We are planning to relocate to a more “horse friendly” area of the country. We are familiar with the area and have spoken to a couple of agents with properties that are similar to what we will be looking for… with the full disclosure that we are at least 4-6 months from being ready to buy. I have been doing my own searches on line and do occasionally get e-mails of potential places of interest from various agents. We currently live 15+ hours from our “new” area. My question is…closer to the time…do I align myself with a “buyer’s” agent to protect our interests or just go directly to the “seller’s/listing agent”?? I know the seller’s agent is bound to only protect the seller’s best interest when negotiating. What do buyers and agents recommend?? Thanks.
In our buying experience it seems that we always end up buying a property that is NOT listed with the realtor we are looking with. It works out in our favor as the realtor is looking out for our best interests.
If I were you I would look for a well respected agent who will work for you alone. How exciting! I love looking at farms.
I’d say it depends on how knowledgeable and comfortable you are with real estate law and customs in your target area. When I lived in a state with pretty complex real estate law, I had a broker that I used to represent me in every transaction (a lot of transactions over 25 years). I knew the law pretty well, but the risk of missing something important was high. Then I moved to South Carolina, which in my opinion has loose laws and is definitely a place where both buyer and seller should beware. Since I am very knowledgeable on real estate in general, I figured I could avoid the pitfalls, and there wasn’t much risk of there being a law that I would inadvertently violate. So on purchasing my house in South Carolina, I used the listing agent of the property I bought, who then was willing to reduce his commission (since he had both sides of the transaction), and therefore the seller was willing to take a lower price. It worked out well for everyone.
Every state I’ve lived in still imposed some requirements on protecting a buyer’s interests on a seller’s agent who is the sole agent in a transaction. I’d suggest finding out what your target state’s laws state on this subject.
Rebecca
Thanks for the advice. Yes exciting…but I’m getting too old for such an undertaking!! 13 years ago we moved to Ok (from So. Pines, NC)…on daughter’s advice and NEVER having visited!!! BAD deal!! It took 12 years to get out of Ok. and although “well researched”… our MAJOR undertaking when moving our entire household and 21 horses and breeding business south 300 miles has not worked out well…heading back east where we belong!! Good news is…I haven’t unpacked everything!!
I should have said exciting to look. Moving everything ( house contents and farm animals)?? Not so much :winkgrin:
SC is our destination. It has always been my understanding that even with signed releases…the seller’s/listing agent is representing the seller’s interest!! I have trusty, realtor “connections” in the area. I think we’ll go that route!! Thanks.
Where I live, you retain your own buyers agent. That agent shops widely for you including properties listed with other real estate agents or companies. If you buy one of those, the sellers agent splits the commission with your agent.
When I was a kid, the regional Multiple Listings Service was proprietary to real estate salesmen, and since my father was one, he used to bring them home and we could see if our neighbors were selling.
Now the MLS is online open access.
Yes, definitely use a buyers agent/broker to represent you. There is no discount for using the listing agent, and there is a definite conflict of interest when the single agent “works for” both parties.
However, I just want to point out that you must always do your due diligence. Even buyers agents really want to get deals done because that’s how they get paid. They don’t get paid for noticing issues that would prevent a sale from going through. Also, there is a huge variation in quality between real estate agents. Some are wonderful and pay attention to details to ensure a smooth transaction…others are terrible. My expectations for real estate agents are extremely low–I use them as a resource but do not depend on them.
@crosscreeksh, best of luck finding the right place and getting everything moved again. When I came to South Carolina, I was just moving one elderly, retired pony. I can’t imagine moving 21 horses.
Rebecca
I am a licensed Realtor in Florida. There really are no drawbacks to using a buyer’s agent. The listing agent splits the commission with the buyer’s agent, so there is no $$ out of your pocket. They solely protect your (the buyers’), best interests. The listing agent only has a fiduciary obligation to the seller. Good luck and happy hunting!
ETA: No two realtors are alike. So be sure to ask maybe on local horse groups for a reputable agent familiar with farms and property. I myself specialize in equestrian properties, farms, and vacant land. It is always good to work with an agent well versed in the type of market you are searching in. Good luck!
THIS time movers and shippers will be doing more!! I’m culling a LOT of belongings that are expendable!!
I agree!! We have moved MANY times in 48 years…we know “most” of the pitfalls!! As a result…I have personally sold our last two major farms/training center because our agent couldn’t be bothered!!
Heck…we move 28 from NC to Ok!!! 3 large rigs --One commercial and two private…28 hours!!
I have an old friend there who is a serious horse person and owns a large agency!! I think we are covered. Just wondering if I found something on my own if it was more “polite” to go with the listing agent. Guess not!! Thanks.
This is NOT a simple subject. It is highly dependent on the of the state where the transaction occurs. I looked up the TN law and it’s not a clear area with clean boundaries. A buyer should ensure they let Google do some walking for them before they set out to talk to people and maybe risk big money.
G.
P.S. A buyer, particularly of rural property, is very wise to hire an attorney to represent their interests. In a place like TN or SC where regulation is low the risk of getting a big “surprise” is also low. But in WI (where I was first licensed) to do a proper check on the various jurisdictions that can regulate or tax a piece of real estate took north of a dozen letters. I was also licensed in TX and it was LOT more simple, but still you had to know who could regulate and tax and levy assessments and what the claims of each entity might be. A few hundred spent before a closing could save tens of thousands afterwards. 
So the seller of the property is not responsible for accurate stats on their property??
@crosscreeksh, real estate closings in South Carolina are done by attorneys. I’m pretty sure this is true state wide–if it’s not, can another SC person correct me?
This was a different experience for me, as I’d always lived in states where title companies or escrow companies did the closings.
Rebecca
Define “stats.”
If you mean boundaries, house issues, etc. then probably so (but even here there is variance between jurisdictions). But they are not necessarily responsible to know who and what might be able to place liens or other encumbrances on a piece of real estate. A good title check will go a long way, but it’s not always comprehensive.
As an example, when I lived there, in WI if a taxing authority planed an improvement and it had the power to levy a tax to pay for the improvement on some class of property within their jurisdiction then the levy became effect on the day the governing body (city council, county commission, special taxing authority, etc.) approved it. There was no requirement to file any public document beyond the minutes of the authority’s meeting. This means no notice to land owners affected by the action. So you could buy something with a significant unknown tax liability and the seller was not at fault because they did not know, and in the ordinary course of events would not know, of that liability. That means you, the buyer, are stuck. The way I handled it was to write a letter to EACH authority and they would write back saying no assessments were pending or, if they were, explain them.
Local governments can frequently do some pretty amazing things with taxing authority.
G.
IME (VA), most listings require you have a buyers’ agent as well as a financial pre-approval before you can even look at properties. Sellers’ agents typically won’t show properties to buyers without that.
As others have said, it doesn’t cost you to use a Buyer’s Agent (they split commission).
I agree with BeeHoney’s caution that even Buyers’ agents are there to get the deal done, preferably quickly/easily. They may be dismissive of your concerns or try to pressure you in much the same way the seller’s agent does. They are likely to work with a given seller’s agent many more times than they are likely to work with you again.
Especially with farms there may be times where it makes sense to have additional inspections done (outside of the cursory home inspection) or seek legal help if there are complicated easements, etc.
You find an agent you want to work with and give them the property listing of the places you are interested in and they’ll show you places that they have leads on. You don’t need a real estate attorney until you go to settlement but what you do need is to be knowledgeable about various state and county regulations. For example where I live in Montgomery County there is a large area defined as the Agricultural Reserve - there are regulations within the reserve for example if you purchased 200 acres and wanted to subdivide a portion of that land - there might be regulations where the lots can a minimum of X acres each. There are also difference taxes - some farm property pays agricultural taxes vs. regular property taxes. for a potential buyer you’d want a recent land survey, there are issues with wells /septic that need to also be taken into consideration. So finding a good, knowledgeable realtor is important. I have a good friend who specializes in this area and she’s been called in on listings because the original listing agent doesn’t have the knowledge or the expertise my friend does to get the property sold.
