08/17/2024
I’m sure you have heard some form of this message at some point in the news over the last couple of months. Well, TODAY is the day! With that being said, Virginia has required a buyer agreement to be in place for many years now so we are one of the fortunate states that have had buyer representation in place for quite some time already. With that being said, here is what you need to know.
1. A signed Buyer Representation Agreement with an Agent is required BEFORE you can tour a home, and this MUST be completed prior to entering the home. You will need to hire your Realtor and understand the services they will provide you, and the fee for their services that will be paid to them at closing. Your agreement can be for one day, it can be for one property, for multiple properties, etc and must be for a negotiated length of time.
2. Compensation is fully negotiable between all parties, and always has been. You should ask your Agent about their services and what you can expect to receive during your transaction. Now more than ever, there is more transparency, which is great for all parties.
3. You do not need a written agreement to ask questions when speaking to a Listing Agent or to attend an open house.
4. Compensation to a Buyer’s Agent is no longer listed in the MLS. Sellers will list their home with the compensation they choose (which is the way it has been in VA) and that will be written into their listing agreement. If they do not offer Buyer Agent compensation, or if the Seller is offering less than what you have agreed to pay your Agent at closing, you may negotiate the compensation fee, as well as any requested Seller subsidy (same as always) in the contract.
There are many other details and nuances to this, but here are some of the basics. I will continue to go more in depth for you so we can continue to discuss the changes, as they are important to understand. Our team has been training for a couple of months now so we can continue to offer top tier services to our clients. We understand these industry changes and will discuss them with you so you know all of your available options. The negotiation skills of your agent and their knowledge and expertise are more important than ever!
With that being said, interest rates are trending down, some great inventory is starting to the hit the market and the fall market is right around the corner. Our local market is busy and strong and I can’t wait to help you!
