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When buying land...
#6679174
02/18/17 04:58 AM
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Joined: Nov 2011
Posts: 10,965
Texas buckeye
OP
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OP
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Posts: 10,965 |
Do you recommend a land realtor or a lawyer to make the deal go through?
I am getting into the research phase of buying property, have a specific property picked out, just don't know where to go from there. We have already seen thenproperty months ago with the selling realtor, but did. It have any representation present on our end at that point as this was simply an exploratory visit. I know some realtors/agents specifically state if you want representation it needs to be present from day one, but there was no such disclosure on this property. So, not sure where to go from there.
I do not want to make a large purchase and not have all my due diligence done. I assume the lender would get surveys, title searches and what not, but what benefit do I get from using a buyers agent vs a lawyer vs nothing?
Thanks in advance for advice or help.
The land in question is in montague/clay county and I live in dfw area.
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Re: When buying land...
[Re: Texas buckeye]
#6679211
02/18/17 10:07 AM
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Joined: Aug 2004
Posts: 17,712
Txduckman
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How long has the owner owned it? Fences good? If so then probably just a good lawyer to draw it up. Been for sale a while then good time to buy. We hunt the western part up there and land has been for sale for years now. Some eight years at the same price. Not a high density deer area. Good place to lease but not buy imo where we hunt.
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Re: When buying land...
[Re: Texas buckeye]
#6679715
02/19/17 12:31 AM
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Joined: Apr 2011
Posts: 353
TexasLandAgent
Bird Dog
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Bird Dog
Joined: Apr 2011
Posts: 353 |
Check with listing broker to see if they'll pay a commission for buyer rep:
Theres a checklist of a hundred things to look for in a piece of property. An attorney is going to cost exponentially more money and will generally offer limited assistance outside of title work and contract phase. Of course not all attorneys and realtors are created equal. For future reference, your best bet would be find a "ranch broker" local to the county you want to buy in and have them represent you. The land you're looking at now may be burned for an agent and good luck finding someone to help you without a chance at a commission. On this one if you move forward, at the very least an attorney looking at your title work and contract is better than nothing id say.
Last edited by TexasLandAgent; 02/19/17 12:35 AM.
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Re: When buying land...
[Re: Texas buckeye]
#6680033
02/19/17 02:08 PM
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Joined: Oct 2011
Posts: 347
TX Hitman
Bird Dog
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Bird Dog
Joined: Oct 2011
Posts: 347 |
Go talk to your finance company. They will help you and have lawyers on payroll for the title work etc. They have a vested interest because they are financing the land. They also have simple paperwork for a contract and offer letters.
I bought 2 places. Both were not listed with a realtor. 1 went on a hand shake with the seller. 2nd the land owner had a family member that was a lawyer. It drug out was longer than it should have but the sellers lawyer and banks lawyer were dealing with each other. Didn't cost me any additional money than the standard closing fees etc.
If the land you are looking at purchasing is listed with a broker, you can make a offer on your own. The agent must still present it to the seller. Make it clear to the selling agent that you will not be using a agent but are ready to deal. You could also use the agent fees as a negation chip by offering to pay some of the sellers fees etc.
Good luck.
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Re: When buying land...
[Re: Texas buckeye]
#6680203
02/19/17 05:24 PM
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Joined: Dec 2008
Posts: 22,630
Cast
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Joined: Dec 2008
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Hire a good abstracter to research the documentation and ownership 'all the way back to God'.
Cast I have a short attention spa
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Re: When buying land...
[Re: Texas buckeye]
#6680277
02/19/17 06:42 PM
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Joined: Nov 2011
Posts: 10,965
Texas buckeye
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OP
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I guess in my OP I used some terminology that can be associated with buying/selling which may have be construed as me having made an offer and being in my "due diligence period".
That is not the case. I have simply walked the property with the sellers agent with full disclosure that we were not in position to buy at that point and simply looking at land options. I have not made any offers or even discussed anything other than easements, O&G production, leases, and utilities via email prior to our walk. I made it very clear we were not in the market at the time but hoped to be in the future.
I know some have suggested this disqualifies a buyers agent from getting full participation, but does this level of inquiry disqualify a buyers agent, if there was no statement or other wording to state that a buyers agent has to be present from initial contact (which I do see on some agency websites and also listings, but was not present on this one or their agency website).
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Re: When buying land...
[Re: Texas buckeye]
#6680785
02/20/17 02:55 AM
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Joined: Dec 2006
Posts: 11,735
passthru
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We didn't use a lawyer. Just our real estate person. We split cost of the title search, surveys and other things with the sellers. We also obtained all mineral rights and access rights. It took time and there were several hurdles to get over but we got it done. Motivated sellers are easier to deal with.
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Re: When buying land...
[Re: TexasLandAgent]
#6680902
02/20/17 04:18 AM
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Joined: Nov 2007
Posts: 646
Grayson
Tracker
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Tracker
Joined: Nov 2007
Posts: 646 |
Check with listing broker to see if they'll pay a commission for buyer rep:
Theres a checklist of a hundred things to look for in a piece of property. An attorney is going to cost exponentially more money and will generally offer limited assistance outside of title work and contract phase. Of course not all attorneys and realtors are created equal. For future reference, your best bet would be find a "ranch broker" local to the county you want to buy in and have them represent you. The land you're looking at now may be burned for an agent and good luck finding someone to help you without a chance at a commission. On this one if you move forward, at the very least an attorney looking at your title work and contract is better than nothing id say. That's funny. On my real estate deals I cost exponentially less than a realtor would and provide a lot more assistance than they do. Some realtors are very good but the majority are worthless outside of putting a property on the MLS or filling out a simple form contract.
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Re: When buying land...
[Re: Grayson]
#6680939
02/20/17 05:20 AM
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Joined: Apr 2011
Posts: 353
TexasLandAgent
Bird Dog
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Bird Dog
Joined: Apr 2011
Posts: 353 |
Check with listing broker to see if they'll pay a commission for buyer rep:
Theres a checklist of a hundred things to look for in a piece of property. An attorney is going to cost exponentially more money and will generally offer limited assistance outside of title work and contract phase. Of course not all attorneys and realtors are created equal. For future reference, your best bet would be find a "ranch broker" local to the county you want to buy in and have them represent you. The land you're looking at now may be burned for an agent and good luck finding someone to help you without a chance at a commission. On this one if you move forward, at the very least an attorney looking at your title work and contract is better than nothing id say. That's funny. On my real estate deals I cost exponentially less than a realtor would and provide a lot more assistance than they do. Some realtors are very good but the majority are worthless outside of putting a property on the MLS or filling out a simple form contract. I don't disagree there are a lot of bad realtors out there but attorneys arent any better. Would love to see case studies on actual real estate transactions you've represented and what you actually do for your billable hour. Buyer beware - the quality of service you get tends to correlate with the price you pay for it. Just curious, do you know the cost per foot to drill a water well? How about cost per foot of installing a high fence over a creek gap? You know what oak wilt looks like without googling it? You ever spend a day at a county seat doing your own title work without any guarantee you'd get paid for it? How about scouting hundreds of acres of gas units looking for abandoned well heads for a buyer? Nah, didn't think so.
Last edited by TexasLandAgent; 02/20/17 05:20 AM.
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Re: When buying land...
[Re: Texas buckeye]
#6681129
02/20/17 02:42 PM
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Joined: Aug 2005
Posts: 31,782
txtrophy85
THF Celebrity
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^^^^^
and this is why you have a Land Agent/Broker represent you.
Attorneys are ok for looking over deeds and title commitments but they are not going to go out to the property. It costs you nothing to have a Agent represent you.
Most horror stories people have about realtors come from using residential realtors on land purchases or prior experiences on selling homes....its two totally different animals.
I sold a ranch that had 3 different owners. They did not get along and insisted they all use their own attorneys. Two of them hired good attorneys knowledgeable in real estate. Both their bills at settlement were around $500. the third hired some attorney (who knows where she got him) that specialized in child molestation cases and family law. Me and him went round and round and it was obvious he didn't know what the hell he was doing. By the time she figured it out and cut him off her bill was over $6000 and in the end he did nothing for her.
There is a lot more to a real estate transaction than the promulgated contract being filled out and drawing up a deed.
Its always, always a good idea to have someone represent your interests.
Real Estate transactions are typically the most expensive purchase a person will make. Unless you have done several why would you go into it without a knowledgeable person in your corner?
For it is not the quarry that we truly seek, but the adventure.
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Re: When buying land...
[Re: Texas buckeye]
#6681138
02/20/17 02:51 PM
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Joined: Aug 2005
Posts: 31,782
txtrophy85
THF Celebrity
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THF Celebrity
Joined: Aug 2005
Posts: 31,782 |
Do you recommend a land realtor or a lawyer to make the deal go through?
I am getting into the research phase of buying property, have a specific property picked out, just don't know where to go from there. We have already seen thenproperty months ago with the selling realtor, but did. It have any representation present on our end at that point as this was simply an exploratory visit. I know some realtors/agents specifically state if you want representation it needs to be present from day one, but there was no such disclosure on this property. So, not sure where to go from there.
I do not want to make a large purchase and not have all my due diligence done. I assume the lender would get surveys, title searches and what not, but what benefit do I get from using a buyers agent vs a lawyer vs nothing?
Thanks in advance for advice or help.
The land in question is in montague/clay county and I live in dfw area. You need to get a good land agent on your side. Lenders are going to get what they need to close their end, not help you out. The benefit to using a buyers agent ( at no cost to you) is: 1. They will walk you thru the process of offers and negotiations so you will know what to expect. Things like who pays for title policy, surveys, if surveys need to be re-certified, how many days do you have to review the title commitment, option periods, etc. 2. If you get a deal done, they will help you do your due diligence. Setting up well tests, items of concern, etc. 3. Sometimes things go smoothly after the title commitment is issued, sometimes not. Items may appear on the Schedule B that need to be addressed, pipelines, easements, etc. that were not known at first. A good, experienced agent/broker will be able to help tremendously in areas if problems or issues arise. 4. If you decide after a few years to sell the property, you already have an agent/broker who you are familiar with and is familiar with your property. Makes the Sell process much smoother than hiring someone new. I would find someone who is knowledgeable. If you need help finding someone in that area, I can help you out with some references
For it is not the quarry that we truly seek, but the adventure.
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Re: When buying land...
[Re: txtrophy85]
#6681201
02/20/17 03:29 PM
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Joined: Jul 2013
Posts: 7,179
therancher
THF Trophy Hunter
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THF Trophy Hunter
Joined: Jul 2013
Posts: 7,179 |
Realtors are as worthless as newspapers today. Any putz can do real estate if they care to do their homework. The contracts are all standard and the process is EASY.
Get a good re lawyer and cut your costs.
Or, if you don't want to spend the time doing your homework, then hire an agent.
Crotchety old bastidge
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Re: When buying land...
[Re: Texas buckeye]
#6681348
02/20/17 05:26 PM
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Joined: Nov 2014
Posts: 7,770
Mr. T.
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I'll jump in and muddy the waters some more. I always use and agent to buy, but never to sell. That's just me.
Cabin rental in Pagosa Springs, Co. Sleeps 10, If interested please PM me.
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Re: When buying land...
[Re: Texas buckeye]
#6681376
02/20/17 05:51 PM
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Joined: Nov 2016
Posts: 618
nate33
Tracker
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Tracker
Joined: Nov 2016
Posts: 618 |
If you walked it with the sellers agent, then go get your own buyers agent, if I were the seller I would not sell it to you, no telling what other 'sneaky' ideas you have up your sleeve. The mtg co. will get a title search and ins, no need for a lawyer. You will have title ins if there is a problem. Normally people that go thru these 'gymnastics' (research phase ) only buy about 1% of the time anyway.
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Re: When buying land...
[Re: nate33]
#6681834
02/21/17 12:40 AM
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Joined: Aug 2005
Posts: 31,782
txtrophy85
THF Celebrity
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THF Celebrity
Joined: Aug 2005
Posts: 31,782 |
If you walked it with the sellers agent, then go get your own buyers agent, if I were the seller I would not sell it to you, no telling what other 'sneaky' ideas you have up your sleeve. The mtg co. will get a title search and ins, no need for a lawyer. You will have title ins if there is a problem. Normally people that go thru these 'gymnastics' (research phase ) only buy about 1% of the time anyway. You can't deny a person representation. If a person comes and looks with me and then goes and retains an agent, I'm perfectly ok with that But that does not mean I'm going to split the commission 50/50 either
For it is not the quarry that we truly seek, but the adventure.
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Re: When buying land...
[Re: txtrophy85]
#6682102
02/21/17 05:49 AM
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Joined: Jul 2013
Posts: 7,179
therancher
THF Trophy Hunter
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If you walked it with the sellers agent, then go get your own buyers agent, if I were the seller I would not sell it to you, no telling what other 'sneaky' ideas you have up your sleeve. The mtg co. will get a title search and ins, no need for a lawyer. You will have title ins if there is a problem. Normally people that go thru these 'gymnastics' (research phase ) only buy about 1% of the time anyway. You can't deny a person representation. If a person comes and looks with me and then goes and retains an agent, I'm perfectly ok with that But that does not mean I'm going to split the commission 50/50 either
One of a plethora of reasons using a realtor can cost you a ton of money as well as delay a deal (also costing the seller money). Realtors playing games to increase their % of commission, regardless of how much it costs the seller. There are MANY other reasons to buy and sell without a realtor.
Crotchety old bastidge
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Re: When buying land...
[Re: therancher]
#6683387
02/22/17 02:15 PM
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Joined: Aug 2005
Posts: 31,782
txtrophy85
THF Celebrity
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THF Celebrity
Joined: Aug 2005
Posts: 31,782 |
If you walked it with the sellers agent, then go get your own buyers agent, if I were the seller I would not sell it to you, no telling what other 'sneaky' ideas you have up your sleeve. The mtg co. will get a title search and ins, no need for a lawyer. You will have title ins if there is a problem. Normally people that go thru these 'gymnastics' (research phase ) only buy about 1% of the time anyway. You can't deny a person representation. If a person comes and looks with me and then goes and retains an agent, I'm perfectly ok with that But that does not mean I'm going to split the commission 50/50 either
One of a plethora of reasons using a realtor can cost you a ton of money as well as delay a deal (also costing the seller money). Realtors playing games to increase their % of commission, regardless of how much it costs the seller. There are MANY other reasons to buy and sell without a realtor. Argue all you want. Proven fact that across the board Sellers make more money using Brokers/Agents than FSBO. In any case, the OP is a Buyer, who is looking at a listed property. So he is going to have to deal with a Agent regardless if FSBO is that great/easy then Real Estate professionals would have been put out of business a long time ago
For it is not the quarry that we truly seek, but the adventure.
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