NO B.S. Advice For How You Will be Buying A Home NOW

In this video, we cut through the noise and give you no-nonsense advice on what home buyers need to know about the recent NAR settlement and how it’s changing the real estate landscape. Whether you're a first-time buyer or experienced in the market, understanding these new dynamics is crucial for making informed decisions when purchasing homes. I’ll break down the key changes including the buyer-broker agreement concept, what they mean for you, and how to navigate this evolving market to secure the best deal possible. Don’t miss out on this essential guide to the new era of real estate starting August 17th, 2024 across the US!

00:00 - Intro
00:39 - NAR Settlement Changes
02:02 - Buyer Agency Services
02:59 - Buyer Commission on MLS
03:22 - How A Buyer's Agent Can Get Paid
05:31 - What Should Buyers Do?
07:27 - What Type Of Buyer Should Get A Buyer's Agent?
09:30 - How Do You Pick A Buyer's Agent?
11:12 - New Real Estate Frontier

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[katrinstake]

Do you have any advice for home buyers? Please leave a comment below. Thank you. 👇Also, for all your major NAR Settlement Changes Questions, see answers here:

[railmike]

So let me understand this. I will be on the hook as the buyer to pay my agent the pre-negotiated amount or commission even if I don’t end up buying the house or have been outbid or the deal just not going through any reason. Buyers will now have to set aside a large sum of money plus the down payment if getting a mortgage if interested in buying a home. Buying a home just got more expensive.

[eduardocorrea]

Great advice Katrin! BUYERS Never sign with the listing agent / Dual Agency!!! If you are going to pay for the services of an agent, you are better off signing with your own Buyer Agent! I recommend you seek a highly recommended, highly rated real estate agent. Open homes are a great strategy if you choose not to be represented by an agent. Beware, some agents will try to convince you that you will need to sign an agreement before being allowed access to a home. As per the NAR website, FAQ section item #61, simply granting access to a home is NOT considered "working" with a buyer, hence no requirement to sign any agreement! So technically, you can contact the seller agent direct and ask if you can be granted access to a house without the requirement to sign an agreement. If the seller agent wants to sell the home, they will make time to open the door for you.

[johnkohlhofer]

I am not in the market at this time. However, if I were, I would do my own (complete) research first, hire a local attorney who knows/understands RE contracts and make an offer directly to the Listing agent using the attorney. Why would someone sign any "contract" with a Listing Agent to represent you as a Buyer? It appears the RE Industry/NAR is making this far too difficult. Yes, your point at 7:35 mins is spot on. Thank you Katrin for your informative video.

[FloridaLivingFun]

The DOJ can't rule or dictate consumer's personal offers, so as a buyer I would simply add the verbiage "Seller will pay ___% to buyers broker at closing" on my offer contract. Letting the buyer know this in advance may make them less fearful of working with a buyers agent.

[LivingtoLongevitySecrets]

One of the best vids I’ve seen on this complex and challenging topic! It’ll be fascinating to watch how this all shakes out.

[FloridaLivingFun]

What if a seller's agent verbally states the commission % to the buyer's agent, and since that conversation cannot be recorded by Florida law, they can just say they never said that. With no commission documented, this could lead to problems, no?

[DianaRicciuti]

Attorneys who are not also licensed realtors won’t be able to offer on site services a buyer needs, like inspections and appraisals performed during the sale. If there are issues, a buyer needs a seasoned pro to be able to preview the issues and problem solve. An attorney pretty much just facilitates the paperwork with little or no touch with the property.

The bottom line is everyone needs some type of representation and those individuals require compensation.

[richard]

Thanks. I didn’t know that about open houses

[DEG]

Florida is the state with the highest number of inventory in the entire nation with 141, 298 properties for sale.
In 2024, many major metropolitan areas in Florida are experiencing price reductions. Home prices are coming down, and inventory levels are exploding. Florida and Idaho have now joined Texas in reaching pre-pandemic levels of housing inventory.

[railmike]

I can see car salesmen doing this next, You walk onto a car lot and must enter into a contract for a pre-negotiated amount or commission with a salesmen before I can look at or test drive a car. What happens if we are unable to make a deal or the financing doesn’t go through or what ever the reason???

[theheat]

Do you believe less people will use a buyer's agent?

[r-anne]

Buying a house just got more complicated. You now need a lawyer to understand the contract you are signing so you don't end up paying the " buyer's agent" commissions in the event that the purchase doesn't go thru. Why is this happening ????

[BG-qrsm]

I would suggest a fixed fee that reasonably compensates the buyers agent for her time, experience and service. It could be less than 2% of the purchase price.

[MorkieDestiny]

Here is some TRUE "no B.S." advice: It comes down to AFFORDABILITY and VOLATILITY.

Mortgages are TOO RISKY at high interest rates, especially when there are HOA costs on top of that, and the other "hidden" costs of owning larger homes and condos!

The "best kept secret" to homeownership is found in the MH communities in areas like North Myrtle Beach SC, where people actually WANT to live, so for first time home buyers and empty nesters, the advice would be this:

Scour Zillow in the North Myrtle Beach area of SC, where the nicest MH communities are, and if you find a home the same size as a condo with all the remodeling work already done and at an AFFORDABLE price like $125, 000 or even LESS, have family help get that money together to buy outright WITHOUT a mortgage and WITHOUT a HOA, and put that rent or mortgage payment right back into the bank!

Manufactured Homes are the ONLY AFFORDABLE HOMES these days, so it's a matter of finding a community that dispels the negative stereotypes, and when you find the right home, SNAP IT UP!

[sirrascal]

My advice to buyers is look for sale by owner and avoid paying a buyers agent all together. In Florida title agencies are quite good at handling contracts and closings.

[sunlite]

What will a buyers agent do for you? Provide the contract? Order a title search? Order the inspection? Assume liability if the seller doesn't cooperate? Doesn't this open up the possibility if the buyer defaults on the BA contract? Now the buyer must sign two contracts; the BA contract and the sellers contract? What if the buyer defaults on the BA sellers contract or the seller defaults on his contract. Is the buyer still liable to the BA contract? Is the buyer still liable if the buyer disagrees with the 'best efforts' of the BA? Is the seller's price listed in the BA contract or is that verbal? Can the seller still have the right to FSBO as is the case today? Can the seller be sued by the BA if he fires HIS agent or his time limit expires? It also sounds like the BA can tie up the buyer into an exclusive listing and live off listings. Is the buyer expected to sign dozens of contracts while he/she is searching? Do you think a BA would agree to a a day contract and waste his time just to present an offer? Now we have two friendly co-workers working together in your

[woodyahh]

There will be no difference as using the listing agent’s realtor They get full pop no split
I see no change yet all just complicating what normally happens
After all when looking for a property how often do actually use a realtor when looking for a property these days

[berlinbeachkat]

So if you just want to look at a home, just to see what is on the market, you now have to sign an agreement?

[joelballard]

A buyers agent is worthless. Unless they negotiate down the price. If they are not willing to ask for 50-60k off listing price then they are worthless