Tuesday evening hubby and I are meeting the real estate agent in West Bend. We are thinking this is a good time to sign the Buyer Agency agreement. Although in signing it we agree to work with this agent, she is a team with her husband, who had many years experience in construction.
Wisconsin law explained:
"In the traditional buying process, a real estate agent working without a Buyer Agency contract is, by law, working as an agent of the seller. An agent working without a Buyer Agency contract must still be fair in his/her dealings, but is prohibited by law from giving the buyer critical advise such as a professional opinion of a price or in suggesting negotiation strategies."
The contract includes professional opinions, advice and critiques of the seller's property beyond disclosing defects, plus negotiations, writing documents and assisting in transactions.
I'm still reading the fine print, but basically, if we don't sign it, the the agent only works in the seller's best interest. Since it's a seller's market out there, we figure we need someone on our side.
We need all the help we can get. The market is hot for move-in ready houses. Typically they stay on the market for about 5 days. The houses that stay on the market for a long time need repairs. Banks won't give a loan on a house needing repair, so those types of homes can only be purchased by an investor with a cash sale, unless the homeowner decides to fix them.
A short sale or foreclosed home is not out of the question, again, professional help is needed here.
The median home price in Hartford is $217,000. We have been approved for up to $200,000. We would rather stay under $150,000. It's going to be an uphill battle.
We have decided, for several reasons, that Hartford is the best location to focus on. Hubby's and my daughter's work is only 2 minutes away. Hubby's family and friends are only 2 minutes away. He visits often, almost daily. Internet is fast. Home prices, though high, are still better than some areas not far away, except Neosho. Home prices in Neosho compare to Hartford, or are slightly less. However it's a tiny community, so not many come up for sale. Neosho is 5 minutes from my hubby's work.
With a sigh, I give up on the duplex with problems in Woodland. I fell in love with the view. It was not to be. The place is too tiny. There are other issues. There is no Internet. We rely on Internet to keep in touch with family.
View, I love you. You broke my heart.
More on Buyer Agent, from First Weber
We are considered Milwaukee Metro, here are some blog entries about the market here.