What homebuyers and sellers need to know about the NAR settlement and commissions

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[@khushipaswan6451]

I'm All-In

[@Dowhatsright99]

So buyers can’t view a home without signing with a buyer’s agent? That’s such bullshit

[@rack9458]

Sellers won't let that happen! If my listing agent refused to show my house to a potential buyer they would be fired immediately!

[@cryptfiend461]

You will be in breech of contract then

[@ThatsMyBlackOpinion]

Props for the agent here saying Multiple Listing Services rather than MLS! Not everyone knows what MLS is! Another channel kept saying MLS, and I had no clue wtf they meant! Thank you!!

[@Da-King-of-Swing]

When is deadline to submit claim and approximately when will payments start goin out?? 🤔

[@seanm3226]

One thing is clear to me in this, and related, comment sections. Everyone has an opinion, but nobody has any idea how the real estate business works.

[@rack9458]

Oh please explain how any agent is worth 5-6%($50,000-$60,000) of my house?

[@cryptfiend461]

​@@rack9458well i can tell by your comment you know very little about the process lol

[@wayneredd6776]

Don’t you think it’ll be difficult to get people who want to look at houses to have to pay to do that? I’m assuming they’ll only be charged if they buy the house which still sounds crazy.

[@siennabay]

Not a very clear explanation, quite confusing.

[@mxyfn]

@@siennabay he was very vague but I’m sure it is due to protecting his industry. Just google new nar settlement for a better breakdown.

[@cryptfiend461]

Sellers no longer have to pay buyer agent. Buyers will have to pay their own agent if seller refuses. You will be required to sign a contract with your agent locking you in with that agent for it least the next 6 months

[@rgen28]

Max fees should be capped at 1%

[@lessforloans]

@@rgen28 negotiate then.

[@cryptfiend461]

That equals 0.5% to each agent. Most brokers take 50% or more of that 0.5%. You get what you pay for is true.

[@rgen28]

@@cryptfiend461 no. 1% for each agent. but buyer should pay their own fees now.

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It is funny that not everyone knows about NVDA

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I am also NVDA Holders 🚀

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this is only crypto project that I see has real use

[@info781]

If I am a seller I don't mind giving a buying agent 1%, but 3% was a absolute rip off. The past 10 years have been a sellers market, so buyers agent have been charging way too much.

[@kharithoughts2679]

smart sellers won't care about the amount. It is about how much you net. If one realtor asks for 1% and their client is offering you 25% less than an agent asking 5% it would be unwise to care about the commission and take the higher amount of money

[@seanm3226]

Agents don’t “charge” anything. Commission fees have ALWAYS been negotiable.

[@info781]

@@seanm3226 You are ignoring the whole court case and why agents lost the ruling. I understand many agents feel like you do, they just want to ignore the ruling.

[@kharithoughts2679]

@info781 it was for collusion. A specific agent can ask whatever they want

[@jayr3053]

NO more 6%! If you need an agent at all, offer 1%.

[@biggooseadventures]

Buyers will pay more because home prices are set by the comps….not the commissions

[@TehDeeBjorn]

Flat rate fee should solve the issue on the buyer side. Buyer should pay an agent with a flat rate fee of $299-399 for buyer agent service. No more no less. Buyer agent should also be fired/replace for non-performance and get 100% refund of the flat-rate fee. Government must protect the consumers (buyer) and not the agents. There is a danger of agents manipulating new buyers into getting higher pre-approvals to accommodate agent's crazy pay which is predatory in nature. A flat rate would keep the bad actors at bay and at the same time protecting would be "buyers".

[@andresvalentinocolinabermu31]

Good lock with that

[@nitroneonicman]

Agents are already trying to push ridiculous agreements like guaranteed exclusivity in perpetuity on any shown home.

[@info781]

That is too low, but I think the seller should give 1% to get a number of buyers in there. 3% is history.

[@nitroneonicman]

@@info781 why is it too low? I think agents should start charging flat fees to tour homes, that would easily make up the difference. The amount of work a buyer's agent does in closing is not worth more than $400, let's be real. Attorneys who passed the bar charge less than that to draft up legal documents.

[@info781]

@@nitroneonicman Good point you could do a la carte, fee to tour a house, fee to write up a offer.

[@nickb654]

Realtors are way over paid. They should be hourly employees.