Ute Bennett-Real Estate Consultant at Veterans Realty Services 931.492.9600

BIG NEWS 🆕️
Real estate is forever changed
Did you know that starting today in many states and August 17th across the country, a realtor can no longer show you a property without a signed buyer's agency agreement?
So, what does this even mean? ❓️❓️
Just as a seller hires an agent to represent them in the sale of their home, a buyer would be hiring an agent to represent them in the purchase.
This agreement can be exclusive or non exclusive but it must be signed.
This means they can’t even unlock the door without it. Doing so, and getting caught, results in thousands of dollars in fines. 💰
🤝 A buyer's agency agreement legally binds you to that particular agent for an agreed-upon timeframe, spells out their compensation, and details their duties to you.
The reality is that there is no such thing as a "free service" for using a buyer's agent.
It is difficult to get a contractor to come to your house for free.
Their time is valuable and so is that of agents... Heck, your time is valuable too
For more than a decade, we have had a team of buyer specialists who are specifically dedicated to serving buyers.
They are trained and experienced in helping buyers find, negotiate, and secure their dream home. We are well-prepared to partner with you!
Now, as with sellers, buyers must truly hire their agent. Hiring a team that has a proven track record and tons of experience and professionalism matters more than ever before.
Sellers often interview agents, and now so will buyers, who must take this seriously.
A buyer's agent can offer valuable services and protect you from legalities that can cost you thousands. They help you to reduce your risk!
A professional buyer specialist will help you navigate the contract, negotiations, potential inspections, and ultimately your successful closing.
When it comes to compensation, sellers can and probably will continue to offer compensation for a buyer’s agent.
This is and always has been negotiable. The big difference is that the disclosure of compensation is no longer listed in the MLS.
Moving forward, buyer's agents must call listing agents to confirm if and how much the seller will compensate.
They then communicate this to you, and you can decide how to proceed. At the end of the day, YOU are always in the position to decide whether or not you are comfortable moving forward. 👍
My goal in sharing this with you is to help you not be caught off guard. I want you to have a great experience when the time comes to look for a new home. Hopefully, now you are prepared to have these conversations when an agent explains them to you.
If you have any questions, reach out, and let’s have a conversation. We are well versed on the new changes and how they impact you and we WELCOME your questions
As always our commitment is to be Obsessively Working for YOU!! Thank You Ron Wysocarski for allowing me to share this.

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HOMEBUYERS:
Buying a home is one of the largest financial transactions most people will ever undertake. Agents who are REALTORS® are a trusted source of advice and stand ready to help you navigate your homebuying journey and make the choices that work best for you. NAR’s recent settlement has led to several changes that benefit homebuyers, and we wanted to clearly lay them out for you.
Here is what the settlement means for homebuyers:
• You will sign a written agreement with your agent before touring a home. ALWAYS and ALL REALTORS must do this.
• Before signing this agreement, you should ensure it reflects the terms you have negotiated with your agent and that you understand exactly what services and value will be provided, and for how much.
• The buyer agreement must include four components concerning
compensation:
a. A specific and conspicuous disclosure of the amount or rate of
compensation the real estate agent will receive or how this amount
will be determined.
b. Compensation that is objective (e.g., $0, X flat fee, X percent, X hourly rate)—and not open-ended (e.g., cannot be “buyer broker
compensation shall be whatever the amount the seller is offering to
the buyer”).
c. A term that prohibits the agent from receiving compensation for
brokerage services from any source that exceeds the amount or rate agreed to in the agreement with the buyer; and,
d. A conspicuous statement that broker fees and commissions are fully negotiable and not set by law.
• Written agreements apply to both in-person and live virtual home tours.
• You do not need a written agreement if you are just speaking to the listing agent agent at an open house or asking them about their services.
• The seller may agree to offer compensation to your agent. This practice is permitted but the offer cannot be shared on a Multiple Listing Service (MLS)— MLSs are local marketplaces used by both buyer brokers and listing brokers to share information about properties for sale.
• You can still accept concessions from the seller, such as offers to pay your closing costs.
These practice changes will go into effect August 17.
Here is what the settlement doesn’t change:
• Agents who are REALTORS® are here to help you navigate the homebuying process and are ethically obligated to work in your best interest.
• Compensation for your agent remains fully negotiable, and if your agent is a REALTOR®, they must abide by the REALTOR® Code of Ethics and have clear and transparent discussions with you about compensation. When finding an agent to work with, ask questions about compensation and understand what services you are receiving.
• You have choices. Work with your agent to understand the full range of these choices when buying a home, which will help you make the best possible decision for your needs.
More details about these changes and what they mean can be found at: facts.realtor

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