08/16/2024
Some changes happening in real estate as I’m sure most of you have heard. Here is a little breakdown 👇🏼
🏡ATTENTION HOME BUYERS🏡
On August 17th, all buyers currently looking to purchase a home, MUST sign a "Buyer Representation Agreement"- prior to walking into a property.
✅ JUST SHOW ME THE HOUSE!!
Starting August 17th, NO REALTOR in the U.S. will be able to unlock a door without you first signing the agreement. This will be non-negotiable for any person with a Realtor designation.
✅ Wait…WHAT DO I HAVE TO SIGN??
The agreement between buyer and Realtor is a Buyers Representation Agreement. Essentially this is a 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. This form also spells out what broker commission is to be paid by you and/or the seller. Whatever commission is on this agreement is the MAXIMUM commission that your broker/agent can receive out of the transaction.
✅ I HAVE TO PAY COMMISSION?
Well yes…but actually maybe no.
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 how much 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. (1) By the seller in the form of concession/credit to the buyer. (2) In some cases, the buyer will be paying some or all the commission for their agent out of their own pocket and this will be spelled out in the buyer's representation agreement.
✅ HIRE A PROFESSIONAL AGENT
Selecting an agent when buying a home is an important decision. August 17th is almost here and 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. 🇱🇷
✅ ALIGNMENT & COMMUNICATION
Now, more so than ever, aligning yourself with a full-time, professional, and experienced Realtor will be vitally important for the success of your home purchase.
Like everyone I’m learning too! So bear with me 😃
Call/text me for more info!
Miramar International
Office Dre # 01929732
661-706-3699
Dre # 02084262