Major Changes in Real Estate: Important Buying Rules You Need to Know!

Hey everyone! 📢 Big changes are coming to the real estate industry, and as your trusted real estate agents in Central Oregon, we’re here to break down what you need to know. 🏡
In light of the recent NAR settlement, buyers will now need to sign a representation agreement with an agent before viewing homes. What does this mean for you? We’ll cover:
The importance of choosing the right agent you know, like, and trust.
How these new rules can actually benefit you.
How agent fees will be handled moving forward.
It’s more important than ever to start your home search with an experienced agent. If you’re looking to buy or sell real estate in the Central Oregon area, my team and I would love to be your resource of choice. Reach out to us at krommrealestate.com or find our contact info in the description below.
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John & Shannon Kromm
Kromm Real Estate Team at Real Broker
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[@moreliberty1]

For a while, we were buying about one per year, but haven't bought since interest rates moved upward. In my experience, and for my preferences, agents are valuable. I would never want to deal with the transactions myself, but like you said, I'm happy for those who prefer doing the work themselves. It's similar to hiring professionals for home improvement projects versus DIY. I prefer to hire professionals because every time I DIY, I end up spending more money on tools and supplies than I expected, and am left underwhelmed by the results (yes, definitely a skill issue).

[@amanacatandhisdog8836]

I had a great buyers agent. It was a friend of my parents. Please don’t let the builders agent represent you either.

[@moreliberty1]

As a buyer, I am warm to the idea of paying upfront so that the agent does not work for free if a transaction doesn't materialize. In practice, I've never aborted a house search, but the freedom of the buyer to end the representation having paid nothing has always seemed unhealthy, even as the benefiting party.
I'm guessing the contracts you describe that, in most cases, still end up being fulfilled by splitting the seller's commission in a transaction, may include clauses about the buyer paying something if the representation ends prior to a transaction occurring. Am I wrong there?

[@KrommRealEstate]

One, I don't think we have seen the official NEW contracts yet. In the agreements we currently have and have used before, it's always predicated on closing a sale. Nobody ever gets paid unless you close the deal. There's also currently a get outta jail free card in there, too. So the relationship can just, end, without penalty, but I don't know if that's staying in the new version or not.

[@harveypaxton1232]

If the buyer's agent is not paid by the seller, your property will not sell. Simple fact.