With just over a week before the changes agreed to by the National Association of REALTORS® (NAR) in its lawsuit settlement go into effect, the Consumer Federation of America (CFA), a non-profit that has been sharply critical of the real estate industry, released guidance aimed at consumers ostensibly meant to help buyers and sellers through the new process.
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For the CFA to say Brokerages and Realtors are unscrupulous or not to be trusted is slandering those of us that have our clients best interests at heart and are very transparent. In 25+ yrs I have once encountered a broker in NJ who refused to pay commission , but that was out of greed and the court forced him to pay .
Did I read correctly they are also saying the buyer and sellers should offer to pay 2%? And avoid initial agreements that require compensation ? Isn’t this telling them up front “ You’ll be paying 2% to purchase this house? It doesn’t sound like a negotiation to me . In my location , I doubt very much a seller would not take the buyers agent commission into consideration. What is happening here is the public is going to lose trust in working with Realtors and end up getting hurt in the end without us.
Perhaps a class action with REALTORS who are the best of the best against these organizations is in order. NO ONE has touched what attorneys charge.
20 years ago our attorney charged 40% on a med mal lawsuit we filed. Who’s watching them?
Simply put: Sellers negotiate their selling Agents fees with their Agent. Buyers negotiate their Agents fees with their Buying Agent and sign Representative form.
Sellers Agent: Educates self on how to present to seller including how it would work and how Agent needs to complete the forms. Importance on compensation to Buyer’s Agent and how it “May” be negotiated.
Buyer: Negotiates with their Agent on how much they can/will pay and how it will be handled including the information that will “Go” in the contract.
Buyers Agent: Educate yourself of what your value is, explain why and how they would compensate you if negotiations don’t work with seller and learn how to complete the forms.
Is this basically the new guidelines?