What are the changes coming to the buyer-seller relationship this summer? What’s the date? Could someone help explain what changes as a buyer? It seems buyer has to now pay the agent the commission that would previously come from the seller. Is it safe to sign an exclusive buyer agreement for just one house? I’m working with an agent for a house and only want to sign the agreement for that house. I’m being paranoid but I hesitate to sign something, so I just want to know all that I can. #mortgage #housing #bayarea #bayareahousing
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So helpful
Yes you can have custom agreements where you only ask them to be your agent for that one house and the compensation agreement is only for that one house. You can negotiate a flat fee of $200 or $2k or something like shop prop does or go with a full 1% or even 2.5% if you want. Most buyers will not want the seller to pay their agent’s commision to make their offer more competitive. So it makes sense for to get the lowest price agent you can to save you some commision money. It goes into effect july15
super helpful, thanks!
most buyer agents suck. if you’ve never worked with one before you won’t know how to tell. insist on 10yoe. not sure how you mean “safe”. you won’t have a choice.
Interesting…there’s no choice then but to sign an agreement with the buyer agent.
it’s not crystal clear yet but yeah almost certainly no buyer agent will rep you without a contract that includes agreed payment and no shop provision
Read the contract, it lays out what's going to happen, what it'll cost, and how to cancel it. DO NOT SIGN SHIT UNTILL YOU UNDERSTAND IT, you signing means you agree to it. What's going to change (at a high level, let your agent explain it in detail): Commission to the buy side can't be posted on MLS. They can still be paid, they can be negotiated by the seller etc etc just like it is today. The change is specific to it being advertised in MLS. Written Agreement is going to be required before the agent can work with you....AGAIN DON'T SIGN ANYTHING YOU DON'T UNDERSTAND. Timing; TBD, the settlement isn't finalized yet.
Great, thanks for sharing. Could you share what is the reliable source to follow developments on this?
NAR themselves, might as well go direct
Just buy the house right now, maybe it’s unaffordable in summer.
It’s Bay Area housing, it could be unaffordable tomorrow 😪