Ronald Boyd

I am not sure if you heard, but Fed Chairman Powell spoke this morning. I have listened to most of it. It was very encouraging sentiment from him. Please take a listen if you have some time over the weekend. NOW is the time to be reaching out to your partners, and customers………….let’s get the chatter going, if you don’t SOMEONE else will.

Send a message to learn more

Send a message to learn more

So tomorrow, August 17, is the day that may change realtors' relationships with their buyers and sellers in regards to the realtors compensation. I cannot urge sellers enough to continue with the status quo concerning the compensation due to the impact on buyers' financing. This can make a huge difference to the number of qualified buyers that will be bidding on your property. Basically, there are two scenarios that still result in the same net proceeds to the seller but from a lenders perspective, makes a difference in determining the amount of cash the buyer needs for settlement:
 Some sellers will still keep the status quo whereby they pay compensation to the buyers agent. This has been common place for as long as we can remember and what we are use to.
 Some sellers may elect to offer the buyer a concession (aka seller credit) to help offset the compensation that the buyer needs to pay their agent. It is very important to realize that this counts towards the maximum IPC (interest party contribution) limit. So for example, when using a conventional loan with 5% down you can only have a maximum of 3% in IPCs. If a seller elects to provide say a 2.50% seller credit upfront to compensate for the lack of compensation, that means they can only provide an additional 0.50% in the future. You can then apply this same logic to all of our other products.
Please discuss this with a knowledgeable real estate agent and don't be sold on a low percentage for broker compensation.

Send a message to learn more

Are you a veterinarian looking for the right mortgage loan? Look no further! Our Medical Professionals program was created specifically with veterinarians and healthcare pros in mind. Contact me today to learn more.

https://www.fultonbank.com/Personal/Mortgages/Mortgage-Loan-Officer/Ronald-Boyd

Attention all aspiring homeowners! The First Front Door Keys to Equity fund is here to support Minority and First-Generation first-time homebuyers with grants for down payments and closing costs. Contact me today to learn more.

https://www.fultonbank.com/Personal/Mortgages/Mortgage-Loan-Officer/Ronald-Boyd