08/18/2024
Big News: Home Buying is Forever Changed 🏡
As of 8/17/2024, you’ll need to sign a buyer's agency agreement ✍️ before a REALTOR can show you any property. Whether it’s exclusive or non-exclusive, it MUST be signed—no exceptions! Without it, your agent can’t even unlock the door 🚪😳.
Breaking this rule could lead to HUGE fines 💸💸💸, so it’s important to be in the know.
A buyer's agency agreement legally ties you to your agent for a set timeframe ⏳, explaining their responsibilities and how they’ll get paid 💼.
Gone are the days of "free services" from a buyer’s agent. Just like sellers, buyers now need to officially hire their agent 📝.
With this change, hiring an experienced REALTOR with a solid track record matters more than ever! 💪
Sellers have always interviewed agents—now it’s time for buyers to do the same 🤝.
Yes, sellers can still choose to pay a buyer’s agent’s commission, but it won’t be listed in the MLS 📜. Buyer’s agents now have to directly ask listing agents if and how much the seller will compensate 💵. They’ll pass this info to you so you can decide how to move forward 🚀.
In Virginia, we’ve always had our buyers sign agency agreements, making it clear that if the seller isn’t paying, our compensation might come from them. Clients hire us for our knowledge and experience 🎓.
Just like you’d expect to pay a plumber or electrician for their time 🔧⚡, understand that a REALTOR’S time is valuable, too ⏰.
Stay informed so you’re not surprised 😮 when your agent explains these changes. A buyer’s agent provides valuable services and protects you from legal issues that could cost you big bucks 💰💰.
Got questions? Let’s chat! 💬 Reach out anytime! ☎️ 434-981-2650 Call, text or email. Patty from Long and Foster Realty
