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filler@godaddy.com
At Atomic Realty we have always embraced change. After July 10, 2024, No longer will the Seller of a property be directly paying the Buyer's Broker. The Seller will be responsible to pay their listing Broker and the Buyer will be responsible to pay their Buyer's Broker. Sounds pretty fair, paying more doesn't always get more.
As we say, change is the only constant. As of July 10, 2024, this is what is changing. The following is an update on the steps the Santa Fe Assoc of Realtors has taken to comply with the terms of the National Association of Realtors Lawsuit Settlement and a brief review of the resulting changes to the Multiple Listing Service (MLS) .
The National Association of Realtors
The NEW RULES -THE BOTTOM LINE –
1) SELLERS WILL PAY THEIR LISTING BROKER.
2) BUYERS MUST HAVE A WRITTEN AGREEMENT WITH A BROKER TO BE SHOWN OR MAKE OFFERS ON HOMES.
3) SELLERS WILL NO LONGER BE DIRECTLY OFFERING THE BUYER'S BROKER COMMISSION ON THE MLS. BUYERS, SOMETIMES WITH A SELLERS CONCESSION, OR THE LISTING BROKER WILL PAY THE BUYER’S BROKER.
We at Atomic Realty believe everyone deserves to earn a living from their work. Below is how we believe Brokers are going to get paid for their work.
Sellers:
LISTING BROKERS-
ATOMIC REALTY WILL LIST PROPERTY CHARGING $599 AT THE TIME OF LISTING AND 1.5% COMMISSION CHARGED TO THE SELLER TO BE PAID AT CLOSING FOR ATOMIC REALTY'S SERVICES.
Compare what we do and what we charge to others. We;
1) Market your home on the MLS, Zillow, Realtor.com, and others,
2) Take high quality photos. We own professional grade cameras.
3) Create a 3D walkthrough of your property. Which buyers can measure rooms online
4) Provide a floor plan to share with buyers.
5) Provide “For Sale” signs and directional signs.
6) Market your home on social media.
7) Showcase your home with open houses.
8) Coordinate all showings, with Buyers and Brokers.
9) Present, discuss, and provide insight into ALL offers, counters, disclosures, tax docs, HOAs, etc.
10) Coordinate with Buyer’s and their Brokers following up with all the parties of the transaction to make sure it is timely and working to close.
11) Coordinate private party inspections, appraisals, and the other parts of the transaction.
12) Atomic Realty will coordinate with all the institutional parties in the transaction, Banks, Title Companies, and other Brokers.
Sellers will no longer be directly offering the Buyer’s broker commission on the MLS. The Buyers will be paying their own Broker, or the Listing Broker may pay the Buyer's Broker.
If the Buyer is paying their own broker, the Seller may offer a concession and/or the buyer may request a seller’s concession in the offer to purchase to pay the buyers broker. The Seller can
a) Accept the concession,
b) Delcine the concession or,
c) Negotiate the concession amount.
The Listing Broker may pay the Buyer's Broker. If this is so the listing commission will be need to be high enough to pay the Buyer's Broker and there will be no negotiation with the Buyer on this.
The Sellers’s net – Who pays what concession is not very important. What is important is how much does the SELLER net and what contingencies does the Buyer waive (i.e. inspections appraisals) If a Buyer makes a lower offer than others but requests a lower concession or pays their Broker directly without requesting a concession at all, the seller may actually NET more money and find the lower offer with smaller concessions or no concessions to be more attractive.
Buyers:
Another requirement of the NAR settlement is that ALL Buyers must sign a Buyer’s Broker Agreement with their Buyer Broker prior to being shown any property. Within the Buyer Broker Agreement, there will be a way to specify how the Buyer’s Broker will be compensated in the event the Seller is not offering a concession to the buyer or is offering less than the amount agreed to in the contract.
Buyers - IF ATOMIC REALTY IS WORKING WITH A BUYER ATOMIC REALTY WILL WRITE A BUYER'S PURCHASE AGREEMENT WITH THE BUYER PAYING ATOMIC REALTY not 3% not 2% BUY ONLY 1.5%, PAID AT CLOSING EITHER FROM A SELLER’S CONCESSION OR FROM PERSONAL FUNDS.
Buyers - Why is a low Buyers commission important? Because if the Seller nets more money they are more likely to accept the offer. The Sellers’s net – Who pays what concession is not very important. What is important is how much does the SELLER net and what contingencies does the Buyer waive (i.e. inspections appraisals) If a Buyer makes a lower offer than others but requests a lower concession or pays their Broker directly without requesting a concession at all, the seller may actually NET more money and find the lower offer with smaller concessions or no concessions to be more attractive.
Buyers - A seller’s concession MUST be asked for by the Buyer in their “offer to purchase” because both the Buyer’s bank and title company need to be aware of any concessions and the purchase agreement is where this occurs.
Instead of requesting a Sellers’s concession a Buyer may want to pay their Broker (The Buyer’s Broker) a fixed fee or a percentage of the listing price commission at closing out of the buyer’s personal funds for the Buyer Broker's services.
FSBOs - Brokers showing a property on behalf of the seller do not need a buyer broker agreement, however as soon as they begin discussing making an offer of any kind in which they would potentially represent the buyer, then the Buyer must have a Buyer Broker Agreement.
07-08-24
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