder and is probably available online along with other property information.
Are there any comps to help you understand if the home is priced right?
Wildcat, this is not the first house I've purchased, my first house was a new construction.....
Offered to get an inspection and asked them to answer questions that would not be answered in inspection.
Property square footage is listed in the county but under the owners name. My sister is a mortgage underwriter and is well accustomed to locating these listings, but for this county you need the owners name. As you might guess, this was one of the questions I asked....
I've asked for comps and my real estate agent said people don't normally ask her that and told me to come up with a number....
As you have placed no agent in a fiduciary role, requiring advocacy on their part, they all work for the seller and the seller's best interest. That would include not coaching you at all, not in any way that could compromise the seller's best interests including getting the highest price.
Which also prompts the question as to why they are not taking care of the seller? Maybe the cobroke is minimal or there is local friction.
This is the second real estate person I have worked with. I would gladly sign that form, I'm not sure why it hasn't been offered in either case. I really wanted this property but will likely move on. I can relocate anywhere in the south but it doesn't sound like it will be this area. I may be better suited to a new build instead of a 1962 property. It seems the info is offered upfront.
Thanks for cutting to the chase.
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