Beginning August 17th the new federal rules require a signed working agreement before you tour a home with a real estate agent. The good news for you is that you won't need to sign a buyer agency agreement if you don't want to. Instead, you can sign what's called a pre agency showing agreement.
A pre agency showing agreement authorizes your agent (and their firm) to show you properties and act as a neutral party during the showing process. In other words, during pre agency your agent can show you properties and share general market information, but they can't assist you by drafting an offer and engaging in negotiations.
Once you decide you want to draft and negotiate an offer to purchase, this will require a signed buyer agency agreement. With a signed buyer agency agreement, you are hiring your real estate agent (and their firm) to formally represent you.
If you're thinking of buying in the near future, you're likely to have questions. You can reach out to your Mad City Dream Homes realtor for some sound guidance. We'll answer all of your questions and help you make sense of the new rules.
This article is published courtesy of:
Dan Miller, REALTOR
Mad City Dream Homes & RE/MAX Preferred
1619 Monroe Street #1, Madison, WI, 53711
