NAR Settlement A Realtor and Lender chat through it 5

The NAR settlement has caused a lot of conversation the the real estate community! So we decided to do a break down of our thoughts on the matter.
First and foremost the 6% agent commission was always negotiable. The issue was realtors lack of ethics when it came to present this to their clients.
Second, this has a huge impact on veteran buyer who are NOT allowed to pay a real estate agents commission. This is based on the current VA rules & regulations around non-allowable fees. Could this change after a final ruling? Maybe, but the VA has not made a clear statement on this matter. They will be waiting till the final decision is made before changing any rules or regulation that were put in place to protect veterans.
Third, this is going to have a huge impact on first time homebuyers who WOULD be obligated to pay their agents commission. A rule of thumb has been for a first time home buyer they will need 4-6% of the purchase price to over their initial cost. With programs offer 3% down and having 3% extra for closing cost. Now, buyers may have to worry about an additional 0-3% in fees based on the agent they decided to work with. This could potentially put the American dream further out of reach for first time home buyers.
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