NAR settlement 8/17/2024

[Tom D]

has the co-op commission ever meant anything to us. now when it becomes part of the seller concession. i hope that if the sellers concession are covering the commission it might be spelled out as going towards that in the agreement of sale. problem for us is the MLS comps concession which never have anything but $ number. right now, fannie expects concessions to be taken off of comps sale price. i'm not sure how this extra will affect and what are we supposed to know. yea, call every comp and ask them if there was a buyer commission included. i'm sure agent may remember, but not the amount from months ago, and will they actually be able to tell us, or even care. where is a fannie letter on this matter, or like ansi. yous figure it out, not our problem.

 

[Digger88]

new MLS pics

 

[Tom D]

I'm big city ghetto appraiser. What am i looking at here, beside someone's ego.

 

[Fernando]

In MLS listings, I don't see the commission paid to buyers agent.
Now it's like commercial listings in which commissions need to be agreed upon before sending a buyer.

 

[Dublin ohio]

I'm big city ghetto appraiser. What am i looking at here, beside someone's ego.

Something that is pretty common outside of high density urban areas.

 

[norapp]

I sent an email to my MLS about 10 days ago explaining that appraisers use the MLS differently than realtors and why appraisers need to know the amount of the concessions and the reason. The brokers currently have 2 choices. Repair or professional services. Over the past week every closed listing that had concessions has the repair tab chosen. I know that is not correct. The term professional services is too vague and I myself didn't know what professional services means. I told them professional services is confusing and they need to change it to professional services/other. 95% of concessions are closing costs in this area and I know all the ones that listed repairs in the past week were confused. I got a call back and we talked about this. They agreed with me. I was informed that they can make changes to the concession tab after the 17th. The deadline was by court order for the changes to be completed by the 17th. They are still tweaking it, and he said he would bring this up and to give it a few weeks for the kinks to be ironed out. He said they have been as confused by all the changes and they are doing what they can to be compliant. I have to trust that it will be changed. BTW I thought this was only in New York where the suit was brought. I did not know it was nationwide.