HUGE Possible Changes for First-Time Homebuyers
Apr 08, 2024
I don't usually use a blog just to highlight another person's video, but in this case the information is too important not to. For my clients, their children, and even grandchildren, there are some big potential changes resulting from a legal settlement that can impact the way buying a house works. A lawsuit against the National Association of Realtors is resulting in uncertainty and possible upheaval in the way agents for buyers are being paid.
In this interview of Real Estate attorney Justin Meryer by Michael Clark of the National Referral Network, Justin explains the situation in more detail and with more clarity than I could. (https://youtu.be/K96GNHBZkCk?si=ewQftiVjHu6hew9t).
The two biggest areas of impact will be 1) first-time homebuyers may find it a lot more expensive to purchase a house because the buyers agent will no longer be paid out of the seller's usual percentage fee, and 2) home buyers using a VA loan may be out of luck in finding a buyers agent to help them find a home because VA loan rules specifically prohibit a buyer's agent from being paid. Stay tuned for more developments, and if you like the content from the National Referral Network, then please consider subscribing to the channel.
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