New nar rules for agents. will alternative models destroy the ease of appraiser getting that info.

[David S]

The seller never "had " to pay the so-called buyer's agents' commission !!

PEople are so naive and not well informed. Read a sales contract, very few have a line for a "buyer;s agent", it says selling agent or cooperating agent or similar verbiage. That agent brings the buyer but gets paid by the seller - I doubt it will change, this nonsense changes nothing, all they really are doing is not listing the commission splits on the MLS any longer.

Yes.
{The seller never "had " to pay the so-called buyer's agents' commission !!} But for so many years, seller ALWAYS paid buyer's agents' commission. That's the market. Now most sellers won't pay buyer's agents' commission. That shift will cause turmoil.

 

[J Grant]

Yes.
{The seller never "had " to pay the so-called buyer's agents' commission !!} But for so many years, seller ALWAYS paid buyer's agents' commission. That's the market. Now most sellers won't pay buyer's agents' commission. That shift will cause turmoil.

How do you, or anybody, know that from now on, most sellers won't can't [pay buyers s agents' commissions?

And again, whose agents never were true guyer 's agents -they bought the buyer to the property, but from day one, it was clear they would be on the seller agent line on the contract; that is probably what some buyers sued about but this settlement IMO does not fundamentally change anything.

 

[Zoe]

Yes.
{The seller never "had " to pay the so-called buyer's agents' commission !!} But for so many years, seller ALWAYS paid buyer's agents' commission. That's the market. Now most sellers won't pay buyer's agents' commission. That shift will cause turmoil.

They never have disclosed seller and buyer commission locally on MLS. The only place that has been disclosed is in sales contract and not on MLS.

I can see if an MLS disclosed it, then it could create problems.

 

[Zoe]

For me personally, I don't see a problem with disclosing it on MLS, but obviously some people do.

 

[David S]

delete

 

[David S]

How do you, or anybody, know that from now on, most sellers won't can't [pay buyers s agents' commissions?

And again, whose agents never were true guyer 's agents -they bought the buyer to the property, but from day one, it was clear they would be on the seller agent line on the contract; that is probably what some buyers sued about but this settlement IMO does not fundamentally change anything.

That's all this case about: nar can't imply or preset rule: seller pay buyer's agent (or coop broker) commission. So from now on, the high possibility is buyer's agent (or coop broker) will not get commission from the seller. If that happens, who will pay buyer's agent (or coop broker)?

 

[David S]

They never have disclosed seller and buyer commission locally on MLS. The only place that has been disclosed is in sales contract and not on MLS.

I can see if an MLS disclosed it, then it could create problems.

Right now even Redfin show how much the buyer agent commission is.

https://www.redfin.com/CA/Los-Altos/526-Lassen-St-94022/home/635923

 

[Tom D]

Indeed, Andrew C. Spieler, a distinguished professor in business and finance at Hofstra University, likens real estate agents to travel agents. Like travel agents, realtors were once the “gatekeepers” of information. They had access to MLS listings that consumers couldn’t find on their own, so buyers had to be much more “dependent” on their agents to even start house hunting, Spieler tells Fortune.

“You just don't need them,” he says in regard to both travel agents and real estate agents. “I mean, there's still a few out there, but it's going to compress the industry.” Spieler is an award-winning academic who has won several industry awards for his real-estate research.

It’s not rocket science, he says. It’s the internet. Online, homebuyers have access to nearly all the information they’d need to purchase a home. On websites like Zillow and Realtor.com, consumers get almost all of the details they’d want to know, plus photos of the property.

 

[Raven59]

That verbiage is critical. Now the seller doesn't have to pay buyer agent's commission. The buyer might have to pay their agent's commission out of the pocket. The ripple effect is: which buyer is willing to pay buyer agent's commission and for how much. They will say:" I can do everything except writing the contract. Why I need to pay you so much?"

The seller never had to pay the buyer agent commission. Nothing has changed except putting it in writing. The general public perceived the seller as responsible for the commission, but I attribute that to poor communication with the agencies on both sides.

 

[berniek]

The purchase contract is between buyer and seller. Commissions do not belong in the purchase contract, they must be handled separately between the buyer and their agent and the seller and their agent.