@wlc3 , as per your question:
- “Newbie Question: Don’t Use A Buyer’s Broker When We’re Buying?”
I am a Licensed South Carolina Real Estate Broker-In-Charge.
My Husband and I own 2 Mobile Home Parks.
I agree with @Propboy40
- “Really can’t disagree more-particularly if you are a newbie.”
- “Professional MHP agents know the parks in their regions and the histories behind them.”
If you are New to the Mobile Home Park industry, you really need your own:
- Real Estate Buyer’s Broker
The Buyer’s Broker is there to protect you and your interests.
The statement that you should not use a Buyer’s Broker is because you might not get “Pocket Listings”.
“Pocket Listings” are Listings that one Real Estate Agent “knows” about, but these Listings are not publicly advertised (not on MLS). That Real Estate Agent will receive both sides of the Real Estate Commission (both the Seller’s Commission and the Buyer’s Commission).
In South Carolina when a Real Estate Agent represents both the Seller and the Buyer the duties provided by the Real Estate Agent are reduced.
Recently, I spoke to an Individual who said that they had a Mobile Home Park “Under Contract/Ratified Contract” (a Contract where both Parties agreed to all the terms of the Agreement). Since this Mobile Home Park was near one of our Parks, we took a drive through it. We also took some photos and sent them to this individual.
After this I then spoke to the individual on the phone who stated that they technically do not have a “Ratified Contract” and that they were still waiting on the Seller to sign the Counter-Offer. I asked how long his Counter-Offer was valid and he said that he would need to check on that.
There are just so many details to a Real Estate Agreement. One of the details is setting Dead-Lines (such as this Counter-Offer is valid for 3 Consecutive Days and will expire on “Blank Date @ 5 PM Eastern”).
If you are Newbie, please find an awesome Mobile Home Park Real Estate Buyer’s Agent to represent you and your interests. Yes, you might not get some “Pocket Listings”, but at least you will be protected in the Transactions that you will be in.
We wish you the very best!