Jennifer Labate - Realtor - Century 21 HomeStar

ATTENTION ALL BUYERS!!

If you are an upcoming home buyer, you will want to know what's happening in today's market.

Effective August 17th, Exclusive Buyer's Agent Representations agreements will be in effect. Let's go through what that means for you as the buyer:

To tour homes with an agent, buyers will now be required to sign an Exclusive Buyer Representation Agent agreement which outlines the amount owed to the buyer's agent brokerage for their services.

Let's run through some commonly asked questions:

Q. What happens if I don't have the money for buyers agent commissions because I'm worrying about closing costs and down payment?

A. The good news is we are seeing the market turn around some where sellers are offering the closing costs concessions again. That being said, I want to believe that all listing agents will still fully educate their seller on how it only helps to sell their home faster by still providing the buyers agent commissions out of their fees which will be split between both agents as was done in the past.

Q. When will I know if the Buyer's Agent commission will be paid by seller?

A. This will have to be negotiated into the contract. Once an agreed upon contract is signed with commissions stated, the buyer will only need to come up with the remaining costs.

Q. What happens if I'm doing an FHA loan and I get these additional seller concessions?

A. Fannie Mae/Freddie Mac will not account for the 2-9% seller concessions into any buyers agent representation concessions. Meaning that you can still ask seller to pay for closing costs and it won't affect your loan to also negotiate buyers agent commission into contract.

Please feel free to reach out to me for any additional questions that you need answered.

Have a great day!

How Buying or Selling a Home Benefits Your Community If you're thinking of buying or selling a house, it's important to know it doesn't just impact you—it helps out the local economy and your community, too.