Today, we're diving into the
essential steps buyers need to take before viewing any property, especially
considering recent changes by the National Association of Realtors® [NAR® for short] that impact
all buyers and sellers.
Step 1: Familiarize Yourself with
the New NAR® Rules
Did you know a REALTOR® working with a buyer
cannot show a property without a clear written agreement between the agent and
buyer before touring a home [physically or virtually]?
Due to the NAR® settlement, our local
MLS has implemented large fines for its members if recent changes are not
followed. You need to understand how your chosen buyer’s agent can represent
you. For example, do you want customer or client-level services?
To understand the difference,
check out this video for a clear explanation:
https://youtu.be/kEL9hWwQZpk?si=TSosUESYhLVZi0lY
Also, discuss who will be
compensating your real estate agent. It’s very important to talk about this
before viewing properties.
This should be clearly defined in
the written agreement between you and your REALTOR®. There are real estate fees the buyer will be
responsible for paying. Negotiating the cost of them with the seller could be
an option if there is no cooperative fee being offered on the property of
interest.
Have we sparked some questions?
You are always welcome to reach out to either of us for more clarity.
Step 2: Choose a Knowledgeable
Real Estate Agent
Experienced real estate agents
who are straightforward and understand the new rules can best guide you through
the buying process.
This is crucial! Interviewing
agents before you start looking at properties is a smart move. You want to find
a REALTOR® who truly
understands your needs, can provide valuable insights, and negotiate
effectively on your behalf.
If an agent is not explaining in
detail how you, as the buyer, can be represented or how the agent will be paid,
that should be a big red flag.
Step 3: Secure Financing
Pre-Approval
Before you start viewing properties,
make sure you have a mortgage pre-approval. This helps you understand your
budget and makes you a more attractive buyer to sellers. A pre-approval letter
shows that you're serious and ready to make an offer. This step has always been
important, and if you are a cash buyer, be ready to provide proof of funds.
The three takeaways are:
1. Understand how the new NAR® rules impact you as the
buyer before viewing and buying a home.
2. Choose a knowledgeable,
straightforward REALTOR®
who can guide you through the new NAR® changes and the home-buying process.
3. Get pre-approved and talk to
your lender about your options, which may include some you hadn't considered
before.
By following these steps and
understanding how the new rules affect the home-buying process, you'll be
well-prepared and more confident as you start viewing properties. Remember, the
right real estate agent can make a huge difference, so take the time to find
the best fit for you.
Learn more from NAR® on Real Estate
Commission Facts!
https://www.realestatecommissionfacts.com/
Brandi Cook + Vikki Crossland
803.645.3325 | info@aikenhomes.com
Meybohm Real Estate
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