How will new real estate commission rules impact your next home purchase? I'm Oliver Burgelman, a seasoned real estate expert with Vanguard Properties, and I'm here to help you navigate the latest changes in commission rules for buying a home.
As a seasoned real estate expert, I provide personalized guidance to help you navigate complex rules and ensure a smooth home-buying experience.
Historically, listing agents negotiated a commission amount with the seller, which was then split with the buyer’s real estate agent. However, moving forward, listing agents aren't allowed to disclose the commission amount a seller would be willing to pay a buyer’s agent. Now, the MLS (Multiple Listing Service) will only show whether the seller is willing to consider some kind of a concession for the buyer but not how much.
This means the buyer’s agent will first sign a contract with their buyer that indicates the commission they are willing to work for and for which the buyer will be contractually obligated to pay in the case of a home purchase. Then, when a buyer’s agent writes up their client’s offer for a home, they will negotiate their commission directly within the purchase contract, which is an entirely new process. If the seller rejects the commission payment, the buyer has two options: either proceed with the offer and pay their agent’s commission themselves as a closing cost or decide not to come to an agreement with the seller.
If you have any questions or need guidance on how these new commission rules will affect your home-buying process, don't hesitate to get in touch with me at [email protected].
I'm Oliver Burgelman with Vanguard Properties.
Watch The Video:
The Way Homes Are Sold Just Changed, But Maybe Not The Way You Think!
How will the new real estate commission rules change how homes are sold? Check out my less than 60 second video and find out! Let me know what you think and like my reel :)
