08/16/2024
🚨EXTREMELY IMPORTANT INFO IF YOU ARE PLANNING ON BUYING A HOME❗️🏡
🏡 HOME BUYERS, it is crucial for you to start asking questions and fully understand what these changes mean for you as a consumer. Contact me any time at 330-760-6142 to discuss.
On August 17, 2024, all buyers currently looking to purchase a home, MUST sign (by law) a Buyer Representation Agreement- prior to walking into a property.
🙄✔️JUST SHOW ME THE HOUSE!Starting August 17, 2024, NO REALTOR will be able to unlock a door without you first signing Buyer Representation Agreement. By law, this will be non-negotiable for any person with a REALTOR designation.
❓Wait…WHAT DO I HAVE TO SIGN? The agreement between buyers and a 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. 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.
❓I HAVE TO PAY COMMISSION?
Well yes…but actually maybe no…
Effective 8-17-2024, the NAR (National Association of Realtors) new ruling going into effect: the advertising cooperating broker of the buyer’s broker commissions will now be BANNED on the MLS (Multiple Listing Service). So, now when your agent shows you a home, they may likely not have any idea if they are going to get paid for their expertise/services from the transaction. Commissions are always negotiable of course, and there are a number of ways your agent can get paid for their services: by the seller either in the form of direct compensation to buyer brokerage or as a form of concession/credit to the 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 fully executed Buyer Representation Agreement.
👩🏫HIRE A PROFESSIONAL AGENT
Selecting an agent when buying a home is an important decision.
August 17, 2024 is approaching and a lot of changes will happen behind-the-scenes. This new NAR 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 so you are property represented.
Message me with your questions or call 330-760-6142 to be fully represented during one of the largest business transactions you will make! IT MATTERS!
*inspired by another REALTOR