Mike CHS
Herd Master
We bought our place for a little under $35K and the house was listed as zero value. Farm land here goes for right at $2500 an acre up to 50 acres and then it goes down.
Carla D-Great new adventures and an Amazing Life
- Thread starter Carla D
- Start date
We bought our place for a little under $35K and the house was listed as zero value. Farm land here goes for right at $2500 an acre up to 50 acres and then it goes down.
Two thoughts come to mind... One you can check with any realtor to find out. The other, most likely not so easy.
1. The house has been on the market a long time and the seller is anxious to get the place sold. The realtor has lowered the listing price/listed it at an extremely low ball price hoping to drive up interest in hopes of luring multiple potential buyers into a bidding war that will drive the price up. Your realtor can find out the pricing history easily enough. You can also find out if there has been any interest in the form of offers/withdrawals (and why).
2. There are serious underlying issues with the property. Cosmetic/appearance means little. There may be something structurally wrong with the house/termites/water damage/hazmat/contamination/electrical/plumbing/etc.
There is one other possibility, but I didn't initially offer it as it doesn't jive with the 199 day market time... Maybe it's an inheritance that the new owner just wants to unload. If that were the case, I suspect it would have sold very fast. But there are rare cases, and even a blind squirrel will find the occasional nut... <shrug: dunno> <---can't get emojis to load...
1. The house has been on the market a long time and the seller is anxious to get the place sold. The realtor has lowered the listing price/listed it at an extremely low ball price hoping to drive up interest in hopes of luring multiple potential buyers into a bidding war that will drive the price up. Your realtor can find out the pricing history easily enough. You can also find out if there has been any interest in the form of offers/withdrawals (and why).
2. There are serious underlying issues with the property. Cosmetic/appearance means little. There may be something structurally wrong with the house/termites/water damage/hazmat/contamination/electrical/plumbing/etc.
There is one other possibility, but I didn't initially offer it as it doesn't jive with the 199 day market time... Maybe it's an inheritance that the new owner just wants to unload. If that were the case, I suspect it would have sold very fast. But there are rare cases, and even a blind squirrel will find the occasional nut... <shrug: dunno> <---can't get emojis to load...
Bruce
Herd Master
Makes sense. If a very large parcel whoever buys it wants to farm it or have a really large "home place". Get down lower and some developer wants to buy it and cover it with houses. But they don't want a hundred acres. Likely not even 50, more like 10 or 20 depending on how many lots they want to make and what size.
Senile_Texas_Aggie
Herd Master
Miss @Carla D,
I highly recommend that you sign a buyer's representation agreement with a real estate agent ASAP. By signing that agreement, she will then be representing you, not the seller. She will become a fiduciary, and the legal requirements for a fiduciary are quite strict. You can ask her about all of the items that would concern you, such as price history, etc. You will most likely need to have an inspection done at your expense.
You need not pay the real estate agent a fee, although you could. She will most likely collect her commission from the seller. She still will be representing you, the buyer. If you choose not to sign a buyer's representation agreement, then she will represent the seller, as a subagent to the listing agent. Then she is a fiduciary to the seller. Except in rare specialized circumstances, a real estate agent cannot be neutral. By law, she must represent a party in the transaction and is legally bound to put that party's interest first. If it isn't you, then it will be the seller.
So that is how the real estate business works. You have a lot to gain by signing a buyer's representation agreement with an agent, and very little to lose. If you wish, you can terminate the agreement at any time.
Senile Texas Aggie
Licensed Real Estate Agent for the state of Texas
I highly recommend that you sign a buyer's representation agreement with a real estate agent ASAP. By signing that agreement, she will then be representing you, not the seller. She will become a fiduciary, and the legal requirements for a fiduciary are quite strict. You can ask her about all of the items that would concern you, such as price history, etc. You will most likely need to have an inspection done at your expense.
You need not pay the real estate agent a fee, although you could. She will most likely collect her commission from the seller. She still will be representing you, the buyer. If you choose not to sign a buyer's representation agreement, then she will represent the seller, as a subagent to the listing agent. Then she is a fiduciary to the seller. Except in rare specialized circumstances, a real estate agent cannot be neutral. By law, she must represent a party in the transaction and is legally bound to put that party's interest first. If it isn't you, then it will be the seller.
So that is how the real estate business works. You have a lot to gain by signing a buyer's representation agreement with an agent, and very little to lose. If you wish, you can terminate the agreement at any time.
Senile Texas Aggie
Licensed Real Estate Agent for the state of Texas
- Thread starter
- #475
Carla D
True BYH Addict
These are all very good things to know. I hadn’t even thought about a developer possibly coming in and leveling it all. Buyer representation agreement isn’t anything I’ve heard of before. I still think @Latestarter is right. There has to be something wrong with the place.
I have learned two small things about this property. A big part of it is the location. It’s about 15-20 minutes further than most people would be willing to drive. Most places in Elmwood are really cheap because of that. The other thing I’ve learned is that the sellers have found their dream horse property but need to sell this first.
The realtor told me there was a showing there this morning and the people want a second tour because they are als interested in it. I did find another little farm in that area as well. It’s about half the size with a much smaller price tag. But, it is much more in our price range. https://matrix.northstarmls.com/Matrix/Public/Portal.aspx?ID=0-2032974647-10#1. So who knows. A bidding war on a property that already pushes our budget is the last thing we want to get involved with.
I have learned two small things about this property. A big part of it is the location. It’s about 15-20 minutes further than most people would be willing to drive. Most places in Elmwood are really cheap because of that. The other thing I’ve learned is that the sellers have found their dream horse property but need to sell this first.
The realtor told me there was a showing there this morning and the people want a second tour because they are als interested in it. I did find another little farm in that area as well. It’s about half the size with a much smaller price tag. But, it is much more in our price range. https://matrix.northstarmls.com/Matrix/Public/Portal.aspx?ID=0-2032974647-10#1. So who knows. A bidding war on a property that already pushes our budget is the last thing we want to get involved with.
Mike CHS
Herd Master
You guys are approaching the purchase with some good sense that is nice to see. 
- Thread starter
- #477
Carla D
True BYH Addict
Thank you.You guys are approaching the purchase with some good sense that is nice to see.
- Thread starter
- #478
Carla D
True BYH Addict
I was thrown a monkey wrench tonight.
This is so darn typical of things that go on at our little circus. I was tending to my rabbits and something caught my eye. Heather was mounting my little doe Clover. Heather was very serious about what she was doing. So I caught her and turned her over. My rabbit heather is a very well endowed little buck named Heath.
We had tried sexing then when I got them. We were pretty positive we had two does. I even tried to see what sexs we had after a couple of weeks of having then. I guess I need to practice my method.
These were intended to be pets. So we either needed two does or two bucks. It didn’t matter. While we have plans to breed some meat and pet rabbits, we weren’t going to jump into it. We were going to research, plan, prepare, and BE READY when we finally started to breed them. I think my husband and I are going to be sexing the other rabbits we have. Can’t assume anymore that they are the sex they are believed to be.
From the little bit I’ve had time to read about breeding rabbits I know we only have 30-31 days until we have more babies. If any bunny aficionados read this, I’m going to need another critter crash course. I know a little bit about rabbits. I’ve had several in the past, as pets. I’ve never bred anything other than pigs to this point. I’m in another situation that I have no clue about.
This is so darn typical of things that go on at our little circus. I was tending to my rabbits and something caught my eye. Heather was mounting my little doe Clover. Heather was very serious about what she was doing. So I caught her and turned her over. My rabbit heather is a very well endowed little buck named Heath.
We had tried sexing then when I got them. We were pretty positive we had two does. I even tried to see what sexs we had after a couple of weeks of having then. I guess I need to practice my method.
These were intended to be pets. So we either needed two does or two bucks. It didn’t matter. While we have plans to breed some meat and pet rabbits, we weren’t going to jump into it. We were going to research, plan, prepare, and BE READY when we finally started to breed them. I think my husband and I are going to be sexing the other rabbits we have. Can’t assume anymore that they are the sex they are believed to be.
From the little bit I’ve had time to read about breeding rabbits I know we only have 30-31 days until we have more babies. If any bunny aficionados read this, I’m going to need another critter crash course. I know a little bit about rabbits. I’ve had several in the past, as pets. I’ve never bred anything other than pigs to this point. I’m in another situation that I have no clue about.
greybeard
Herd Master
Question..
If 'your' (buyer's) real estate agent is different than the seller's agent (the one that listed the property) who pays 'your' agent her commission?
Funny you have this conundrum... as I closed this post after first view, the following picture/site was flashing at the top of the home page:
https://www.backyardherds.com/threads/kayes-bunny-journal.34547/page-18#post-473280
https://www.backyardherds.com/threads/kayes-bunny-journal.34547/page-18#post-473280
