We are entering a new era. Real estate is an industry of market ups and downs, but this change is about policy and rules which were mandated due to a large class action lawsuit. The opinions regarding these changes are as varied as the humans providing their thoughts.
Let me break it down—buyers who are looking for a home and want to use a Realtor must sign a Buyer Brokerage Representation Agreement before viewing any properties. One of the key elements of the agreement is that the buyer will now be responsible for paying the fee for their agent’s services (showing homes, writing and negotiating offers, and a plethora of other crucial things). This fee could be a percentage of the purchase price or a flat rate. During the offer process, the buyer can ask the seller to pay the buyer's broker fee. The seller can then decide whether to pay the fee or counter. Basically, it is another item among many to be negotiated in an offer. Before this change, Buyer’s Agents were typically paid by the listing brokerage—Listing Agents shared a portion of their fee which was funded by the seller.
Clear as mud, right? Never fear, Heidel Realty is here! (Any Underdog fans in the room?) It’s not really as complicated as it may seem. If you have been thinking about buying a home and are concerned about the new rules, don’t worry! We are more than happy to go over the new policies with you and find an option that works with your situation. Call, text, email, or come on down!
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