Skip to main content

What laws protect a home buyer? (Wisconsin)

I'm a first time home buyer still learning about the process. I am pre-approved and have seen a few open houses. I chatted up a few of the selling agents at the open houses and one or more seem like they would make a good buying agent. I had one of them set me up to get e-mails on homes entering the market.

In deciding which agent to utilize as a buying agent, I did some research on home buying and selling protections. It seems the seller is well protected. However, I am unclear on the buyer protections. I understand a buyer and buying agent can enter a contract which usually requires the buyer to work solely with a single agent and requires the agent to act as a fiduciary to the buyer. However, this was noted as uncommon, and I wouldn't like being 'stuck' with one particular agent. I am leaning towards not entering any contract with a buying agent.

My uncertainty is that I couldn't find any law stating that a buying agent must act in my interests without one of these contracts. Actually the only thing I saw regarding this was that the buyer agent is technically an agent of the seller by default unless there is a contract between buyer and buyer agent. I was only able to find 'ethics' standards, which appear to not bound by law. Let's say my buyer agent shows me a house that I really like and I put in an offer. Whats to stop the buyer agent from omitting something important about the house, just to get the house sold and collect his share of the commission? Do I have to depend on trust? Or can I depend on law? I guess I can start sifting through government websites, but was hoping for a response on here to give me warm fuzzies.

Thanks

submitted by /u/smuglyunsure
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/db3etk/what_laws_protect_a_home_buyer_wisconsin/
Labels:

Comments

Post a Comment

Popular posts from this blog

Aren't comps/CMAs useless with buyer credits at close happening now?

I'm looking into buying a new construction townhouse in my HCOL US city. I'm seeing builders offering interest rate buydowns worth $20k-$60k on $800k homes (rather than just lowering prices) in order to keep their comps high for their other units, now that buyer demand has been declining. I asked my agent about these, and he said these buydowns aren't even the full story: buyers can write all kinds of other credits into an offer, like their closing costs, prepaid sewer fees, etc. Apparently cash buyers can just write in a "buyer credit at close" for any amount in their offer. So a new townhouse that appeared to sell for $800k in the MLS might have actually been a cash offer with a $100k+ buyer credit at close, meaning the buyer only spent $700k or less in total, but to the rest of the world they can only see the $800k! So that made me realize I can't trust comps/CMAs for other new construction townhouses. The sales prices could be way lower than they appear...
1 comment
Read more

Pool fill without engineer oversight

We are in the process of purchasing our first ever home in CA and we just discovered in the disclosures that the new build property we are purchasing previously had a swimming pool which was filled without an engineer onsite to approve the work (details from disclosure below). Is this something we should be concerned with or not? Is it something we should have additional inspections conducted on? We are originally from the UK and not really sure what to do with this information and if it is concerning or not. A POOL DID EXIST PREVIOUSLY. COPING, TILE, GUNNITE AND REBAR WERE ALL REMOVED AND DIRT AND CLEAN DRAIN ROCK WERE USED TO FILL IT IN. COMPACTED FILL WAS NOT USED AND NO ENGINEER APPROVED THE DIRT AND DRAIN ROCK FILL IN submitted by /u/tommot82 [link] [comments] source https://www.reddit.com/r/RealEstate/comments/dpyzw8/pool_fill_without_engineer_oversight/
Post a Comment
Read more

Making offers on houses not listed for sale.

I want to buy a home for retirement. I am looking at lots of options, mostly focusing on the locations that appeal to me. I see lots of Zillow estimates of homes that look like great deals to me. Are these estimates accurate, even though similar houses in the same area that are for sale are usually priced much higher? If so, is it realistic for me to try to make offers to owners that do not have their homes listed? Would a realtor even consider helping me do this? Or, do these values indicate that the houses listed for sale are overpriced, and I should just lowball until someone accepts? Are houses today tending to sell far below list prices, or ??? submitted by /u/chewybrian [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1o4mcon/making_offers_on_houses_not_listed_for_sale/
Post a Comment
Read more