Missouri real estate practices are much like those of other states. Land and property ownership and sale functions just about the same in this state as it does elsewhere. However, it isn't a good idea to assume that buying or selling a home is exactly the same in Missouri as it would be in another state—after all, each state does have its own rules and regulations. Here are some of the regulations in the state of Missouri.
Missouri law is clear when it comes to real estate brokers who enter into exclusive agreements with clients. The brokers must still accept and present all offers and counteroffers to their clients in every real estate transaction. All client questions need to be answered in full so that the clients have a clear picture of the transaction and can make the most-informed decision possible.
According to the Missouri Real Estate Commission, Missouri law does not allow consumer rebates as part of a real estate transaction. Only brokers and real estate agents can receive commission, and since rebates are looked at as commission from a real estate transaction, consumers cannot receive any part of them because they are not licensed.
It isn't pleasant to think about the possibility of foreclosure on a home; however, it is wise to know about what might happen if falling behind on payments becomes a reality. Minnesota lenders do try to work with homeowners if communication has been maintained; after all, lenders do not want to go through the hassle and expense of a foreclosure of a property. Plus, it can take several months for a lender to begin the process of a property foreclosure; therefore, homeowners often have plenty of time to get the money to the lender before the process completes.
However, lenders will not be patient forever. When they do start the foreclosure process, they will place an advertisement in the newspaper announcing the time and date for the sale of the property. In Minnesota, the banks have to follow a precise set of laws for the foreclosure sales.
In order to keep a foreclosure from damaging his credit rating, a person does have another option. He can offer the lender the deed to the property as a way to satisfy the debt. Of course, the property will be lost, but at least this way the debt will not be on the person's credit rating.