KSHB 41 reporter Grant Stephens covers issues connected to access to housing and rent costs. Share your story idea with Grant.
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There are big changes coming to the way you buy or sell a home.
These changes stem from a series of lawsuits intended to make the home buying process more transparent.
The changes take effect August 17th.
An agent working with a buyer will have to work out an agreement before the prospective buyer and real estate agent look at a property together.
KSHB 41 News staff
Home in Kansas City area
“When a real estate agent says, ‘Hey, starting August 17th, you have to sign this agreement,’ they’re telling you the truth,” said Holden Lewis with NerdWallet.
You may be familiar with the standard five to six percent commission rate you’d have to pay in the past.
It’s split between buyer’s and seller’s agents and is often baked into the total cost of the home.
The changes mean there’s now an extra layer of negotiation that could change that standardized fee.
“It’s gonna specify how much you’re gonna pay that agent,” Lewis said.
Realtors like Kathleen Spiking with the Rob Ellerman Team say it might change how contracts are written and how they’re paid.
KSHB 41 News staff
Kathleen Spiking
“They’re training us on what’s going on, what’s does this look like, how does it appear in a contract,” Spiking said.
But since she’s always been upfront with costs, it won’t change the day-to-day.
“Personally, for me, it doesn’t affect the way that I run my business,” she said. “I still have communication up front with all of my clients, whether they’re buyers or sellers, and I think maybe for people it would be further and more thorough communication at the beginning and during the process of buying a home,” she said.
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This article was originally published by a www.kshb.com . Read the Original article here. .
