On today’s episode, Editor in Chief Sarah Wheeler talks with Managing Editor James Kleimann about the downtrend in buyer’s agent commissions since NAR’s commission lawsuit was settled.
The HousingWire Daily podcast examines the most compelling articles reported across HW Media. Each morning, we provide our listeners with a deeper look into the stories coming across our newsrooms that are helping Move Markets Forward. Hosted and produced by the HW Media team.
When applying for a home loan, there are 5 main criteria lenders consider when qualifying for a mortgage: cash, capacity, capital, collateral, and credit.
The Kennedy family heir and presidential contender also argued Thursday at Inman Connect Las Vegas that democracy depends on people maintaining "a posture of fierce skepticism."
SERHANT. founder and CEO Ryan Serhant unpacks the Federal Reserve's impact on real estate, market predictions through the rest of the year and other buyer-seller markers. #FOXBusiness
FOX Business Network (FBN) is a financial news channel delivering real-time information across all platforms that impact both Main Street and Wall Street. Headquartered in New York — the business capital of the world — FBN launched in October 2007 and is one of the leading business networks on television, having topped CNBC in Business Day viewers for the second consecutive year in 2018. The network is available in nearly 80 million homes in all markets across the United States. Owned by FOX Corporation, FBN is a unit of FOX News Media and has bureaus in Chicago, Los Angeles, and Washington, D.C.
2% or less! That's the dollar amount homebuyers are advised to pay their agents. The Consumer Federation of America (CFA) has issued new guidance on August 6, 2024. In fact, they suggest to not pay a single dollar for simply viewing a property. Instead, you should opt for a touring agreement that carries no financial obligation.
Guide to Buyer Agent Commissions
1. Negotiate Agent Fees
Don’t accept traditional commission rates without question. The CFA encourages negotiating agent commissions to be a fixed dollar amount that does not exceed 2% of the home's sale price. Opting for a fixed dollar amount rather than a percentage-based fee can help keep your costs predictable and manageable.
2. Research Potential Agents
Before committing to an agent, conduct thorough research. Check online reviews, inquire about their experience, and determine if they are a broker or associate broker, as these professionals generally have more specialized training.
3. Understand Your Agreements
Carefully review all documents before signing. Ensure you fully understand the terms and conditions of your agreement. Agents and brokers should be upfront about the negotiability of their commissions, and all contracts should be written in clear, straightforward language.
4. Avoid Complex Contracts
Contracts should be easy to read and understand. They should use plain language and be printed in a minimum of 12-point font. Make sure the contract clearly states the expiration date, compensation details, and the procedure for resolving any disputes.
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