The real estate landscape is constantly evolving, and recent updates to the MLS regarding agent compensation reflect changes that impact both buyers and agents. Now that more information has been released about the March 2024 NAR settlement, we’ve updated our article Understanding the Changes to Realtor Commissions and come up with five key takeaways as to how these policies may affect your next real estate transaction.
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1. As of August 17, compensation information is no longer allowed to be shared on the Multiple Listing Service (MLS).
2. Buyers must enter into a written agreement outlining compensation terms with their Realtor before taking in-person or virtual tours of homes.
3. National Association of Realtors reports that “Offers of compensation will continue to be an option consumers can pursue off-MLS through negotiation and consultation with real estate professionals.”
4. Each of the housing agencies have announced that they will allow seller-paid buyer commissions, and they will not be included in the Interested Party Contribution (IPC) limits if it still common and customary for the seller to pay the fee.
5. As of August 10th, the VA temporarily lifted its ban on buyers paying for professional real estate representation. Eligible borrowers who want to use their VA home loan benefits are now allowed to pay for certain real estate buyer-broker fees. This policy will remain in place until the VA establishes permanent guidelines.
As the real estate landscape continues to evolve, it’s important for buyers and sellers to understand changes and how they are affected by them. These new requirements are meant to help prospective home buyers know their options before seeing and purchasing their next home. Keep up with the latest mortgage news on our blog. Working with experienced real estate and mortgage professionals can help provide you with peace of mind and guidance through your homebuying process. Ready to take the next step? Contact one of our Loan Officers today.
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FBC Mortgage, LLC is a leader in helping home buyers with fast and simple loans. We’re dedicated to exceptional customer service and are always available when you need us most, even at night and on the weekend. We’ll help you navigate your new home purchase, and keep you updated along the way with weekly check ins, so you know you’re taken care of. That’s one of the many reasons why 95% of our clients would recommend us to their friends and family. It’s also why the nation’s top home builders and Realtors trust FBC to help their new home buyers.
Buying a home is one of the most important financial decisions you will make. Understanding mortgages and the home buying process can help make it less stressful, and so can partnering with a mortgage lender you can trust. At FBC Mortgage, LLC, we’re dedicated to helping home buyers finance their dream home.
All information presented is for educational purposes only and not intended as financial advice. FBC Mortgage, LLC is a national mortgage lender headquartered in Orlando, Florida. Specializing in residential mortgage lending, including purchase, refinance, construction, and renovation loans. See what our clients have to say. NMLS#152859 EHL ©2024.
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