The NAR Settlement Changes THIS For Realtors
HTML-код
- Опубликовано: 20 сен 2024
- The NAR Settlement has brought shockwaves around the real estate world, especially for buyers agents. Tiffany Webber breaks down and explains the lawsuit to a group of real estate agents in North Carolina.
If you're a real estate agent or real estate professional looking for tips and tricks to better handle your real estate closings, then the Real Estate Show Podcast is for you!
#realestateclosing #realestateattorney #realestatetips
Gear Used To Make This Video:
Camera: amzn.to/49bJ3cy
Main Lens: amzn.to/3xked41
Audio Recorder: amzn.to/3VFCM5X
Podcast Mic: amzn.to/4adlGki
Main Light: amzn.to/3xfn6Mr
Softbox: amzn.to/3Vvj8td
Wall Panels: amzn.to/47PdvsL
Tiffany Webber is a real estate attorney and owner of Thomas & Webber, a real estate law firm in Mooresville, North Carolina. They handle both commercial and residential real estate closings, estate planning, and business formations.
If you'd like to work with Thomas & Webber, please email info@thomasandwebber.com
-
-
-
-
-
-
Thomas & Webber
514 Williamson Rd.
Suite 421
Mooresville, NC 28117
704-663-1600
www.thomasandwebber.com 
Развлечения
Buying a stock is easy, but buying the right stock without a time-tested strategy is incredibly hard. Hence what are the best stocks to buy now or put on a watchlist? I’ve been trying to grow my portfolio of $260K for sometime now, my major challenge is not knowing the best entry and exit strategies... I would greatly appreciate any suggestions.
The market is volatile at this time, hence i will suggest you get yourself a financial-advisor that can provide you with entry and exit points on the shares/ETF you focus on.
Due to my demanding job, I lack the time to thoroughly assess my investments and analyze individual stocks. Consequently, for the past seven years, I have enlisted the services of a fiduciary who actively manages my portfolio to adapt to the current market conditions. This strategy has allowed me to navigate the financial landscape successfully, making informed decisions on when to buy and sell. Perhaps you should consider a similar approach.
Could you possibly recommend a CFA you've consulted with?
"Angela Lynn Schilling" is the licensed advisor I use. Just research the name. You’d find necessary details to work with to set up an appointment.!
Thanks a lot for this recommendation. I just looked her up, and I have sent her an email. I hope she gets back to me soon.
I like how she stands up for realtors. And how unfair the media portrayed us.
Thanks for watching :)
we want objective and factual information not someone standing up or advocating for anyone
@@mikesmith1702 its not necessarily advocacy as it is setting the record straight
@@paroffice facts are fact and it's unfortunate that most agents can't accept the truth.
@@TheRealEstateLawyer Warren Buffett appealed the Burnett v. NAR et al GUILTY verdict all the way to the Supreme Court. The Supreme Court refused to hear his appeal. Your industry is a cartel. Why are you lying to these agents who are probably already terribly confused.
Thank you for the clarification. There are options and change is always ever present.
Your videos are very much needed and appreciated in this time of flux
Thanks for the encouragement John
Be careful. She's probably on NAR's payroll and is hired to spread propaganda. Her job is to string you agents along, without telling you the truth about what is about to happen. Never trust an attorney who works for a cartel. She's using you.
You are amazing, thank you. Back in the days, listing agents were custom to double pop, now seller doesnt want to pay commission to buyer agent? i hope Buyers stand up to ask for their own repression, if buyers have to pay the fee, they will ask to lower listing price anyway.
Realtors said they negotiated commissions but they didn’t and had the MLS database in their pocket unless you paid up. Now the buyers who sign with a broker will be at a disadvantage. Realtors have to find a way to continue forcing the Seller to pay for the Buyer’s broker. A buyer who signs an agreement to get the seller to pay is gonna be tough. Everyone knows the MLS database is everything
An excellent break down and i thank you. The real frustration comes from buyers that feel they are amongst piranhas. getting eaten alive by this claim or that. The thing is the market way to pressured. this case did nothing to help any of it.
take utah where i live for example. everyone thinks there house is a million dollar house. I'm ready to smack any one that wants to defend the worth because property taxes will gladly go up if houses sell at those prices. it's an ultimate loss for all sides to massage a pressured market. again thank you for the in depth break down I greatly enjoyed you clarifying the finer points.
Thank you SO much for this. My biggest question is what’s the big deal with coop being on the MLS? Especially since the lawsuit specifically said “if there is another website….” It makes me wonder if all of this is part of something larger that will drive subscription to yet another service…
There are already so many monthly subscriptions as it is with real estate, too.
In Hawaii realtors demand 6% for home sales and 10% for all land sales. And they tell all clients it is not negotiable period. Then they write a contract and expect you to sign or they refuse to list your parcel. This is common practice on the Big island of Hawaii.
"Everybody else pays the buyer's agent this much of a percentage, so if you want to have a good chance of marketing your property, then you have to do that."
That's a great quote. If buyer's agents will not bring buyers to your property because you are not offering a buyer's commission, this is illegal. It's called steering. The buyer's agent is a fiduciary of their buyer and must do the best thing for their buyer. If the house being sold best fits what the buyer needs, then the home should be shown to the buyer, regardless of the commission being offered by the seller.
Because sellers and their listing agents knew buyer agents were acting illegally through steering their buyers away from low commission offers, both the listing agent and seller were compelled to offer high buyer agent compensation.
The NAR settlement is a big win for consumers!
I agree with this, but sometimes its not necessarily that the realtor wont show your home that offers $0.00 in pay to him. Its that the buyer doesnt want to bring that extra money to close or maybe even can’t do it. Then its not steering anymore its just an unfortunate situation.
In real estate, there is something called seller credit. If the buyer needs some money for their agent, they can request it during the normal negotiation process.
There is no reason for the seller to post a predetermined agent seller credit before negotiations.
Steering refers to an llegal practice of directing a prospective homebuyer toward - or away from - a particular neighborhood or area based on legally define protected characteristics. These federally protected classes include race, color, national origin, religion, sex, familial status (having children under 18) or disability. So, what is the protected class assoicated here? While it would be a violation of NAR code of ethics for a REALTOR to show or not show a propery based only on the commission, this is not illegal and for real estate agents who don't belong to NAR, the code of ethics don't apply! There are only changes from this settlement! The first is tha any offer of compensation to a buyer's agent will not be made on the MLS! IMO Smart sellers will still offer a realitic BAC. The only other change is REALTORS will have to have written Buyer Agent Agreements. Note: Unless the state had laws regarding written buyer agent agreements, then non NAR REALTORS are not obligated to have written Buyer Agent agreements. As someone who has made use of Buyer Agent Agreements for a long time, nothing changes except more time will be spent by agents to figure out if a Buyer's agent commission is being offered and if the buyer's will want to, or even can afford to see a house where there is no buyer's agent commison, or the commission is lower than what the Buyer's agent contract provides for.
@@scientificapproach6578 any agent or buyer who does not want to waste time looking at houses will still want/need to know what if any buyer's agent commission is being offered! So ignroant sellers who don't offer buyer's agent commission will reduce the number of buyers wanting to see a property. Since, competition by definition means more people wanting whatever it is, not offering buyer's agent compenstaion will decrease competiton.
@@mitchrolsky992 love this thank you
Sellers never pay the buyer's agent's commission DIRECTLY because they pay the commission directly to the seller's agent brokerage and then, the seller's brokerage pays the commission to the buyer's brokerage, simple like that here in Florida.
Found out my agent in Florida when selling our home became the buyer agent also. Wasn't told. Day before closing our agent gave a key to the buyer to our home to do minor changes before closing. We only found out by happening to go by old home for security since we had moved out already. Especially dangerous with insurance problems. Our agent never asked us regarding giving a key to our home before closing. Believe being both agents also illegal in Florida. Any thoughts.
KCRAR agents in Missouri have also had policies and buyer agency agreements for years that break down buyers responsibility. So although a few Missouri agents may have been involved the majority by far were doing it the same as in your state with clear agreements.
I do not understand why anyone would go into the RE business when unlike before, there will be no commission paid to the agency or broker who represents the buyer (good luck with that and good luck with the listing agent sitting in all open houses). Before the court ruling a 5% commission (or whatever was negotiated) was split between the listing agency and the agency and broker that represented the buyer of the house. If an agency or broker made 50% of their income from listing houses and 50% from selling not their own listings, then after July 2024 they will be missing 50% of their income or more because sellers will negotiate the 2.5% commission down to 1.5-2.0% leaving even less money for the RE agency and broker.
That's why about a 1,000,000 agents will be 'fired' this summer.
That’s not accurate
This is a huge problem. It will put a lot of agents out of work.
@@NoneFB That was the goal of the litigation (to reduce costs for America's homeowners).
What about all the people out-of-work?
From Kentucky…Thank you.
Show love to iron land 🫡🫡🫡
Phenomenal video. Best I’ve seen yet on this topic. Just wondering the role that implied agency will take in the new requirement for buyer agency agreements
How are buyers going to see homes without buyers agents letting them in unless listing agents let them see home. Thats more work for listing agents unlike before where the buyers agents used lock boxes.
It is quite obvious she stands up for the realtors and not the people who have to pay them. And it is collusion if you say you don't want to pay x amount to a buyers agent, and your realtor tells you to find someone else, and every realtor out there does that..
You would make the offer of compensation via the negotiation of the purchase price.
Ultimately, the seller will choose the buyer that brings them the greatest $ after commissions are paid.
everyone is thinking the Seller's markets will continue forever! When it's a balanced market or a buyer's market, then sellers will be increasing buyer agent compesation to attract buyers from other listings
@mitchrolsky992 Why would a buyer pay their agent more when it's a buyer's market? The buyer should pay their agent less since there is more availability of product.
@@scientificapproach6578 You need to go back to school and study the laws of supply and demand! When supply exceeds demand then sellers will need to do more to help attract the few buyers thta exist! Great agents understand that you market to both buyers and to the buyer's agents. One way to do this is by increasing the BAC! it happens in every Buyer's market
What if you have already signed the buyers agent agreement before this was passed.
Great breakdown! Good information. I do have one perspective to share that doesn’t align with the seller offering compensation and having to be careful about discrimination. My take is that sellers won’t offer compensation at all. The buyer and buyers agent will have to ask in the contract for the seller to pay the buyers agent. Therefore no discrimination will take place. It will purely be a point of negotiation on the contract. Bottom line seller cares about their net.
Buying a stock is easy, but buying the right stock without a time-tested strategy is incredibly hard. Hence what are the best stocks to buy now or put on a watchlist? I’ve been trying to grow my portfolio of $260K for sometime now, my major challenge is not knowing the best entry and exit strategies... I would greatly appreciate any suggestions.
@@WalterDorcas The market is volatile at this time, hence i will suggest you get yourself a financial-advisor that can provide you with entry and exit points on the shares/ETF you focus on.
Very informative, do you think the SFR market might "freeze up" in August/September as the real estate market adjusts to this new norm? I just don't see a buyers agent taking folks all around to show homes if there is ANY chance they are not going to be compensated.
Seems to me the old rules allowed buyers agents to do anything they chose. There are bad apples in all groups and with the seller required to pay buyer's agents, those buyers agents didn't really have to do much other than show up and open the lock box. I know all realtors are not like this, but with the purchase of our last two homes, we had to find them ourselves... the realtors showed us junk and totally ignored what we asked for. So, I am happy to see buyer's agents being held a bit more responsible for their own compensation.
I'm assuming, of course, you can fire that agent if they are simply giving you the run aorund, which I will no longer hesitate to do.
@@MelodieLicht You could always fire your Buyer's agent and get a different one. You should have.
When I hear 'a large group of realtors', I throw up a little. I know 3 good ones but dozens of horrible ones.
Well this was 70 of the top agents in Lake Norman 🤷♀️
@@TheRealEstateLawyer top as in most sales? Whoopey. True top people in their fields are competent, creative and giving.
My question is what did they show that allowed them to win the case. The buyers and sellers rep agreement is very clear and explicit.
I think the allegations, the lawsuit is soooo bogus... I lay out tiers for sellers, too, down to the estimated seller's proceeds and buyer's estimated costs - which includes the commission for both sides. I explained the numbers, gave the sellers a copy and then negotiated the commission - 7% divided accdg'ly. If the sellers weren't amenable, then like you said, they could find another agent. Commissions ARE, REMAIN, are DULY negotiable. On either the sellers' / buyers' side - or BOTH. Hence, independent contractors under the auspices of a licensed broker. Here's another take on buying and selling real estate. You don't need a license to represent your little self.
Question. We cannot say that the buyers agent will get paid whatever the seller is offering. But what would stop us from changing the BA at a later time?
Nothing, so long as your buyer agrees!
Please assist Ironland (also great video)
Do you believe that buyers will be happy to pay a commission after all the expenses they have to do 9shoping for lenders, taxes, down payments, etc. etc.
Please help ironland
That was a lovely 40 minutes that I enjoyed every bit of it
I was considering getting my real estate license right when these headlines hit. I'm gonna wait to see how things pan out before switching into a financially uncertain career. Any advice?
I’m a realtor. I would do just that
Why wait to get your RE license? If you truly have a passion for real estate, then study and get your license. You do not have to quit your job. Wouldn't it be better to work in the business part-time learning how to work with buyers and sellers until you're able to transition into it full-time? But, hey, stay on the sidelines until you are ready.
I have 34 yrs. in the business. If you ask my advice I would wait & see what happens.
@6821hominy alright the changes happened and it’s not the end of the world. Join the industry
Very well done! Thank you.
I am here on the behalf of the Ironland Liberation front. Great video also🙏🏻🙏🏻
Please assist Ironland
Awesome clarification and presentation. Thank you!
Thank you.. You are an Outstanding Attorney!!
Unfortunately, the new agreement will not benefit home buyers who have scrimped and saved to be able to afford the down payment of their dream...the potential of having to come out of pocket to pay for Buyer Representation will probably send most folks directly to the listing agent for representation...It behooves both buyer and seller to have outstanding representation on both sides of the transaction. Not only for a smooth transaction and negotiations, but to mitigate the potential of litigation. What sellers need to know is that compensation to brokers is tax deductible (not true on the buy side), and should be viewed as a marketing cost to attract buyers. Of course, as Realtors, we do have a fiduciary duty to show all homes the client may be interested in, but they will also find out only through the offer, wether or not the seller will be willing to credit buyers. Those with the means to pay broker compensation out of pocket will, in my opinion, have an unfair leg up on all transactions, creating a two tier system of the haves and have nots...
With all this realtor agreement nonsense, I will want to see both agreements than. Because I want to know how much of the listing price is going to the seller's agent, so I can determine how much my agent should get. Because I'm not going to overpay for the seller's agent cost.
This is the stupidist lawsuit ever. Sue over 6% sales commission!!! But don't blink over paying a bank 130%-180% intrest. And what really is crazy you pay off the house in 15-30 years and sell it for a profit boom capital gains tax but your still in the hole due to intrest.
Assist the Ironland
Please assit ironland :)
Please
Please
Please
Please
Please
Thank you.
5% for what? Opening the front door for the seller.. those are the agents that need the reality Check. The zero effort 5 percenters.. (you know who you are)
please assist ironland!❤
Please assist Ironland!
help Ironland
It's very hard for Buyes to agree to pay. We need to have a "KISS" for all.
It’s called double dipping… I didn’t hire your agent.
Please assist ironland
You left out the part about certifying a national class action in your history. That's a big part of the puzzle and one that I don't completely understand since we all practice so differently across the country. Mind you, I'm a former class action attorney and totally understand how these work. I just don't understand how the plaintiff's attorney pulled this particular rabbit out of his tushy.
Realtor and attorney didn't show up at closing after putting home on auction website. Deed, title, and GIS all full of errors and missing pages. Same attorney is now representing neighbor to change property lines. Every attorney in 50 mile radius won't even hear experience once they know name of attorney. No idea what to do anymore... Home is paid for in full and I may lose it. Realtor was relieved of his duties and broker won't answer phone. Anyone have ANY idea who could help sort out this hot mess?
My guess is that there will be unintended consequences that will be really really good for real estate lawyers, which is NOT unintended.
You shouldn't tell the general public that they will only get $42 if they so choose to become part of the settlement. It sounds like you are on only the realtors side.
I get what she is saying, and there was a bit of humor intended. If you've ever been part of a class action, what generally happens is the settlement monies generally pay off the legal participants, larger class members and by the time it gets to you, it is less than pennies on the dollar. I get what she said.
IRONLAND IRONLAND IRONLAND RAHHHHHHHH PEW PEW
The sellers agents where conspiring with buyers agent by stating every seller pays buyer agent and even refusing to represent seller not wanting to pay buyers agent. How is this not conspiring. 99% of buyers agent value is available for free on the web. The only real thing the buyer does is show the house. Why is the seller agent not doing this. A 3% payday for opening a door. This settlement will fix a lot of things over time.
You can be angry about conspiracy, but saying buyers' agents only opens a door just shows why no one should listen to you.
@@michelleflamingoswell that's pretty much what our agent mostly did. We did all the home searches, the realtor mainly just did the paperwork and scheduled walk thus. Not saying that the agent didn't do anything, but probably not enough to warrant a 2%-3% possible commission.
You obviously do not have any idea what both seller & buyer agents do to get the whole home buying process to the closing table. You need to some how get educated.
Effective July 1, 2024, never hire a buyer's agent. They add negative value.
You obviously didn't pay attention.
@@TheRealEstateLawyer Your industry is a corrupt cartel. You are spreading propaganda to keep your cartel leaders happy.
@@livinginoklahomacityofficial You are incorrect. In 2008, I called the listing agent and asked to see my home without a buyer's agent. I was smart enough to know I'd get hit with the buyer's agent fee, as the seller includes it in the sale price. BUT, I was told 'no' by the listing agent, without explanation. Rigged, nasty, corrupt door opener industry!
@@larryjones9773so wait, you played this out on your own seller agent?
As a licensed and professional realtor in Missouri and Florida, it is unfortunate that the beginning of this great podcast starts out assuming and blaming Missouri realtors for fixing commissions and then that trickled down and affected your state of North Carolina and others. As a real estate professional I am sure you are aware there are some “bad apples” in every profession and in every state as you finally mentioned 1/2 way through. Also, as noted accused in litigation does not make it a fact. We do have a buyer’s agency agreement and have for years in Missouri just like your state. So I would ask before you do a podcast and throw under states under the bus, go back to the code of ethics we all should follow and try not to slander other realtors especially without having all of the facts.
As a buyers agent how are you collecting your commissions going forward? Are you going to charge buyers upfront?
I think you've accidentally thrown Missouri agents under this bus..by saying 'we already do this. Our forms are clear"
As a Lic agent in Missouri and Texas: these agents are also saying "we already do this" in regard to forms.
"our documents are already specific about agency and how commission is paid"
I would agree there may be a " a few bad apples" in the attorney world who are advertising and charging a 'standard' percentage of $ awarded in a law suit.
Looks like they are punishing (?) the Realtors x helping the buyers on this SETTLEMENT
Good grief. Just skip the realtors and go through a real estate attorney.
you have no clue how expensive attorneys are compared to Realtors
I cannot tell you the number of times, after extensively researching the homes my clients want to see, that I was able to discern if a home was overpriced. We would put in an offer at market price, kindly explaining and showing why we offered at that price, but which would then be rejected. Those homes would then sit on the market for months and eventually sell for even less than market price, but long after my clients needed to be in a home, And probably long after the owner wanted to be out of theirs. But I guess you would allow your clients or yourself to pay tens of thousands of dollars or more over what they should have paid, including the added property tax bill to come, all for the sake of not having a buyers agent. And this was not infrequent. And that’s just one of many ways buyers agents help save their clients’ sanity and savings. Zestimates are just that, an estimate. A very short time in the industry made it very clear they are not accurate.
The listing agent will (rightly) negotiate in the best interest of their seller, so if your real estate attorney is not a great negotiator and trained ongoing in all things pertaining to a real estate transactions, then you are short changing yourself.
A good buyers agent spends a great deal of hours taking care of all aspects of the transaction, making sure all the paperwork is in order, helping our clients avoid legal, financial and structural pitfalls (there are many), Keeping heads cool when there is conflict between parties, and at times even contributing our own money to help make the transaction is successful for our clients. To imply there is no added value is misrepresentation, at best.
@@juliearmstrong9099 💯
I called like 3 real estate attorneys. They all laughed and said you need to use a realtor until you have an agreement in principal in place. None said they would show me houses, run comps or answer my questions about the market or home.
Her opinion is not true
Thank you for breaking down the document because I sure didn't want to read that lol!
Please assist Ironland!
Please assist ironland
Please assist Ironland
Please assist ironland
Please assist ironland
Please assist ironland
Please assist Ironland
Please assist Ironland