Real Estate Buying Mythbusters
Buying Mythbusters
There's a lot of misconceptions among buyers regarding the real estate purchase process. Hopefully this information can clear a few of these up.
| • | Myth: All agents are Realtors |
| Mythbuster: 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 | |
| • | Myth: All property for sale is listed in the MLS |
| Mythbuster: False: Some properties such as "For Sale By Owner" (FSBO) properties, estates, and foreclosures are not listed in the Multiple Listing Service | |
| • | Myth: The agent showing you property represents you |
| Mythbuster: True & False: If you have signed a buyer's agency agreement with your agent then this person is trully representing you. If you have not then in Missouri the default is what is called transaction brokerage which means they can assist you not advise or represent you. The other option is they 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 | |
| • | Myth: You always get a better deal buying a FSBO |
| Mythbuster: False: 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. | |
| • | Myth: Foreclosures are always good deals |
| Mythbuster: False: 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. | |
| • | Myth: Homebuilders don't work with agents |
| Mythbuster: False: Homebuilders in the St. Louis are work with real estate agents. The reason is simple. Builders want to work with qualified home buyers. | |
| • | Myth: Agents can only show their own listings |
| Mythbuster: False: Real estate agents can show any property with the proper authorization. This includes "For Sale By Owner" property. Realtors have access to show all the properties in the area listed with other Realtors. | |
| • | Myth: Agents can't show for sale by owner property |
| Mythbuster: False: Your buyer's agent can show you FSBO 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 before showing the home. | |
| • | Myth: All property for sale is listed in the MLS |
| Mythbuster: False: Some properties such as "For Sale By Owner" (FSBO) properties, estates, and foreclosures are not listed in the Multiple Listing Service | |
| • | Myth: The agent showing you property represents you |
| Mythbuster: True & False: If you have signed a buyer's agency agreement with your agent then this person is trully representing you. If you have not then in Missouri the default is what is called transaction brokerage which means they can assist you not advise or represent you. The other option is they 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.
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| • | Myth: You always get a better deal buying a FSBO |
| Mythbuster: False: 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 | |
| • | Myth: Foreclosures are always good deals |
| Mythbuster: False: 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.
•Click Here |
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| • | Myth: Homebuilders don't work with agents |
| Mythbuster: False: Homebuilders in the St. Louis are work with real estate agents. The reason is simple. Builders want to work with qualified home buyers. | |
| • | Myth: Agents can only show their own listings |
| Mythbuster: False: Real estate agents can show any property with the proper authorization. This includes "For Sale By Owner" property. Realtors have access to show all the properties in the area listed with other Realtors. | |
| • | Myth: Agents can't show for sale by owner property |
| Mythbuster: False: Your buyer's agent can show you FSBO 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 before showing the home. | |
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