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Can I look at property without a real estate agent present?
It is difficult to see any advantage in looking at land
without the assistance of a real estate agent. A
professional real estate agent will have specific knowledge
that will be of great value to you. Even though you may have
asked several questions before going to visit the land, you
will most likely think of several more once you begin
walking the property. Having an agent present will result in
your being able to get the answers you want on the spot.
If you are looking at a remote property it may be difficult
to locate without having an agent present. The professional
real estate agent will have visited the land prior to your
visit and will be able to make sure you are walking the
right property. Imagine how disappointed you would be if you
wanted to make an offer on a property only to discover you
were on the wrong land!
A professional real estate agent will be able to help you
understand the boundaries by locating the survey markers and
assist you with reading survey maps. Additionally, the real
estate agent can answer your questions about zoning,
building setbacks, driveways, utilities and covenants.
One other consideration worth mentioning is that sellers are
often concerned with your safety and the liability they
could incur should you sustain an injury while visiting a
property. Some sellers mandate that all showings be guided
by a real estate agent for this reason.
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What should I expect from a real estate Agent?
Honesty and professionalism. A professional real estate
agent will know the market and will be familiar with the
properties he/she is showing to you. The real estate agent
should also be familiar with the area and able to inform you
about amenities such as lakes, parks, and other recreational
opportunities. The real estate professional should be
prepared to inform you about such things as schools,
churches, and medical facilities as well as police, fire,
telephone and electric service. These things are important
whether you are purchasing land for recreational or
residential use.
The real estate professional wants to help you locate the
perfect property and is depending on you to be honest about
your needs. If you do not accurately convey your particular
needs to the real estate agent he/she will not be able to
show you the best possible properties.
Don't be afraid to tell the real estate agent if you do not
like a property. Sometimes people are afraid to say "no" and
they attempt to soften it by saying "we need to think about
it." The professional real estate agent knows that when you
say "no" you are saying "no" to the property. He or she will
not be offended. The agent will want to continue to search
for the perfect property for you, so you must let the agent
know when a property is not right for you, and what you
don't like about the property.
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What about buying at auctions etc.?
Some people assume that they can save a significant amount
of money when they purchase property at auction or by some
other "unconventional" means. Records show that most
property sold at auction sells for close to fair market
value, and in some cases above fair market value. When
buying at auction you are also buying "as is", undisclosed
problems and all. There usually isn't a certified survey,
and title isn't transferred by warranty deed.
In the case of a sheriff's auction, the only guarantee is
that the sheriff has a legal right to hold the auction. It
isn't uncommon to have someone legally contest the auction.
You could end up in court fighting to keep the property you
bought. Another way to buy property is through a tax sale.
Most people don't realize that the person who lost the land
to back taxes can reclaim their property. All that is
necessary is for that person to pay the back taxes within 12
months of the auction date, and they get their property
back. How would you feel if the former owner took your
property after you owned it for almost a year?
"For sale by owner" and land contract look good until you
investigate further. These can be risky ways to purchase
property. They also fail to provide you as the purchaser
with the least legal protection you have when working with a
licensed realtor. Perhaps the most important reason to work
with a real estate agent is "disclosure", and the legal
protection it offers you. A real estate agent is required by
law to disclose anything they know is wrong or anything they
suspect is wrong. In a "for sale by owner" situation, this
disclosure is not required by law. If the owner knows that
the well is contaminated, there is toxic waste buried on the
property, back taxes are due, or anything else that is
wrong; they do not legally have to tell you. Also: title
transfers, real estate transfer returns and other paper work
must be prepared and filed properly. Are you going to trust
someone that may not even know the forms exist, to fill them
out and file them properly? If the forms are not properly
prepared and filed, you may not own the property you paid
for! In Wisconsin you have very little legal recourse if you
are taken advantage of when you purchase property outside of
the state regulated method of working with a realtor.
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