In case you didn't know, there was a huge lawsuit and settlment against the National Assocation of Realtors. NAR settled for $465 million and it is changing the way Americans do business with regards to Realtor Commissions.
As always, sellers can negotiate the commission amount they will pay, but now they have the option to NOT pay the Buyer's agent and should they choose not to, guess who has to pay? YOU!
While we believe most sellers will conduct business as usual, there may be some who decide not to pay and the onus will be on the buyer to pay their buyers agent's fee. This could be thousands of dollars out of your pocket.
But the biggest change is, a buyer will no longer be able to tour homes without FIRST signing a buyer/broker agreement so that they know how much they will have to compensate the realtor should the seller not pay their commission. This will be extremely important for buyers to know up front what they will be responsible for.
This will in turn require buyers to be fully pre-approved before ever stepping foot in a home, so that they know what they can or cannot afford for each commission structure that the seller chooses to pa...
