100% confused! If the homeowner is unaware of fudiciary responsibilities because of confusing contract language, I forsee nothing but buyer/seller agent scams to the homeowner. Buyer and seller agents have to work together in financial responsibilities within their designated area, if buyer/seller agents have something "under the table" this becomes a manipulated monetary loss for the home owner. Let's face it, everyone claims they are honest when asked. Thanks for trying to break it down for your viewership.
I think there will be a host of confusion for the first 2-3 months after Aug. 17th, 2024. The biggest hurdle will be how in the world will a buyer's agent get paid? And will the buyer have the ability to pay their agent if the case arises. If there is no agent-to-agent discussion before an offer is written (asking a seller for some type of concession)-never asked/written into the offer, the responsibility falls to the buyer. In some cases, the buyer will simple be unable to pay their agent and in turn be unable to purchase the home. The buyer may be forced to "fire" their agent and go directly to the selling agent to try and buy the home. This will be an impossible task due to the "protection period" for the buyer agent (protecting commission if a buyer tries to purchase a home without the use of buyer agent services) --- I foresee some headaches and nightmares on the horizon....
100% confused! If the homeowner is unaware of fudiciary responsibilities because of confusing contract language, I forsee nothing but buyer/seller agent scams to the homeowner. Buyer and seller agents have to work together in financial responsibilities within their designated area, if buyer/seller agents have something "under the table" this becomes a manipulated monetary loss for the home owner. Let's face it, everyone claims they are honest when asked. Thanks for trying to break it down for your viewership.
I think there will be a host of confusion for the first 2-3 months after Aug. 17th, 2024. The biggest hurdle will be how in the world will a buyer's agent get paid? And will the buyer have the ability to pay their agent if the case arises.
If there is no agent-to-agent discussion before an offer is written (asking a seller for some type of concession)-never asked/written into the offer, the responsibility falls to the buyer. In some cases, the buyer will simple be unable to pay their agent and in turn be unable to purchase the home. The buyer may be forced to "fire" their agent and go directly to the selling agent to try and buy the home. This will be an impossible task due to the "protection period" for the buyer agent (protecting commission if a buyer tries to purchase a home without the use of buyer agent services)
--- I foresee some headaches and nightmares on the horizon....