08/18/2024
π¨π‘ATTENTION HOME BUYERSπ‘π¨
On August 17th, all buyers currently looking to purchase a home, MUST sign a "Buyer Representation Agreement"- prior to walking into a property.
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JUST SHOW ME THE HOUSE!!
Starting August 17th, NO REALTOR will be able to unlock a door without you first signing the agreement π€― This will be non-negotiable for any person with a Realtor designation.
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Waitβ¦WHAT DO I HAVE TO SIGN??
The agreement between buyer and Realtor is a Buyers Representation Agreement, the contract between you and that realtor stating you will be using them to buy a home and breaking down the roles, duties and responsibilities owed to you by your agent etc. This form also spells out what broker commission are to be paid by you and/or the seller. Whatever commission is on this agreement is the MAXIMUM commission your broker/agent can receive out of the transaction.
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I HAVE TO PAY COMMISSION?
Well yesβ¦but actually maybe noβ¦ π€
With the new NAR ruling going into effect, advertising cooperating broker and buyer broker commissions will now be BANNED on the MLS.
So, now when your agent shows you a home, they may likely not have any idea if they are going to get paid from the transaction. Commissions are always negotiable of course, and there are a number of ways your agent can get paid. By the seller either in the form of direct compensation to Buyer brokerage or as a form of concession/credit to buyer. In some cases, the buyer will be paying the commission for their agent out of pocket and this will be spelled out in the buyer's representation agreement.
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HIRE A PROFESSIONAL AGENT
Selecting an agent when buying a home is an important decision.
August 17th is approaching a lot of changes will happen behind-the-scenes. This new rule with a buyer representation agreement is just one facet of the NAR ruling which will change the landscape of how real estate is sold in the United States. π±π·
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ALIGNMENT & COMMUNICATION
Now, more so than ever, aligning yourself with a full-time professional realtor will be vitally important for the success of your home purchase.
*Shared from another realtor.. but this explains everything perfectly
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