08/15/2024
If you’re looking to buy a property in the near or far future you may have heard of some changes to the world of real estate and home searching.
What are you questions about this process??
There’s so much more to the changes that were sparked nationwide, but some points to keep in mind
✨ buyers will need an agreement with a Realtor BEFORE walking into a property and scheduling a showing with a Realtor
I know this may come as a shock to some and some may feel resistant to sign an agreement with someone, but in the end it’s really in everyone’s best interest. Having a realtor represent you protects you, and unless you’re looking at for sale by owner properties on your own this will be required before entering a property (p.s. I would not recommend a buyer go for a fsbo without representation, there’s so much liability involved in this process).
Also, having a realtor that you’re in agreement with means they’ll be putting their all into helping you find the right home, whereas when people are shopping around for realtors or not committing to one, they also will match your level of commitment.
By signing an agreement before looking at houses, you’ll also be talking with professionals who will help you get your ducks in a row, connect you with someone to get a pre approval or know what documents you need, and do a lot of the behind the scenes research.
If you don’t choose your own agent, and want to view a property, the listing agent may ask you to sign an agreement with them and should you put an an offer on that property that means they’d be representing both sides. So they also need to act in interest of the sellers (you see how this could be hard at times to act in the best interest of both parties, so make sure you trust that they can represent you well).
✨ Do buyers have to pay Realtor commissions now?
Things have changed in the contracts since the results of the hearings. The Buyer Broker Agreement states that the Buyer is responsible for the commissions; however, there are various situations in which others, including the Seller or the Listing Broker, may pay the commissions.
A lot of listing agents will likely still encourage their sellers to offer compensation to the buyers broker, as they know that a lot of buyers don’t have this out of pocket and would be cutting out a lot of potential business for themselves. Your buyers agent can help negotiate this!
✨ While an agreement with an agent may be exclusive, you can make it only exclusive to specific counties, and often will be set for 3 months. If it’s really not a good fit for you with your agent, you could cancel the agreement (so there’s nothing to really fear in the process, it truly is just calling for people to be committed when they say yes I’m ready to look for a home which on all ends is a good thing).
