Friends.
I want to share with you, some calming information regarding all of the controversy that has recently been surrounding Real Estate. The forms and administrative rules and requirments effect the buyers and the sellers much less than it sounds!
The new laws outlined in the lawsuits of recent months (actually years) define the way sellers and buyers will engage with REALTORS* under agency, how the compensations will be paid, and where an agent will be advised of such cooperation.
"Compensation offers have been moved off the MLS: NAR has agreed to put in place a new rule prohibiting offers of compensation on the MLS. Offers of compensation could continue to be an option consumers can pursue off-MLS through negotiation and consultation with real estate professionals. And sellers can offer buyer concessions on an MLS (for example—concessions for buyer closing costs). This change will go into effect on August 17, 2024.
Also...
Written agreements for MLS Participants acting for buyers: While NAR has been advocating for the use of written agreements for years, in this settlement they have agreed to require MLS Participants working with buyers to enter into written agreements with their buyers before touring a home. This change will go into effect on August 17, 2024."
When you need the assistance of an agent (and it is not a good idea to do it yourself in these days) you absolutely must understand "agency" and how it benefits you to have an agent. It IS a profession, agents ARE educated...thoroughly! I, as an agent, must take continuing education every two years and there are specific requirements for education - ethics, law, fair housing, and agency, including all situations and scenarios that come under each topic. It is all public knowledge, going onto the Maryland State website and the Maryland Real Estate Commission website to further familiarize yourself.
You absolutely should be using a buyer's agent for many reasons anyway...one thought that comes to me is that if I had to go into court in a situation where I needed to be represented, it would not be by the other participant's attorney!
You absolute must understand your responsibility as a seller or buyer, how the new compensation rule does or does not affect you and how it has changed...you will see how uncomplicated it is for you.
So please trust me as your agent. I have experience in both residential and commercial real estate and I understand the very differences that many don't understand. I also have a Maryland Home Improvement License for residential repair and rehab and for qualifying sellers or buyers (however it is negotiated), I can perform the work and finance certain required repairs until closing through my contracting company. Thanks for stopping by!
*Know the difference between a Realtor and a Real Estate Agent not engaged with the National Real Estate Association.
Straight Source Real Estate Brokers, LLC
Office Located in Bowie, MD 20716
License Number: 614119
Hours: Monday - Sunday
8:00 am - 8:00 pm