There's still a fair amount of confusion about the new federal rules impacting buyers and sellers. What you need to know is that the new rules mandate two changes in practice, which are expected to take effect in August.
#1) In most cases, buyers will need to sign a buyer agency agreement before viewing a property with an agent. Even if you're not sure that you want to work with the agent for the long-term, you will need to sign an agreement.
At Mad City Dream Homes, we have always believed that you should be able to "test-drive" our services before you decide to work with us for the long-term. For this reason we will continue to emphasize short buyer agency agreements -- agreements that are as short as a single day or that apply to only a single property. The bottom line is you will never feel like you are being locked into a long buyer agency agreement when you work with our team.
#2) Seller offers of compensation to buyer brokerages will no longer be published on the MLS. Starting in August, offers of compensation will be communicated outside of the MLS and in some cases negotiated as part of the offer.
If you've been thinking of buying or selling, you probably have questions. We encourage to reach out to us so that we can answer all of your questions for you. There are some nuances as to how the new rules will be implemented, but in the big picture they won't change any of the services that you've come to expect from our team.
This article is published courtesy of:
Dan Miller, REALTOR
Mad City Dream Homes & RE/MAX Preferred
1619 Monroe Street #1, Madison, WI, 53711
