Waterfront Real Estate – as you probably know, it’s a “sellers market” For Sure…
Buying a waterfront property has lots of unique twists and turns compared to purchasing a subdivision house and it is easy to overpay or not have the correct contingencies in your offer.
As a result of doing over 50 waterfront transactions, over a 14 year career, owning three waterfront homes, being a past president and board member of the Waupaca Chain O’ Lakes property owners association we have put together this custom written “Waterfront Buyers’ Guide” to help buyers like yourself.
<strong>To help be sure you do not over pay for waterfront property and to help avoid future headaches get this along guide with a complete list and full analysis of all waterfront properties for sale and that have sold – including 25 area recreational lakes and the Waupaca Chain O’ Lakes. </strong>
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Below are couple of tips and trust me, there are way more tips in the full version of this Guide:
<strong>Buying off the Sign</strong> – Some people think that if they deal directly with the Realtor who has the waterfront property listed (for sale), that agent will know more about the property than any other agent. By doing this, a buyer may think they can learn more details about the property as this agent is dealing with the seller and has an advantage in learning all the details about the property.
When listing a seller’s home for sale, that agent owes their fiduciary responsibility to the seller; often new buyers will simply call the listing agent’s phone number that is associated with that property. That’s like having the same lawyer represent you and your opposition!
The waterfront seller’s agent, or the listing Realtor’s job is to get the seller the highest possible price!
So, always use an experienced waterfront “Buyer’s Agent” when viewing waterfront property for sale.
<strong>Many waterfront properties for sale today, reflect the Sellers’ list pricing.</strong>
The Sellers’ pricing means the price the owner hopes to sell for, not the market value an experienced real estate professional or appraiser would estimate it will sell for, given today’s market conditions.
Prior to the recession, waterfront homes sometimes sold for a number, higher than a Realtor might estimate as there was a ton of “demand.” Today, many sellers are still hoping for these high numbers again however, the reality is: most waterfront sales are now about where an experienced and knowledgeable real estate agent or professional appraiser would estimate.
<strong>Use a Buyer’s Agent</strong> – When you work with an experienced waterfront “buyer’s agent” (like me), as you look for lakefront property, you’ll be served, not sold, as your interests become my interests. As your buyer’s agent, I have a fiduciary responsibility to you, not the seller.
If a buyer (you) asks the listing agent how much they think the property being considered is worth, the listing agent is trained to answer with something along the lines of: “you should make an offer based on what you feel the property is worth, based on your knowledge.”
A buyer’s agent should be YOUR advocate, including all of the information you need to make a smart offer. A listing agent can provide comparable sales information regarding the property they have listed – to the potential buyers – but, they cannot LEGALLY, provide an opinion regarding what the property might actually be worth.
An agent who represents the seller will profit directly if YOU overpay! This is a direct conflict of interest.
A real estate agent who is serving as a “buyer’s agent” to a buyer can offer an opinion regarding what a water front property might actually be worth. By working with an agent that is your “buyer’s agent” you are represented by your own agent.
<strong>Example:</strong> A local waterfront house was listed for $1,295,000, at the seller’s direction. My comparative market estimate was $850,000 for this home. The price came down to 845,000 and it sold at $832,000 – was it a good deal at this price?
As a waterfront buyer you want to know the “fair value” of the property, not how much the price has come down. I can help you understanding waterfront property values
<strong>Waterfront bank financing </strong>- Many times, the “Big City” banks don’t understand waterfront values so they are hesitant to write larger or second home waterfront loans.
Example: Recently a “Big Bank” would not fiancé a well-qualified buyer because the residence on the property was marginally habitable. The buyers were planning on tearing down the residence to build a new home. The price the buyers had negotiated was totally based on the poor condition of the residence and the value of the waterfront – sand lake bottom.
We gave this buyer the name of a local banker and within just a couple of weeks, they closed on their future “new” waterfront home.
So, we always recommend using a “local” independent bank.
<strong>To help you become a well-educated and waterfront home value expert, you can get several more valuable and headache saving tips for waterfront buyers by downloading this Waterfront Buyers’ Guide and as a bonus you will receive a complete list of all area waterfront homes for sale (including the Waupaca Chain O’ Lakes) and a complete analysis of all recreational lakes property sales over the past several years. This information is not available anywhere else!</strong>
<strong><a href=”https://waupaca.leadpages.co/12-6-15-wf-buyers-from-fb-4-tips/”>Download Now</a></strong>