What Home Buyers Need to Know About the August 17th Changes

🏡 ATTENTION HOME BUYERS 🏡

Starting August 17th, the home-buying process is about to change in a big way. All buyers who are currently on the hunt for a new home will need to sign a “Buyer Representation Agreement” before setting foot in any property. Yep, that’s right – no agreement, no house tour! Here’s what you need to know:

✅ JUST SHOW ME THE HOUSE!!

We get it – you’re excited to find your dream home and just want to get inside those doors. But starting August 17th, no Realtor will be able to unlock a door without first having you sign a Buyer Representation Agreement. It’s not just a suggestion; it’s non-negotiable for any licensed Realtor. 🤯

✅ Wait…WHAT DO I HAVE TO SIGN??

The Buyer Representation Agreement is a contract between you and your Realtor. It outlines that you’ll be using that agent to represent you in your home-buying journey. The agreement spells out your Realtor’s roles, duties, and responsibilities to you. It also breaks down how commissions work, explaining what compensation might be paid by the seller and what, if any, you might be responsible for.

The important part? Whatever commission is listed on that agreement is the maximum your agent or broker can receive from the transaction. No hidden fees!

✅ I HAVE TO PAY COMMISSION?

Well, yes… but also maybe not! 🤔

Here’s the deal: With the new National Association of Realtors (NAR) ruling, advertising commissions on the MLS (Multiple Listing Service) is now a thing of the past. This means that when your agent shows you a home, they might not know if they’ll be getting paid by the seller.

Don’t panic! Commissions are always negotiable, and there are different ways your agent can be compensated. Sellers can still pay the commission either directly or through credits to the buyer. However, in some cases, the buyer may need to cover their agent’s commission out of pocket, which will be outlined clearly in the Buyer Representation Agreement.

✅ HIRE A PROFESSIONAL AGENT

Choosing the right agent when buying a home is more crucial than ever. As these new rules go into effect, there will be a lot happening behind the scenes that you’ll want an experienced, full-time Realtor to handle. The Buyer Representation Agreement is just one part of the broader changes sweeping the real estate landscape across the U.S. 🇱🇷

✅ ALIGNMENT & COMMUNICATION

Now more than ever, it’s important to align yourself with a professional Realtor who’s on top of these changes and can guide you smoothly through the process. This agreement ensures that you and your agent are on the same page from the start, giving you peace of mind that your home purchase will be handled with the utmost care and professionalism.

If you’re thinking of buying a home soon, make sure you’re informed and ready for these changes. August 17th is right around the corner, and the right Realtor will make all the difference in this new landscape!

As always please don’t hesitate to reach out to me, Jason at jason@fresyes.com and either I can help you or I can introduce you to one of my wonderful team agents.

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Jason Farris

Head YES man at FresYes.com

I grew up in Fresno. Relaxed in its calm breezes, listened with my dad to the crack of the bat at little league baseball games when I was a kid and now take my son to do the same at minor league games. I broadened my mind at its schools (I went to high school right here at San Joaquin Memorial, and to college at Fresno State!) I love that if I drive for two hours in one direction, I can be in the mountains. For two hours in another, luxuriating on a California beach. I can enjoy the cosmopolitan atmosphere of San Francisco or Los Angeles, but still be able to come home to relaxation, calm, and quiet.

I love where I live, and I also love what I do. I'm lucky to be able to work in a profession in which I get to build relationships; one that has me meeting new people each and every day and helping them to build new lives in my beloved city. I'm lucky enough to work in a profession in which I can marry cutting-edge technologies and marketing techniques to good, old-fashioned, nose-to-the-grindstone work. I am lucky enough to work in a profession that allows me to work as an advocate for my clients; to use every tool at my disposal to get a job done well for them, and with as little stress and expense as possible.

I love my city. I love my job. One inspires my excellence for the other.

Fresno? I say FresYES

✅ JUST SHOW ME THE HOUSE!!

✅ Wait…WHAT DO I HAVE TO SIGN??

✅ I HAVE TO PAY COMMISSION?

✅ HIRE A PROFESSIONAL AGENT

✅ ALIGNMENT & COMMUNICATION

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