Missouri Online Real Estate

Buying Facts & Myths

There's a lot of misconceptions among buyers regarding the real estate purchase process.  Hopefully this information can clear a few of these up.

• Are all agents are Realtors?
  No. Actually only real estate licensees who are members of the National Association Of Realtors are considered Realtors. Realtors follow a code of ethics that protects their customers, clients, and the public.  get more information
   
• Are all the available properties for sale advertised in the Multiple Listing Service (MLS)
  No. Some properties such as "For Sale By Owner" (FSBO) properties, estates, and foreclosures are not listed in the Multiple Listing Service 
   
• Does the agent showing  the buyer property represent the buyer or seller?
  The answer is "It depends".  For you to be trully (and legally) represented, you need to have established a buyers agency agreement.  Buyers agency must be in writing in the state of Missouri. If you have not the the default is what is called transaction brokerage which means they can assist you not advise or represent you. The other option is the agent can show you property but actuially work for the seller.  In this case you must be careful what information you relay to the agent because their obligation is to convey this to the seller.  Click Here
   
• Can I get a better deal buying directly from the seller or builder?
  Maybe. Maybe not. Often a buyer ends up paying more for the property  becasue of a lack of knowledge of market conditions, area prices, or ineffective negotiations.  There are many factors that go into whether a buyer gets a good deal or not. Price is just one of them.   Terms of the contract, repairs that need to be made, and other factors affect this.  A good buyers agent is able to represent your best interests.
   
• Are foreclosures always good deals?
  Absolutely not. Foreclosures are just like every other real estate trasaction. They must be bought at a price that considers the overall market, the condition of the property. Often foreclosures were overpriced to begin with and the seller was unable to sell the property at a price to cover the mortgage.  Unfortunately some buyers have purchased foreclosures without doing their homework and have found they paid too much.
   
• Will homebuilders work with agents?
  Yes.  Most homebuilders in the St. Louis area work with real estate agents. The reason is simple. Builders want to work with qualified home buyers.  It is in the best interest of you to have a buyers agent who is familiar with new construction represent you.
   
• Can agents from one company show another companies listings?
  Yes. As a REaltor and member of the MLS the agent has access to all the property  listed in the MLS. 
   
• Can agents show "for sale by owner" and other unlisted property?
  Absolutely. Your buyer's agent can show you FSBO property and other unlisted property. Most for sale by owners appreciate working with buyer's agent who have qualified buyers for their property. The buyer's agent must only receive written authorization from the owners of the property before showing the home.