Are you thinking of buying or selling a home ANYTIME in the future? You need to know about these HUGE changes, going into effect THIS MONTH!
Once upon a time…there were 5 sellers in Missouri who were unhappy with their agents. They filed a lawsuit, and it grew into a class-action lawsuit, nationwide. The premise was around realtor commissions.
The DOJ and many lawyers got involved, and now there are some BIG changes coming. In short, here is what you need to know…
For Buyers:
- Before touring a home, EVERY buyer will need to have a signed agreement with an agent (if they want representation vs representing themselves)
- You’ll be asked to sign into every open house (and let the agent know if you already have representation)
- The new agreement will clearly outline what the buyer’s agent will do for you, how much they will be compensated, & how they get paid
For Sellers:
Sellers have often paid both side’s agent fees. This is (and always has been) negotiable – now, the DOJ wants to make that VERY clear. When you sell, you’ll need to decide if you’re willing to pay the buyer’s agent or not. (Hint: there may be strategic reasons to pay the fee).
In short…this is going to lead to a lot more transparency all around, which is AWESOME! Have questions? We’ve been planning for this since 2019…let’s chat!
