Here we are less than 30 days away from historic change in the real estate industry and it seems like the only people who are ready are those in the mortgage industry. While FNMA, FHLMC, HUD, and the VA have all weighed in on how to address the changes in real estate commissions and how they are to be handled on the mortgage side, I am still waiting to see and hear about how the actual real estate side of things are going to be handled and how all the questions around these changes are answered. While I have many questions yet to be answered, here are the SEVEN I would like addressed so we can all move forward together:
1. What does the new listing agreement look like and what states and real estate boards have approved it?
2. Has anyone seen a copy of the buyer and agent agreement yet and what states and real estate boards have approved it?
3. How long are these new buyer agreements good for?
4. Can these agreements be voided?
5. Can a client and an agent have more than one agreement or can there be multiple agreements with the same or multiple agents?
6. What happens to current listing agreements? Are they voided, grandfathered, or how are they to be handled?
7. Has anyone seen any official paperwork from any MLS or state regarding the actual forms to be used and signed for new listings, old listings, or buyer agreements?
I have talked to many people both locally here in Florida, as well as my connections around the country, and yet, nothing. So how are we going to get this all done by the August deadline? Is there really an August deadline? Are we going to see the “can” get kicked down the road? With less than 30 days to go, I wonder how it will all come together? Any feedback would be appreciated!
Questions or comments: This email address is being protected from spambots. You need JavaScript enabled to view it.
