08/14/2024
Just an FYI — home buying has changed forever!!
Did you know that starting August 17th a realtor can no longer show you a property without either a signed buyer's agency agreement or a property showing agreement? It can be exclusive or non, 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 of their duties to you.
There is no such thing as a "free service" for using a buyer's agent. Now, as with sellers, buyers must truly hire their agent.
Hiring an experienced agent that has done hundreds of transactions, and has many years of experience matters more than ever before.
Sellers always interview agents, and now … so will buyers, who must take this process more seriously.
🙌🏻Yes, sellers can still pay a buyer's agent commission, but it’s no longer listed in the MLS.
Now, 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.
I have always asked my buyers to sign agency and hire us knowing that our compensation would be paid by them if the seller wasn’t offering compensation. They hire us for our knowledge and experience.
You can hardly get an electrician or a plumber to come to your house for for free. Their time is valuable and so is ours.
Educate yourselves so you aren’t irate when an agent explains this to you. A buyer's agent can offer valuable services and protect you from legalities that can cost you thousands.
If you have any questions, reach out and let’s have a conversation. Happy to help!
(Thank you Tina Caul for and Lindy DeBoer Gore verbiage! Well said! )
