Starting August 17, 2024, the proposed NAR Settlement agreement states the Seller listing agents will no longer include the Buyer's (Consumers) Agents Commission fees in the multiple listing service (MLS).
Buyers and their Real Estate Agents will no longer know if or how much a Seller is willing to contribute towards the buyer's agent representation. An Exclusive Buyer Brokerage Agreement will be signed by the Buyer to start the ball rolling, as well as a pre-approval letter or proof of funds. These items are needed from the Buyer before the showing of properties.
Buyers and Sellers can still negotiate compensation offers off-MLS using the new forms along with this new Exclusive Buyer Brokerage Agreement. Buyers are now termed Consumers. Sellers are still allowed to contribute to a Real Estate Agents compensation. The matter for commissions becomes private in place of public.
The Consumer (formally named The Buyer) will be paying for the compensation for real estate services to their Real Estate Agent. The compensation from an owner (Seller) will reduce any amount owed by the consumer for Broker Services.
The Home Buying Process is one of the most Expensive acquisitions a Buyer will make in their lifetime and having representation from a real estate agent to handle this process is extremelly important. I can tell you Buyers Agents work very hard to make a smooth transaction possible for their buyer.
The home buying process is a step-by step process. Today the process for a home buyer usually starts with an internet search. That search for the right house may last weeks to over a year. Looking up permits, sending comparables, arranging the financing, showing the properties and writing the contract are the beginning of the process. Deciding what inspections are needed such as plumbing pipe inspections, septic tank inspections, roof inspections, termite inspections, structural inspections, appraisals, title companies to use are more factors to verify.
There are many pieces to the puzzle of home buying. Working with an experienced agent, Susan Penn at London Foster to handle this experience for you is a true honor.
