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A Lender's Perspective on the National Association of Realtors (NAR) Changes
Manage episode 409109902 series 3555433
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Welcome to Lunch and Learn with Melinda - your go-to channel for insightful discussions on the world of lending and real estate in Florida. Currently, we're exploring the implications of the National Association of Realtors (NAR) $418 Million settlement and offering a lender's perspective.
It's important to note that the situation is still evolving and subject to court approval, so stay tuned for updates. As of right now, there's a significant shift in how buyers will engage with and compensate their agents.
Previously, sellers were responsible for paying the buyer's agent, but now buyers will have the opportunity to negotiate their agent's commission directly. This means that as a buyer, you'll need to sign a buyer's brokerage agreement, committing to pay your agent for their services upon purchasing a home. Consequently, this introduces additional closing costs that buyers must account for in their budget.
For agents, this change emphasizes the importance of transparently discussing your services and fees with potential clients. This new dynamic in the industry requires both buyers and agents to adapt and navigate these changes together, ensuring a smooth and informed real estate transaction process.
Stay tuned for more updates on this evolving story, along with other changes and developments in the Florida real estate market. Keep up with the latest by joining us weekly for insightful news!
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