looking at property to buy

Like I said before hate to move. Never understand restate people and there rules. Well to make this simple to understand I do understand why I do not by restate all the time. I had looked at a really nice home. Found out that the people had loans on the property made me scream. then I found myself looking at three acres of land with a small house on it. It turns out that I can buy it cheaper than the first home I was looking at on 1 acre. Plan to meet up with the relator person tomorrow and buy the three point 0.16 acre home. Yes we have a well, septic, and a home which is 1,100 sq feet not big but it might just be okay for a single guy like me.
My move came out okay I might say dads is happy he has now 9 farm tractors line up in front yard. we got three of them with Christmas lights on them to. Every thing right now is up at parents house waiting for me to by my next house.Brent

Sounds like a plan to me.

Thought you already had a place bought last month that you were moving to. Good luck with your purchase.

Take your time, shop around. Shop online, try Zillow and services like that. You should be able to find a place with a nice house and shop on acreage. You sold in a high priced area and want to move to a low priced area. That area you were looking is a lot like here
everything is 5 acres or more and sometimes 2 houses and shop. Less than half price of bay area and I would assume so Cal.

My Mother was a voluminous reader, a great speller, did a lot of writing and was the ultimate grammarian. She always said relator, I would correct her to no avail. How do you say realtor as in real estate? It's one of the most common miscommunications. Right up there with "hot water heater".

(quoted from post at 20:54:58 12/18/16) How do you say realtor as in real estate?

Click to expand...

REEL ter
That's the Southern pronunciation.
BillL

> Never understand restate people and there rules. [sic]

Real estate agents are bound to follow various laws and can lose their licenses should they break them. There are also various other "customary" things which are not rules so much as local practices; those things the agents aren't required to follow but generally stick to to keep the peace with their fellow agents. The percentage of the sales commission or amount of earnest money would fall into the latter category.

The first thing to understand about real estate agents (not all agents are Realtors) is that they WORK for the SELLER. Unless you have signed a buyer's agent agreement with an agent, he's getting paid by the seller and therefore is required to represent the seller's interest. Doesn't matter that "your" agent isn't the listing agent, he's still representing the seller. If you want an agent to represent YOUR interests, you have to have a buyer's agent agreement which generally means you agree to pay the agent out of YOUR pocket.

> Found out that the people had loans on the property made me scream.

Why? If nobody bought property with liens on it, 95 percent of the real estate sales in this country would never happen. That's one reason you need title insurance.

Are you getting a mortgage, buying on land contract or paying cash? If you restrict your purchases to only land contract purchases, you're going to exclude a lot of good properties, because most sellers don't want to mess with land contracts. Property is generally sold under land contract when it will be difficult for buyers to get a mortgage on it.

I also thought you had a place and had moved some stuff there already ?
I have a 1040 sq ft home and there are 4 of us and 3 dogs ! so for 1 person you will have plenty of room !

I have little experience with realtors, but from that experience I'd say they only represent themselves. No matter who they are "working for."

Gee, I was going to reply to your Title Insurance as unnecessary, until I looked it up "If you have owned property in Iowa, you may not be familiar with title insurance. Iowa is the only state that prohibits the sale of title insurance by its companies". Insurance companies are only profitable IF they don't pay; in Iowa, the abstract is updated with all liens and loans and easements shown. So there's no way an insurance company would ever be profitable unless selling to 'low information' folks.

> Gee, I was going to reply to your Title Insurance as unnecessary, until I looked it up "If you have owned property in Iowa, you may not be familiar with title insurance. Iowa is the only state that prohibits the sale of title insurance by its companies". Insurance companies are only profitable IF they don't pay; in Iowa, the abstract is updated with all liens and loans and easements shown. So there's no way an insurance company would ever be profitable unless selling to 'low information' folks.

Is Brent in Iowa? If so, I was not aware of that, nor did I know title insurance isn't legal in the nation's Most Boring State. At any rate, you get title insurance or a title abstract for the same reason: to ensure the title is clear and free of encumbrances. And given a choice between an abstract or title insurance, I'd go for the insurance.

I thought I had a place last month but they had loans bigger than what the house was worth. I had one more house that I wanted but some body had already tried to buy but then they changed there mind. So I am going after that first house I saw. I got land to clear and a good well they say. Plan next spring to plant and start out growing a crop I hope. thanks for all of you emails fun to read them.

My daughter thought she had found a place too. But still about 2 months later we still can't get this lady or her lawyer to call and tell us the contracts ready. I sure would like to know what the real truth is ? They must be buying time to keep Medicare off of them ? Property is to of been sold to pay the expenses of her Mom (92) in a rest home. Trying to find another place but none so far.

> I thought I had a place last month but they had loans bigger than what the house was worth.

OK, so the place was underwater. Was the sales agreement contingent on their bank accepting the short sale? If not, the seller is in breach of contract and owes you some money. (That's something a seller's agent isn't likely to tell you.) Of course suing the seller for breach of contract and collecting damages from them are two different things.

> Plan next spring to plant and start out growing a crop I hope.

What sort of crop are you growing on 3 acres?

>we still can't get this lady or her lawyer to call and tell us the contracts ready.

I assume by "contract" you mean the closing papers, and that you already have a sales agreement and have paid earnest money. (The sales agreement backed by your earnest money deposit IS a contract. And one which is quite enforceable.)

If the seller is paying the lawyer who is handling the closing (which would be unusual, but not unheard of), then the lawyer doesn't have any responsibility to return your call. The lawyer is working for whoever is paying him/her. (The sales agreement should say who is footing the bill for closing.)

It might be time for "your" lawyer to call "her" lawyer and discuss why the seller is in breach of contract and what legal remedies you might seek if the seller continues to procrastinate.

We never even got to the sales agreement yet. We only had a verbal agreement and her lawyer was to write all this up for us to go over and sign. That's what call we were waiting for was to meet with her lawyer. She is selling by owner but this lady seems so not capable of this. At first our realtor called her and she didn't want any realtors involved. Getting to be more and more for sale by owners places around these days too.
Were not out anything. But it was a very nice place out in the country but close to main roads. Not many in a good price range unless you are in town. Seen a lot of old places that need LOTS of work too.

> We never even got to the sales agreement yet. We only had a verbal agreement and her lawyer was to write all this up for us to go over and sign.

OK, so if she had asked her lawyer to write up a sales agreement he would have done so (assuming he thought he would get paid for it). So the seller is procrastinating and is leaving you hanging while she shops around for a better offer. (Which she may already have.)

The seller doesn't want any realtors involved, which is to say she is too cheap to pay an agent (and probably too cheap to pay her lawyer as well). But there's nothing to stop you from retaining a seller's agent out of your own pocket. If you think the deal is for real, you should be able to convince an agent to take a negotiated commission (say 3 or 4 percent rather than the typical 6 percent) just to close the deal. And if no agent will touch the deal, you might as well walk away because they probably know something you don't. It's a matter of paying extra versus walking away.