Real estate in Cheyenne

[sunsprit]

RE: BrighterDays comments about inspectors here in Wyoming.

Spot On.

You'll find that all of them have a hold harmless disclosure in their contract for their professional services. IF they miss something that they should have seen and were paid to inspect, well ... they've already got their out. You'll not be able to recover damages from them in Wyoming. You are totally at their mercy for professional competency and diligence.

It's a very sloppy, unregulated industry here. I've written many pages on this forum through the years about purchasers needing to perform their own "due diligence" in every aspect of a real estate transaction in Wyoming.

As well, I've had real estate agents in this state (and Cheyenne) blatantly violate their professional ethics and legal requirements ... and the state regulatory folk would do nothing about it. In one situation where an agent was paid a commission by me for professional services which turned out they weren't licensed to perform so they could not deliver a title for something I'd paid for, the investigator was highly incensed that I'd used a couple words of profanity to describe my upset with the agent/broker. The broker's reaction to his agent getting paid for work he couldn't legally do was to challenge me to "sue us". And that agency just happened to be the largest one in Cheyenne at the time, which shall go unnamed for obvious reasons here. That's the level of customer service that one may expect in real estate transactions in Cheyenne. It would have been entirely too easy for the managing broker to have brought in another agent from his office with the appropriate license to complete the transaction for me in the name of customer service and goodwill so that I received title to the property I'd paid for with certified funds, but no ... the commission had been paid at closing to the one agent and the broker wasn't going to impose upon another agent to do the work for free. I got the run-around from these folks for months where they tried to place blame upon the title insurance company, but the failed transaction was completely and solely upon the shoulders of the agent/brokerage. The agency finally resolved all by calling in a favor from one of their appropriately licensed agents to complete the deal and so after 8 months of wrangling around, I finally received title to my purchase.

The state investigator was still mad at me for having used some offensive words about the agent/agency rather than taking action in what was clearly a slam-dunk violation of the agent's license. He remembered me and that prior situation when I showed up a couple years later with a valid complaint against another real estate agent/broker who just happened to "forget" to disclose that they were the owner of a property they had listed for sale. This is a major violation of their ethics in Wyoming. The seller was only disclosed to me prior to the closing, it was "XYZ Ranch LLC" ... but the owner signing off on the sale at closing was the agent which tipped me off to their ownership. Why the significance of this? because it's not uncommon for an agent to do his own best purchasing and mark up a property for resale in the environment of "no disclosure" in this state. The issue here is that your real estate agent may be your competitor in buying and selling properties in Wyoming.

[Jdirocco]

I appreciate all of that information as well. That doesn't sound like something I would like to put my wife and child through. Thank you again! Looks like Cheyenne it is!

[Jdirocco]

Sunspirit, is it possible for me to email you about brokers/agencies to avoid. As well as other questions?

[sunsprit]

Happy to help to the extent that I can do so. PM me via C-D forum.

Of course, if the concerns are something that can be shared on the open forum, I'd prefer that avenue so others may follow along with the thread.

A possible indicator of an agent's abilities in this market is the number of sold transactions in recent history. This can be found on Zillow or Trulia, or similar RE websites that the industry uses these days. When you find an agent with lots of listings and few sales ... could be a red flag about their listings. There are a number of such agents in the area who "buy" their listings by promising a fishing expedition price for a seller who may be motivated by an outrageous price. Hence my advice to retain the services of a pro appraiser in this marketplace rather than to rely upon the representations of an agent with a commission at stake.

[Jdirocco]

Ok I understand, I'm seeing a lot of homes peaking my interest in the "historic district". Is there low crime there? Would you personally buy in that area

[sunsprit]

the "historic district" covers a wide range of houses, architectural styles, eras of construction, and a variety of street traffic issues. It's an interesting and oft-times charming area of Cheyenne.

I'd prefer to be on one of the "side streets" away from the higher traffic densities of some of the one-way streets, or too close to Lincolnway, or too near to the commercial area/CRMC hospital. Also, I'd prefer off-street parking, even with an older detached garage.

I'd buy in that area, it could be a great starter house and it's a prime rental area for Cheyenne. Do your due diligence about condition/structure/upgrades (of which you may expect many to have been done since the house was originally built).

Generally speaking, Cheyenne is a pretty low crime area. You can check the "police blotter" report in the Cheyenne Tribune-Eagle. Most arrests in the area are alcohol related (public intoxication or alcohol related driving offenses, or domestic situations which rarely involve outsiders) rather than crimes against persons or property. For the most part, it's prudent to avoid the areas of the bars (primarily along Lincolnway) in the wee hours when those so inclined have drunk their fill for the evening. There is a small segment of Cheyenne's population who are regulars in these places, but my impression is that they pretty much keep to themselves with their fights between their own group ... with the exception of some who choose to frequent the old railroad plaza downtown. Depending upon their degree of intoxication, they can be more or less belligerent at times, but most know that there's a limit to how obnoxious they can be before they'll either draw undesired attention from the CPD down upon themselves ... or, as I have seen a few times, when a SO steps up to deal with somebody messin' with their partner. Culturally, the "code of the West" still has a presence here.

[Jdirocco]

Sun spirit' I'm coming to town with my fiancé in July. We agreed we would like to buy in the historic distict with a budget topping out at 250k. Would you have some recommendations of people you have worked with? If you would be willing to give me your two cents on some property's, I would be willing to pay for your time. Just nervous about buying a lemon and putting my family into a bad spot. Thank you all

[sunsprit]

Jdirocco ... check your DM inbox.

[Jdirocco]

Shot you one back, by the way sorry if I come off too strong. It's the military in me, if and when you find someone knowledgable you try to learn any and all you can

[Joe33]

The economy in Cheyenne is horrible. But it always is. If you are in the millitary or government all is good. But everyone else doesent fair too well. Energy went down the toilet.

A small house can be had for 100-125k. Dont fall for the north side, south side argument. Rentals are between 750 and 1000 for a 3 bedroom house. You dont necessary get what you pay for. Many are rats nests. If you rent, pay your rent on time. The judges uphold landlords rights. You will get a judgement if you dont pay your rent.
Dont expect a nice green lawn and landscaping. It just dosent work in Cheyenne. Get used to trains. They make noise all the time even in the middle of the night and you just cant get away from them.
It is easy to rent in Cheyenne but hard to get a good tenant.

Stay away from the historic district unless you have lots of patience and really love people telling you no . If you want to upgrade or remodel, expect to get stuck in a money pit which will be worth much less than you paid for it.