We are looking at purchasing a parcel of land, we called a realtor who informed us there is a "friend" of his that is selling a parcel in the same area that is not on the market yet. With my knowledge of the web, I did property research and found this "friend" to me another realtor in the same office. I have tried to find information about what to watch for in this situation or how we (the buyer) get the best deal. So any serious help will be appreciated.
2007-01-26 02:27:51 · 4 answers · asked by Confused 2 in Business & Finance ➔ Renting & Real Estate
This could be very legitimate and it is his friend in the office that he is aware of that owns the land himself and may be interested in selling it.
We sometimes refer to this as a "pocket listing", where it's not being advertised, yet we know someone would sell if there was an interested party.
Given that you haven't identified a particular parcel that you called about - he hasn't redirected you.
I would absolutely look at several parcels before making any decision whatsoever. If you're not comfortable with this person - you have the right to find someone that you can trust and like!
In any event, what are other parcels in the same area selling for?
Have this agent work for you by showing you all of the sales of land in the area for the last 1-2 years.
You can negotiate anything you want in a purchase agreement.
The fact that the owner is a Realtor doesn't give you much negotiating power here - as there would be another Realtor in the mix that he will pay to sell the property.
Either way the agent makes money by selling you the land, he must provide you with the same disclosures regardless of who owns the land.
All the best.........................
2007-01-26 02:41:57 · answer #1 · answered by ☼High☼Voltage☼Blonde☼ 4 · 0⤊ 0⤋
If I understood correctly, you already had seen one parcel of land you were interested in. What was it's selling price? Figure out the price per acre, or price per square foot so that you have a baseline price to go off of. Then ask for the price of the land that the realtor's "friend" owns. Comparing that to the price of the other property lets you know whether they are in the same ballpark or not.
Either way, I would find another Realtor on the web or through friends. Get a certified Realtor versus some one who calls themself a realtor (small "r") to help you go through this. Re-directing you to look at a piece of property that a "freind" has a financial interest in, doesn't sound completely ethical. It may be completely legal, but it does raise my suspicions.
2007-01-26 02:41:29 · answer #2 · answered by king_arthur_68 2 · 0⤊ 0⤋
Get another REALTOR to represent you and give you the background information on the property. You can also go down to you local assessor office and pull up the plat map if the Listing REALTOR does not have one. Buyer's Agent's are free and the Seller is paying for someone to legally represent you in a Financial transaction.
2007-01-26 08:38:35 · answer #3 · answered by Openthathouse.com 4 · 0⤊ 1⤋
Go to a different office and get an agent to represent YOU> It won't cost you and they will protect you.
2007-01-26 02:49:15 · answer #4 · answered by Anonymous · 0⤊ 1⤋