08/16/2024
🏡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 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, 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.
FACT: selling Agents Listing Agreement may be same or less than this amount or seller may choose to not offer a buyers agent commission/ buyer concession. TAKE NOTE: This is all disclosed and negotiated on a property by property basis.
✅ 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 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.
FACT: Selling Agents Listing Agreement may be have commission or seller may choose to not offer a buyers agent commission/ buyer concession. TAKE NOTE: This is all disclosed and negotiated on a property by property basis.
✅ 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. 🇱🇷
✅ 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.
Sellers and sellers agents likely will continue to offer your buyers agent commission from their agreed upon amount on their listing agreement when all is said and done. It will simply now be written in in your offers to purchase do all oarties are clear who is paying what & what percentsge.
It is even more important for buyers to choose experienced lic professional agents to represent them to navigate negotiating on your behalf. Sellers agents do not owe you a faduciary responsibility.
The real estate industry is a vital part of our economy. Licensed real estate professionals seek to make sure you're buying and selling process is as understandable as possible. It is our pleasure to lead you through this process and answer any of your questions. Do not assume you know the answers on your own. Buying and selling a home is a legal contractual obligation that requires representation from an experienced, licensed professional agent. We can foresee pitfalls that you would not otherwise predict. Real estate brokers and agents are here to keep the industry moving as smoothly as it always has. Remember the majority of us truly love what we do and the relationships we build from it make our lives more fulfilled.
I for one have so many dear friendships that started out of real estate and value for value respect! I'm humble to be called upon to represent my buyers and sellers in one of the most important decisions of their lives . ♥️♥️♥️
*Shared from another realtor.. but this explains everything perfectly!
