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Veterans Affairs Signals Temporary Suspension of Buyer Agent Payment Ban
May 22, 2024Veterans Affairs, Residential Real EstateBy: REALTOR® Magazine Staff
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Official says the department will temporarily allow VA buyers to directly compensate their agent.
Military family in front of house holding American flags
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The Department of Veterans Affairs plans to temporarily lift its ban on buyers directly paying for professional real estate representation until the agency deems it necessary to engage in a formal rulemaking process, a VA official said Tuesday at a Mortgage Bankers Association conference in New York.

Although not an official announcement, the comments from VA Deputy Director of Policy Michelle Corridon were met with relief from the real estate industry, as the VA’s home loan guaranty is the only loan program with this explicit prohibition. Veteran buyers have limited options in situations where the listing broker makes no offer of compensation to the buyer broker, potentially leaving veterans without professional representation or forcing them to switch to less favorable loan products.

“NAR launched an all-hands advocacy effort on this issue, meeting with VA officials, engaging with lawmakers and rallying our industry partners to ensure this prohibition was lifted,” says Shannon McGahn, chief advocacy officer at the National Association of REALTORS®. “This is also a testament to the thousands of REALTORS® who came to Washington just a few weeks ago with a unified message. Without this change, thousands of veteran buyers could be denied access to professional representation in their pursuit of the American Dream of homeownership. Taking this extra step ensures veterans have the same opportunity as others to compete in a tight housing market. We applaud the VA for recognizing this danger and acting swiftly to protect veterans.”

The VA’s current policy states that veteran buyers who are using their VA loan benefit “may not, under any circumstances, be charged a brokerage fee or commission in connection with the services” of a real estate professional. That policy may create complications for these buyers in light of the practice changes required under NAR’s proposed settlement agreement. The practice changes prohibit listing brokers from making offers of compensation on the MLS. They also require MLS participants working with a buyer to enter into a written buyer agreement with their clients that outlines the amount of compensation the buyer representative will receive and how this amount will be determined.

NAR submitted a letter to the VA in late March, urging a policy change to ensure veterans maintain their access to the VA home loan program, which has been a significant tool in helping service members achieve homeownership.

“In situations where no offer of compensation is offered from a seller, VA buyers are immediately at a disadvantage, potentially forcing them to forego professional representation, lose a property in an already limited inventory, choose a different loan product or exit the market entirely,” the letter read. “The VA home loan guaranty program is a vital homeownership tool that provides veterans with a centralized, affordable, and accessible method of purchasing homes as a benefit they earned for their service to our nation. NAR wants to ensure that VA buyers remain active participants in the real estate market to achieve the American Dream of homeownership.”

REALTOR® Magazine Staff
Articles written by REALTOR® Magazine staff.
Content by REALTOR® Magazine Staff

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Solo para los adultos mayores!

A quién corresponda!!

Me llegó esto y me gustó, se los comparto:

*CÓMO SER UN ADULTO-MAYOR FELIZ*

1- No te metas en la vida de tus hijos.

2- No interfieras en la educación de tus nietos.

3- Ama o al menos tolera a tu yerno/nuera, pues fue tu hijo(a) quien lo/la escogió.

4- Nunca tomes partido ni des tu opinión sobre el matrimonio de ellos.

5- No seas un adulto mayor quejumbroso.

6- No seas un anciano con pena de ti mismo.

7- No sigas diciendo: "EN MI TIEMPO...", ...ya se acabó.

8- Ten planes para el futuro.

9- No sigas hablando de enfermedades... Ten la seguridad de que nadie quiere saber.

10- No importa cuánto ganes si puedes, ahorra una parte cada mes.

11- Ten un plan de salud o ahorra dinero para gastos médicos.

12- No dejes "problemas" para tus hijos.

13- No te quedes pendiente del noticiario o de la política, al fin y al cabo no iras solucionar nada de todos modos.

14- Ve la televisión solo para divertirte, no para ponerte nervioso.

15- Si te gusta, ten una mascota que te ocupe y te acompañe.

16- Cuando te levantes, inventa moda: camina, haz ejercicios , cocina, cose, teje, haz un jardín, pero no te quedes quieto esperando la muerte.

17- Sé un adulto mayor limpio y oloroso: Adulto-Mayor Sí. Apestoso jamas.

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19- Alégrate por envejecer, muchos ya se quedaron por el camino.

20- Ten una casa y una forma de vida donde todos quieran ir y no que quieran evitar. Solo depende de ti.

21-Usa tu edad como un puente hacia el futuro (hacia arriba) y nunca como una escalera para el pasado (hacia abajo). En tu puente hacia el futuro siempre tendrás compañía.

22- Recuerda: es mejor que te extrañen a que se sientan aliviados cuando te vas (demoró, pero finalmente se fue...).

23- Diviértete. Sonríe y bromea, haz reír. Una sonrisa mejora el día de cualquier persona.

Finalmente,

*¡SE FELIZ!*

🤔 Pasa a otro Adulto-Mayor o a un Grupo de ellos.
🤔 Desconozco la autoría de este mensaje.
A mí, seguro me lo enviaron por error!...😂

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2005 NW 10th Ave, Miami, FL 33127 For Sale: Industrial located at 2005 NW 10th Ave, Miami, FL 33127 for $5,000,000. MLS # A11480157. Automotive Repairs and Body Shop has been in business for 34 years at this location with all the equ...Click to READ MORE

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