08/15/2024
BIG NEWS 🆕️
Did you know that in many states on August 17th across the country, a realtor can no longer show you a property without a signed buyer's agency agreement?
So, what does this even mean? ❓️❓️
Just as a seller hires an agent to represent them in the sale of their home, a buyer would be hiring an agent to represent them in the purchase.
This agreement can be exclusive or non exclusive but it must be signed.
This means they can’t even unlock the door without it. Doing so, and getting caught, results in thousands of dollars in fines. 💰
🤝 A buyer's agency agreement legally binds you to that particular agent for an agreed-upon timeframe, spells out their compensation, and details their duties to you.
The reality is that there is no such thing as a "free service" for using a buyer's agent.
It is difficult to get a contractor to come to your house for free.
Their time is valuable and so is that of agents... Heck, your time is valuable too
For more than a decade, we have had a team of buyer specialists who are specifically dedicated to serving buyers.
They are trained and experienced in helping buyers find, negotiate, and secure their dream home. We are well-prepared to partner with you!
Now, as with sellers, buyers must truly hire their agent. Hiring a team that has a proven track record and tons of experience and professionalism matters more than ever before.
Sellers often interview agents, and now so will buyers, who must take this seriously.
A buyer's agent can offer valuable services and protect you from legalities that can cost you thousands. They help you to reduce your risk!
A professional buyer specialist will help you navigate the contract, negotiations, potential inspections, and ultimately your successful closing.
When it comes to compensation, sellers can and probably will continue to offer compensation for a buyer’s agent.
This is and always has been negotiable. The big difference is that the disclosure of compensation is no longer listed in the MLS.
Moving forward, buyer's agents must call listing agents to confirm if and how much the seller will compensate.
They then communicate this to you, and you can decide how to proceed. At the end of the day, YOU are always in the position to decide whether or not you are comfortable moving forward. 👍
My goal in sharing this with you is to help you not be caught off guard. I want you to have a great experience when the time comes to look for a new home. Hopefully, now you are prepared to have these conversations when an agent explains them to you.
If you have any questions, reach out, and let’s have a conversation. We are well versed on the new changes and how they impact you and we WELCOME your questions
As always our commitment is to be Working for YOU!!