What the NAR settlement means for buyers, sellers, realtors, and builders
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- เผยแพร่เมื่อ 18 มี.ค. 2024
- The National Association of Realtors (NAR) agreed to pay $418 million in damages after settling a lawsuit in which a federal jury ruled that the organization had conspired to artificially inflate commissions. With sweeping changes to home sellers' operations, the market may record a paradigm shift.
Mphasis Digital Risk Founder Jeff Taylor and Pulte Capital CEO Bill Pulte join Yahoo Finance to discuss the broader implications of the NAR settlement.
Pulte claims that the new rules the settlement would enact may encourage "creative thinking" in the market: "You could see potentially people reduce their commissions. You could also see I think some creative thinking like the builders have done...The builders have gone in and bought down mortgage rates as a means of making their homes, meaning new homes, more attractive for home buyers."
To Taylor, the settlement is a "game changer" for commissions: "There's always been this perception it's 3% and 3%, 6% or 5%, depending upon where you are. But now as you present that contract, look, theoretically the selling agent could say, we're going to charge 3% but we're not going to provide anything for the buyer on that 3%. How is that going to affect that behavior? That could change a lot going forward."
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In the SF Bay area Realtors have been charging between 4% and 5%, Redfin has been marketing their commissions for 1%, the assertion that the commission has been fixed to 6% is completely false.
Same in So Cal.
And the Redfin 1% Redfin fee is misleading as they tack on a buyers agent fee of 2.5% for 3%.
@@aislinnkeilah7361 Right, bait and switch. Still though it isn't 6%
👏👏👏👏
Totally agree! And they dont mention that 88% of home buyers believe their agent completely earned their commission.
Its not about 6% or 5% or whatever percent, its about the seller paying for the buyers representation.
It's just moving numbers from one side of the ALTA to the other. THE BUYER BRINGS ALL THE MONEY TO THE TRANSACTION!!! If you have a buyer with low DTI or a VA buyer, they are the one's getting screwed.
they are paying the seller who is paying the buyer's broker to bring in a buyer.
@@ShariBales yeah if they hire a buyer agent truthfully they don’t need one. The contracts are fill in the blank the lawyer and inspector and appraisal protects the buyer. I could write a one page letter explaining the buying process. Been paying way too much for agents to unlock a door and judge and jury agree. You know of Showami? It’s an app I can use to hire a broker to unlock a door and show a house for a small fee of $100-$200. I work with buyers and sellers and I was listing properties and giving 2% to buyer agent and only taking 1% for listing side where it’s the listing side that does all the work as an agent because I knew buyer agents were colluding and would refuse to show property for 1.5% which is exactly why NAR lost the law suit. That was a jury of our peers you don’t think at least one of them sold a house? You don’t think that they didn’t hear the tired old line, “no one will show your house for less than 2.5%” industry has become saturated with agents trying to get rich quick and have no business being a broker.
they are paying to bring a buyer
@@ShariBales I don’t agree it’s the buyer who pays the commissions… Yes, they bring the money to the table..but it’s still coming out of the sellers profits!
Big step backwards - will create more confusion particularly for first time homebuyers. Look for more dual agency lawsuits.
Exactly!
Many realtors accross the country would imply to sellers that the commission structure was a rule. And just put the sales contract in front of the seller and say "sign here". I know, I've been buying and selling houses since 1990.
That's over now. The legal upshot of this will very explicit verbiage in the sales contract saying that the seller knows the commission is totally negotiable and agrees to it.
I’ve been listing property for 25 years in CA. Our listing agreements have ALWAYS had in bold print “commissions are negotiable by law” and there has always been a separate line for how much of the commission would be offered as buyer’s agent compensation. ALWAYS. I haven’t taken a 6% listing in probably a decade. Objections to commission is the #1 objection we get, that’s called negotiation.
I have to ask, when you sold a house did you talk about commission? When you bought a house did you benefit from not having to come out of pocket for the buy-side commission?
I was licensed in Colorado and now in California. Commissions are CLEARLY discussed on the paperwork and part of the initial discussion I have with a seller, including what percentage is going to the buyer agent for bringing the buyer to the door. Did you not read the contract or did you simply sign without reading. If you had actually read the agreement, the would have popped out to you and you could have had that conversation. So, are you saying the realtor NEVER pointed out the commission?
Realtors have NEVER been required. Commissions have ALWAYS been negotiable.
Hello Peter.....How cool for you that you have been buying and selling real estate since the 90's. I still have fights with my ex husbands over buying up real estate in past years. lol. Woulda Coulda Shoulda .......My guess is you are an investor or move a lot. None the less you sound like you are very educated in the biz. Can you share any details about your past sales? Did you use any Realtors ever? Did you list properties yourself? Did you have a bad experience with any of your sales if you did you a Realtor? This is great info to share if you are willing to take some time out. Thank you ! Thank you! Stay AMAZING!
I see a bunch of lawsuits from first time homebuyers who won’t be able to hire a buyers agent, because they can’t afford it.
Uh sure. You need to pursue another career.
Back in the 70s-80s there were many lawsuits over buyer non-agency and our industry addressed that in the early 90s by creating the system we now have. This is a giant step backwards.
I sat in on the CAR Townhall meeting on Monday. Someone asked if dual agency would be disallowed in CA as it is in many states. The response was a solid NO. Reason being is that dual agency is high risk and results in many lawsuits and trial lawyers do not want that to change. Follow the $$$…
Found the door opener
Yes a real estate agent should be like a court appointed attorney that must be paid by the seller! It’s like the ramblings of the horseshoe maker when the car was invented
@@danielmcpartlin6526 pay your lawyer, I heard they have good rates.
These Lawsuits have been about the commission structure. The goal is to increase competition amongst Agents and Brokers. Hopefully it will increase awareness and knowledge with Consumers. As a Buyer's Agent, I have always in my 20 year career in RE been willing to reduce my commission by 1% and more if I am convinced that the prospect is financially well qualified, very focused on where they want to be geographically (ie... a specific community or school zone), are very motivated (not likely to change their mind) and know the specific market as well or better than me. If they do not meet the criteria I do not want to work for them even if I could potentially make 4%! Too many Consumers think that Buyer Agents work for free and show no loyalty. This will now end. YES! Agents will now be able (if their Brokers allow it) to show houses all day for a flat fee and get paid for their time whether there is a transaction or not. I hope ALL Agents start doing this. I also hope Consumers start doing their homework.
The problem with this lawsuit is that PRIOR to this, buyers lawsuits involved the "agent" not representing their best interests. They claim they didn't realize that the "agent" in the transaction represented the sellers only. Thus, they felt they needed to have expressed representation from which arose agents who specifically designate themselves as BUYERS AGENTS. The industry was slow to respond to how the BUYERS AGENT would get paid in order for the conflict of interest to not be an issue if the fee is STILL tied to the sale price of the house. This WON'T change until the mortgage industry allows the BUYERS AGENT fee can be part of what the buyer is mortgaging for the purchase of the house. Until then, seller agents will walk a fine line if they choose to be a dual agent.
Those who do not know the history are doomed to repeat it. Buyers, I’m sorry.
And I am glad near the end they point out, the Fed raising interest rates, which of course makes it harder on sellers and buyers both.
If you have a seller listing a home for $100,000 in the old way of a 6% commission, their total commission would be $6,000. Half of that would go to the buyers agent for bringing a buyer. Then if the seller is upgrading their home and purchases a $300,000 home, the seller of the $300,000 home would have paid the buyers agent.
Now when a seller lists his $100,000 home, he pays $3,000 for the home sale to the listing agent. He then becomes a buyer of the upgrade home of $300,000 and pays the buyers agent commission of 3% or in this case $9,000 for a total of $12,000 in commissions twice as much as before
But the buy up homeowner will be more experienced and negotiate the BA commission.
I do not understand why anyone would go into the RE business when unlike before, there will be no commission paid to the agency or broker who represents the buyer (good luck with that and good luck with the listing agent sitting in all open houses). Before the court ruling a 5% commission (or whatever was negotiated) was split between the listing agency and the agency and broker that represented the buyer of the house. If an agency or broker made 50% of their income from listing houses and 50% from selling not their own listings, then after July 2024 they will be missing 50% of their income or more because sellers will negotiate the 2.5% commission down to 1.5-2.0% leaving even less money for the RE agency and broker.
When I sold homes for Pulte and NVR, only half of the homes were sold with an agent sometimes only a quarter depending on the strength of the new home sales agent….so this is a huge win for big builders and more people coming in wo agents. However in tougher communities (new home projects that stink) the price of the home will be adjusted down if there’s no agent. Trust me. 😂
Hello Lizzie.....good information....where did you work for Pulte? How long ago? Thanks for sharing
The root of the problem is that real estate agents are independent contractors, and not employees. As an IC, each agent is responsible for ALL aspects of their business - everybody is good at something, but very few people are competent enough at the wide array of skills required to succeed in real estate, and that's why 80% of agents only survive 2 years in the business. Having each agent do everything is like replacing the assembly line at General Motors, and having each person follow the frame down the assembly line, 1st putting the wheels on, then attaching the engine, then the seats, and then the body and windows... HUGELY inefficient! The real estate industry is decades (or centuries) behind the rest of the economy! Changing to an employee-based structure can dramatically improve efficiency, and reduce the cost of marketing and closing real estate by 50-90%! The National Assoc. of REALTORS has no incentive to improve efficiency, because they collect more dues based on their membership numbers, and if their membership drops 90% they'll be hurting big-time!
Thanks for posting this. I can see that if it helps builders, it could harm regular sellers and buyers. Statistically, sellers make a lot more money with a realtor which covers the commission to the buyers agent. Commissions have been negotiable for years. For over a year I have seen, 2% - 3% per agent (buyer agent and seller agent) more often and I have seen the buyer paying more commissions more often.
Makes sense. Big builders are also offering higher fees to buyers agents - 4% commissions + bonuses. This is going to make the corporations stronger and the small mom and pop builders weaker. That's the global agenda all day around the world.
When I was interviewing agents to list, they always said “this is what I would charge, but that is completely negotiable. Do you want to discuss this?”
I certainly never had that experience. As a small builder business….we were routinely told by every listing agent that if we didn’t put the “standard” commission, buyers would not show our homes. We decreased the commission some anyway and still sold houses. Maybe there was steering away from us, I will never know. We now hold a license in house and will so permanently….so we list our own houses.
Sellers choose the price of a home sale even if we suggest a lower price. I always say I split my commission with a buyer and we have a right to do that. Not all states have duel agency and commission has always been negotiable. Sellers can always fsbo if they want to sell and save - the sellers wont be saving when they need to turn around and pay a buyers agent anyways? Soooo? I do 4.5% split with a buyer- 3.5% if someone on our team bring a buyer and 1% if the buyer finds them and we do everything just the same for them.
Many buyers will not be able to afford representation. Real estate commissions on the buyers side cannot be financed.
If sellers do not offer a buyer's agent commission, it will lower the likelihood of a sale.
Agents have not been able to fix commissions; they have been negotiable.
Why do attorneys charge what they charge??? Why do they charge 33%-40% on average? Can that be changed?
I feel sorry for the agents. They are scrambling for any diluted logic that justifies a seller paying for a buyer’s agent.
Hello@@danielmcpartlin6526 .......your funny....scrambling is actually a very accurate description of the current state of affairs for NAR and its members nationwide. Have you ever bought or sold real estate and utilized the services of a Realtor? I am hoping you have a negative experience that you are willing to share with me. Or anything that helps me better understand your position/opinion about Realtors. Thank you in advance for educating me. Stay amazing
Well, doesn’t the buyer pay for it ultimately since they are the one offering the money to the seller to begin with
@@Keystone92 exactly. Ultimately the buyer is paying for the total purchase not purchase minus commissions 🤷🏽♂️
Listing agents are going to talk sellers into offering a nice commish to buyers agents by telling them their home will sit on the market otherwise
Only beneficiary of the settlement is the law firm that got a 30% to 40% fee. If buyers wind up paying compensation to their agent they won’t be able to roll it into their Ioan. Not hardly helpful to buyers. Actually commissions have always been negotiable. Not disclosing buyers agent compensation in the MLS is not a good idea. Look for more dual agency and commission compensation law suits.
I think the spring selling season will be very strong in the beginning of the spring selling season as opposed to the end of the spring selling season but the spring selling seasons will be in full effect during the spring selling season.
The fact they call it a "listing" exposes the NAR monopoly. Think about it.
The internet will bring the buyers & sellers together. You may need help writing the contract, but those folks exist.
Let’s see how “creative “ agents can get. Self sell will become more popular and trusted . Coo for attorneys .
Jeff Taylor Sir - it WON'T be easier for buyers. Its harder for everyone. I only like that because it will eliminate competition. The ability for a buyer to close just got harder. If anyone thinks a 3% savings (if the seller even gives that up) will make a difference - you're wrong. The buyer will have to add this to their closing costs aka cash to close aka harder to close. Home Affordability just lost power - maybe that's by design.
So that means realtors Don't have to tour property 3 times
Willl sellers use seller concessions to help sell homes which can be used in turn for the buyer to pay their fee to their agent?
Sellers concessions cannot be used to pay buyers agents.
They can only be used for closing costs and prepaid items.
First time homebuyers, who already struggle with closing cost or down payments, now will have to come up with more cash at the closing table. When will the Lawyers have their fees regulated, it’s 40%.
I just started out in the industry 2 months ago. I sank money into taking the classes, the test, and joining the association. I’m not sure what to do. This was supposed to be my big break 😢
I see this as a big advantage for new agents. An experienced agent would not want to deal with a buyer, because they would have to have a buyers agreement signed with the buyer. That means the agent would need to do whats best for both the seller and buyer. Not a good position to be in.
Offer agents from your brokerage to do open houses for them. You should have more opportunity to do that
When does this take in affect? I just started looking for a home and my agent hasn’t said anything
Hello Onetruth.....has anyone answered your questions? I am a Realtor in CA and NV but I can locate a Realtor for you in your area if you need any help. The changes take effect this summer. Feel free to reach out to me with any additional questions about this subject. I will do my best to share how this will affect you.
In July
Pulte, the worth quality new construction in Florida,telling about the buyers benefits.
100%,it was exactly what I wrote. Being a realtor ,I sold more than 20 houses for this developer, and having after that a tone of bad reviews from the buyers .heis saving money providing a worth quality of homes to the customers, now willing to save on realtors commission
Can someone summarize this. Does this make buying a home more affordable or not?
Nope, they did the opposite. They are wanting buyers to finance their own commission, because sellers only want to pay for the listing agent. However, most agents are smart and are not changing anything.
The seller should pay the buyers agent because the buyer needs their cash for their cash to close.
The lender cannot help with this cost as it’s not part of the loan.
Sellers not paying buyers agents is not good for first time homebuyers.
What markets are they talking About ? Seriously ask a realtor, it’s always been negotiable and different for each sale . In Southern California, in Los Angeles the average is 60% of residential properties sold, agents split 5% and 30% sold at 4% split, very few sold with 6%.
What’s inflating prices are investors and cash buyers that are competitors driving demand
Some southern states charges 7%. Builders stick it to a buyer !!!
Also this interview does not address price fixing. The only way this was litigated was because a bunch of sellers decided they shouldn't pay the commission. They don't care if someone else is forced to pay the commission.
Why would a seller care if a buyer can't pay their bills?
I Vote to cut the 7% interest rate on loans let the banks get more creative.
this is 100% incorrect information. The lawsuit settlement only agrees not to publish buyer broker commissions. Look it up yourself.
does the 418 millions goes to people who sold their home in last 20 years ? where does the money go and why do we care if there is a penalty or not ?
prices won't change - comps and assessments and appraisals won't change so prices won't change. To the other comments here, the 3% or whatnot is an INCENTIVE to ALL AGENTS to bring their buyers.
Buyers agents were a thing here 25 years ago that didn't go anywhere. You'd sign up a buyer and they'd go to an open house and buy it and you'd get nothing...not worth suing over it. Perhaps this will change?
Likely we'll see it renamed - as a seller i can offer ANYamount to a buyers agent, right? I offer more then more brokers will come see/show my property. Same as today....
The 6% may not be reduced. Sellers agent would charge seller 6%. Buyer's agent would charge the Buyer 3% or more.
THe home owner can set the fees
Is just me or are real estate agents 100% in on scare tactics at the moment? Does anyone under 60 need someone to show them all the 4 bedroom, 2 and half bathroom homes with >2800 sf, no HOA, a pool and under $900k in 92562? Im guessing a new industry will form around submitting offers and arranging showings will emerge, but not cost $27k for 10 to 30 hours of work.
Anyone who thinks this is going to reduce housing costs is, to put it politely, naive. To put it more honestly, they're gullible fools. Who will be the big winner? Lawyers. Lawyers have been lobbying for decades to put realtors out of business so that they can swoop in and do the work realtors do at much less cost than a slimy attorney will charge. Yes, their rates will go up, way up. Who else will benefit? Big corporations selling homes. And title companies will up their already hefty fees to make up for the work realtors used to do that title companies will now have to do. The price of a house will not drop a dime. Congrats, Mr. Attorney -- you've consolidated even further the power you and your scummy brethren have over all of us.
I would like a buyer agent who works to lower the price for me. I would happily pay them a percentage of the difference between a higher list price and a lower final sales price.
Your agent should have already been doing that...with every home sold or bought, the representing realtor should always be doing a CMA to make sure the selling price and buying price reflect the market value and a fair deal
Builders have been financing at lower rates and incentives same as Car dealers ... forever
Reduce NAR fees
This guy Jeff Taylor is not a lawyer or realtor, why are they interviewing him?
🎠
Sellers...stop paying the buyers agent fee. Period.
wouldnt that just make it mor expensive for buyers who have to come up with truckloads of closing costs already? I just don't get this contraversy to begin with. I was always taught that everything is negotiable in a real estate transaction!
Sellers won’t sell! lol
If I’m not making a commission then I’ll steer my buyer away from your property.
Sellers don't pay anything. It comes out of purchase price that the BUYER offers.
@@nclawnsolutions i would just simply find another home lol. You can keep your if you want to cover all the cost.
This lawsuit will increase the cost of purchasing and eliminate the possibility for many, especially first time buyers. If it saves any money for sellers it will be offset by the loss in value due to a weaker buyer pool. It will cause unemployment in the real estate industry. However I pray that my heart expectations are wrong. It will take us a few years to find out. I’m sorry buyers, this is not going to be a good experience. I’m sorry sellers, you’ve been duped by money grabbing attorneys. I’m sorry agents, it is what it is and this too shall pass.
I'm not sorry I will saving money on my home sale as a seller. Not sorry.
No you just won’t sell!
@@lorensaale Unethical realtors steering
Actually no, it’s not. Do you work to get paid?
As a listing agent we have lots of tasks far more then just selling a home.
1. Prepare Listing Presentation for Sellers
2. Research Sellers Property Tax Info
3. Research Comparable Sold Properties for Sellers
4. Determine Average Days on Market
5. Gather Info From Sellers About Their Home
6. Meet With Sellers at Their Home
7. Get To Know Their Home
8. Present Listing Presentation
9. Advise on Repairs and/or Upgrades
10. Provide Home Seller To-Do Checklist
11. Explain Current Market Conditions
12. Discuss Seller’s Goals
13. Share Your Value Proposition
14. Explain Benefits of Your Brokerage
15. Present Your Marketing Options
16. Explain Video Marketing Strategies
17. Demonstrate 3D Tour Marketing
18. Explain Buyer & Seller Agency Relationships
19. Describe the Buyer Pre-Screening Process
20. Create Internal File for Transaction
21. Get Listing Agreement & Disclosures Signed
22. Provide Sellers Disclosure Form to Sellers
23. Verify Interior Room Sizes
24. Obtain Current Mortgage Loan Info
25. Confirm Lot Size from County Tax Records
26. Investigate Any Unrecorded Property Easements
27. Establish Showing Instructions for Buyers
28. Agree on Showing Times with Sellers
29. Discuss Different Types of Buyer Financing
30. Explain Appraisal Process and Pitfalls
31. Verify Home Owners Association Fees
32. Obtain a Copy of HOA Bylaws
33. Gather Transferable Warranties
34. Determine Need for Lead-Based Paint Disclosure
35. Verify Security System Ownership
36. Discuss Video Recording Devices & Showings
37. Determine Property Inclusions & Exclusions
38. Agree on Repairs to Made Before Listing
39. Schedule Staging Consultation
40. Schedule House Cleaners
41. Install Electronic Lockbox & Yard Sign
42. Set-Up Photo/Video Shoot
43. Meet Photographer at Property
44. Prepare Home For Photographer
45. Schedule Drone & 3D Tour Shoot
46. Get Seller’s Approval of All Marketing Materials
47. Input Property Listing Into The MLS
48. Create Virtual Tour Page
49. Verify Listing Data on 3rd Party Websites
50. Have Listing Proofread
51. Create Property Flyer
52. Have Extra Keys Made for Lockbox
53. Set-Up Showing Services
54. Help Owners Coordinate Showings
55. Gather Feedback After Each Showing
56. Keep track of Showing Activity
57. Update MLS Listing as Needed
58. Schedule Weekly Update Calls with Seller
59. Prepare “Net Sheet” For All Offers
60. Present All Offers to Seller
61. Obtain Pre-Approval Letter from Buyer’s Agent
62. Examine & Verify Buyer’s Qualifications
63. Examine & Verify Buyer’s Lender
64. Negotiate All Offers
65. Once Under Contract, Send to Title Company
66. Check Buyer’s Agent Has Received Copies
67. Change Property Status in MLS
68. Deliver Copies of Contact/Addendum to Seller
69. Keep Track of Copies for Office File
70. Coordinate Inspections with Sellers
71. Explain Buyer’s Inspection Objections to Sellers
72. Determine Seller’s Inspection Resolution
73. Get All Repair Agreements in Writing
74. Refer Trustworthy Contractors to Sellers
75. Meet Appraiser at the Property
76. Negotiate Any Unsatisfactory Appraisals
77. Confirm Clear-to-Close
78. Coordinate Closing Times & Location
79. Verify Title Company Has All Docs
80. Remind Sellers to Transfer Utilities
81. Make Sure All Parties Are Notified of Closing Time
82. Resolve Any Title Issues Before Closing
83. Receive and Carefully Review Closing Docs
84. Review Closing Figures With Seller
85. Confirm Repairs Have Been Made
86. Resolve Any Last Minute Issues
87. Attend Seller’s Closing
88. Pick Up Sign & Lock Box
89. Change Status in MLS to “Sold.”
90. Close Out Seller’s File With Brokerage
As a buyers agent we also have many tasks.
1. Schedule Time To Meet Buyers
2. Prepare Buyers Guide & Presentation
3. Meet Buyers and Discuss Their Goals
4. Explain Buyer & Seller Agency Relationships
5. Discuss Different Types of Financing Options
6. Help Buyers Find a Mortgage Lender
7. Obtain Pre-Approval Letter from Their Lender
8. Explain What You Do For Buyers As A Realtor
9. Provide Overview of Current Market Conditions
10. Explain Your Company’s Value to Buyers
11. Discuss Earnest Money Deposits
12. Explain Home Inspection Process
13. Educate Buyers About Local Neighborhoods
14. Discuss Foreclosures & Short Sales
15. Gather Needs & Wants Of Their Next Home
16. Explain School Districts Effect on Home Values
17. Explain Recording Devices During Showings
18. Learn All Buyer Goals & Make A Plan
19. Create Internal File for Buyers Records
20. Send Buyers Homes Within Their Criteria
21. Start Showing Buyers Home That They Request
22. Schedule & Organize All Showings
23. Gather Showing Instructions for Each Listing
24. Send Showing Schedule to Buyers
25. Show Up Early and Prepare First Showing
26. Look For Possible Repair Issues While Showing
27. Gather Buyer Feedback After Each Showing
28. Update Buyers When New Homes Hit the Market
29. Share Knowledge & Insight About Homes
30. Guide Buyers Through Their Emotional Journey
31. Listen & Learn From Buyers At Each Showing
32. Keep Records of All Showings
33. Update Listing Agents with Buyer’s Feedback
34. Discuss Home Owner’s Associations
35. Estimate Expected Utility Usage Costs
36. Confirm Water Source and Status
37. Discuss Transferable Warranties
38. Explain Property Appraisal Process
39. Discuss Multiple Offer Situations
40. Create Practice Offer To Help Buyers Prepare
41. Provide Updated Housing Market Data to Buyers
42. Inform Buyers of Their Showing Activity Weekly
43. Update Buyers On Any Price Drops
44. Discuss MLS Data With Buyers At Showings
45. Find the Right Home for Buyers
46. Determine Property Inclusions & Exclusions
47. Prepare Sales Contract When Buyers are Ready
48. Educate Buyer’s On Sales Contract Options
49. Determine Need for Lead-Based Paint Disclosure
50. Explain Home Warranty Options
51. Update Buyer’s Pre-Approval Letter
52. Discuss Loan Objection Deadlines
53. Choose a Closing Date
54. Verify Listing Data Is Correct
55. Review Comps With Buyers To Determine Value
56. Prepare & Submit Buyer’s Offer to Listing Agent
57. Negotiate Buyers Offer With Listing Agent
58. Execute A Sales Contract & Disclosures
59. Once Under Contract, Send to Title Company
60. Coordinate Earnest Money Drop Off
61. Deliver Copies to Mortgage Lender
62. Obtain Copy of Sellers Disclosure for Buyers
63. Deliver Copies of Contract/Addendum to Buyers
64. Obtain A Copy of HOA Bylaws
65. Keep Track of Copies for Office File
66. Coordinate Inspections with Buyers
67. Meet Inspector At The Property
68. Review Home Inspection with Buyers
69. Negotiate Inspection Objections
70. Get All Agreed Upon Repair Items in Writing
71. Verify any Existing Lease Agreements
72. Check In With Lender To Verify Loan Status
73. Check on the Appraisal Date
74. Negotiate Any Unsatisfactory Appraisals
75. Coordinate Closing Times & Location
76. Make Sure All Documents Are Fully Signed
77. Verify Title Company Has Everything Needed
78. Remind Buyers to Schedule Utilities
79. Make Sure All Parties Are Notified of Closing Time
80. Solve Any Title Problems Before Closing
81. Receive and Review Closing Documents
82. Review Closing Figures With Buyers
83.Confirm Repairs Have Been Made By Sellers
84. Perform Final Walk-Through with Buyers
85. Resolve Any Last Minute Issues
86. Get CDA Signed By Brokerage
87. Attend Closing with Buyers
88. Provide Home Warranty Paperwork
89. Give Keys and Accessories to Buyers
90. Close Out Buyer’s File with Brokerage
Whew…exhausting isn’t it!?! 🤯
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✔️Sharing one of my listings
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@@lorensaale you're done.
MLS Club is Crumbling. Never needed them.
"what about those first time home buyers that are still really struggling to get in? .... yeah they are still screwed"
This is nothing. Just wait until assets are tokenized and we can use a personal AI to shop for, negotiate and buy/sell homes from our smartphones in half an hour.
that already happened. its called zillow and they lost money when their ai went out of control.
@@phgamer4393 I thought they lost money because their greed went haywire and they bought houses to flip, but the valued dropped instead.
Seller should be responsible for seller agent and buyer pay buyer agent . For example, 2 percent to seller agent, 1 percent to buyer agent. End of story