Buying a house? A real estate agent can make all the difference

Source: USA Today

The court case in Missouri that said that the way real estate agents have long been compensated amounts to a conspiracy to violate antitrust laws rests on shaky legal grounds and has led to misrepresentations about the real estate industry and its future. The plaintiffs’ lawyers would like to dismantle the compensation structure on multiple listing services (MLSs) in which sellers’ brokers offer buyers’ brokers compensation for finding a buyer. This arrangement promotes consumer choice, encourages market competition and boosts access to home ownership.

Buyers benefit from representation, whether they are experienced purchasers or first-time owners. For lower- and middle-income buyers in particular, saving for a down payment can be difficult and adding broker compensation on top of closing costs would push the dream of home ownership further out of reach. This is especially true for military veterans because VA loans prohibit them from paying buyer broker fees. REALTORS® help buyers and sellers navigate a maze of forms and complex paperwork; negotiate with lenders, inspectors, other agents, escrow companies, title companies, appraisers and other professionals; and ensure that their clients’ interests are represented in pricing, negotiation and closing. Their expertise helps buyers and sellers navigate the most important purchase of their lives.