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

[Zoe]

A contract is confidential between buyer and seller. I still think this is spurred primarily by buyer thinking they paid seller's agent commission.

 

[Zoe]

Many lenders require a fully executed contract be provided to the appraiser. That is good. I always require it.

 

[J Grant]

A contract is confidential between buyer and seller. I still think this is spurred primarily by buyer thinking they paid seller's agent commission.

A buyer in a sense, does cover the seller s agent commission in the higher price of the house, out of which proceeds the seller s' ledger side pays out the sales commission.

Teh whole thing is a scam in sense because essetnailly, the RE commission is financed by the buyer in a price to cover the commission, even though technically the seller "pays it" out of their proceeds side of the ledger at closing - if either side or both a, buyer and seller, had to pay, out of their own pocket the funds for the commission apart from the sale price, THEN and only then would commissions drop like a rock.

This new rules of do not put the listing and selling commissions on MLS as a solution is a joke - it is the same old same old just not disclosed on the MLS - makes it worse IMO not better.

 

[Zoe]

A buyer in a sense, does cover the seller s agent commission in the higher price of the house, out of which proceeds the seller s' ledger side pays out the sales commission.

Teh whole thing is a scam in sense because essetnailly, the RE commission is financed by the buyer in a price to cover the commission, even though technically the seller "pays it" out of their proceeds side of the ledger at closing - if either side or both a, buyer and seller, had to pay, out of their own pocket the funds for the commission apart from the sale price, THEN and only then would commissions drop like a rock.

This new rules of do not put the listing and selling commissions on MLS as a solution is a joke - it is the same old same old just not disclosed on the MLS - makes it worse IMO not better.

Selling broker and agents are required to disclose concessions on local MLS.

But, sometimes, you call the agent and what is on the MLS and what they tell you on phone or email is different.

 

[Zoe]

NAR requires local selling company to include appraiser ID on MLS listing and sale. I don't know if that is for members only. I don't know.

So if I appraise a sold property, my ID is listed on local MLS for others to call me if they want to.

 

[azbassman21]

This I believe - been thinking about this all day- is going to prove to be a disaster for appraisers. For those of us old enough to remember when we trudged from RE office to RE office hunting sales...back in the good old days...well, with the future sellers being on line...but perhaps dark regarding sales where do we get info? A lot of brokers and agents will leave the boards and not list with the MLS. They will perhaps, list with private MLSs or may list on Zillow and not Redfin, or on Trulia but not Realtor.com. So how are we going to search? And how do we know we have all the sales?

And why would a broker even share a listing with another broker? The only ones they will list will be the hard ones, the trash ones, the ones that don't move. They will cherry pick the easy sales and keep in house. Probably have some crafty listing agreement with the seller that basically makes the listing exclusive with them.

We know the law of unintended consequences is likely to bite everyone - Broker, agent, appraiser, and yes, even the stupid buyers and sellers who think this will decrease the cost of commissions. I bet we might even see the return of the 10% commission as Agents employ auctioneers to handle tough sales. And this could mean a flat fee for the broker, 10% for the auctioneer and the seller paying a couple thousand cash up front for the advertising. That's the model in my state where an auctioneer has to be a broker or engage a broker to sell a house. So, the typical advertising fee and 10% commission will be added to the broker's charges.

I would think this would only help our cause in the long run, if there is a future for residential appraising. If the data is that hard to obtain, they will certainly need someone looking for it.

I agree though, with every bit of regulation and lawsuit comes a whole new slew of consequences that probably make a few people rich and the rest suffer.

 

[J Grant]

I would think this would only help our cause in the long run, if there is a future for residential appraising. If the data is that hard to obtain, they will certainly need someone looking for it.

I agree though, with every bit of regulation and lawsuit comes a whole new slew of consequences that probably make a few people rich and the rest suffer.

It won't help our cause; they just expect more work for the same money.

 

[Mark K]

... if either side or both a, buyer and seller, had to pay, out of their own pocket the funds for the commission apart from the sale price, THEN and only then would commissions drop like a rock.

Much the same as income taxes. If the average wage drone had to pay quarterly out of their pocket like some of us, they'd realize how much the gov't is stealing and taxes and all of the welfare programs would drop like a rock.

 

[Fernando]

I still don't understand the fuss. In the past, sellers always had opportunity to negotiate the commissions with listing agents.
Many Americans don't know how to negotiate.
Sellers interview many listing agents and decide who offers best terms. Not always lowest commission is the best.
Experience, knowledge, and good negotiating skills are important qualities in getting a good agent.

 

[David S]

1. Buyer agents must have a written representation agreement; this is nothing new; it is just being enforced rather than NAR advocating.
2. Compensation is no longer permitted in the MLS. All agreements are negotiated outside of the MLS.
3. Buyer concessions can be in the MLS.

It seems that buyer representation has been altered. The new policy implies that buyers who don't want to be clients would be accountable for scheduling their own appointments, and nobody would assist them directly, which means the buyer would be unrepresented. Apart from NAR's payment of $418M, I don't notice many differences.

Lots of changes on going.