Major VA Loan Update for 2024
Вставка
- Опубліковано 5 лип 2024
- VERY IMPORTANT:
1) As of August 10th Veterans will be able to pay real estate agent commissions when they buy a house
2) Because of the NAR Lawsuit as of 6/24 starting in August all buyers who are working with a real estate agent will need a signed buyers agreement which lays out how the real estate agent will be paid
3) Both the time period committed to agent and the agents fees are negotiable. In this video I cover the change and discuss how I personally would be looking at it if I was buying a home. This is not intended to set a price or be legal advice. This is my personal opinion. YOU can negotiate whatever you and the Real estate agent agree. Always discuss with your real estate agent or a real estate attorney. Every persons situation is unique and what is best for you in terms of negotiating is your call.
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Timestamp:
0:00 Intro
0:09 Explanation of the lawsuit
0:20 Changes to commission payments
0:41 Real estate transaction fees
1:03 Impact on veterans
1:09 VA's new policy effective August 10th
1:22 Future challenges for buyers
1:31 Explanation of buyer agreements
2:03 Negotiability of commissions
3:00 Misleading buyer agreements
3:30 Setting reasonable commission rates
4:06 Avoiding overcharging by agents
5:16 Choosing experienced agents
6:00 Issues with transaction fees
7:06 Importance of negotiation
8:00 Legal binding nature of agreements
8:45 Necessary lender documentation
9:03 Compliance and transaction fees
9:50 Negotiating the term of agreements
10:28 Terminating buyer agreements
11:00 Seeking broker assistance
11:30 Warning about potential gaslighting
12:00 Final advice to buyers
12:25 Questions? Call me at 707-478-0637 or Book the Calendar!
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Jennifer Beeston, SVP Mortgage Lending NMLS 247743 at Guaranteed Rate, Inc. NMLS 2611 Branch Address: 1750 N University Drive, Coral Springs, Florida, 33071 Equal Housing Lender
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I will make my buyer's agreement specific to a property. And I will put into the purchase agreement how much the seller will pay the buyer agent commission. (It seems there is a standard addendum in my state for that). That way it is specified in a contract (that I can see) that is signed by the seller.
Good call.
I won't buy if a realtor is involved.
I'm a 100% disabled veteran. I also collect SSA retirement. Both totalling 4500k+ monthly. Never owned a home. I'm attempting to do so. Agents have different opinions on this. Which is far from comforting. Your statement : "This is all bullshit" is right on. Governmental involvement most always leads to more confusions........
It is definitely a mess right now, so just make sure that you’re not signing anything you don’t have to, and you’re very comfortable with whatever you do sign.
If you’re a veteran looking for an agent, look no further. I had some questionable things from the past and everybody and their mama said no or gave me a run around. Jen Beestons team, really went off the Va guidelines. No lates in 12 months etc and I got approved for a home and went into buying a home fully underwritten. From approval to closing it was about 35 days. Thank you guys for my new beautiful home!!! You guys are awesome. Veterans don’t hesitate to reach out, you’ll get your info cut and dry no bullshit.
:) I am so happy for you and we appreciate you so much!!:)
@@JenniferBeeston Hi Jen. Does this apply to 100%+ service disabled veterans as well?
Yes, we work with 100% service disabled veterans all the time and we can use that as income :-) feel free to give me a call to discuss 707-478-0637
100 % disabled permanent and total veteran here, Jennifer and her team just hooked me up a couple of months ago!! @@semperfidelis6235
Having been a listing agent over the last several years, it is my responsibility to educate sellers on the statistics of buyers who are represented by an agent. Depending on your market area, in the DC, MD, and VA (DMV), it is estimated that 80-90% of buyers are represented and if you are a seller, do you really want an unrepresented buyer showing up without the you even knowing if they are qualified. Setting expectations and being transparent in this market has been my key to success. I feel confident that any of my listings will provide a buyers compensation, if not, I will need to revisit whether this is the right client for me knowing that many buyers will not even view the property or have the ability to pay a buyers agent compensation.
Don’t forget if a realtor signs for 2% and the seller offers fees at 3% by this new law in August the realtor has to accept the 2%. With this new law a Realtor can’t even show someone a house without a signed agreement. Not to mention the lawyers increasing their fees in August also .
Looking forward to working with you in 2025. Have cleared up all my debt, just need to save for a down payment to reduce a monthly mortgage in CA. 100% T&P veteran with an entry level engineers salary.
I Alfred. I look forward to working with you as well. Just remember with VA you don’t need a down payment with full eligibility :-)
I appreciate your video from a Veterans perspective. Thank you .🤔🇺🇸
Thank you Don:) I am glad you saw I just want everyone to know what is going on and be protected
As a veteran and helping to keep America a free country I would charge the agent a 8 percent commission for keeping them free to do real-estate work .
Great video... well said.
Thank you!
This is exactly why we need all commissions removed from the sale price. Buyers have always had to pay for both agent's commissions and on top of that if you took a mortgage you are paying 30yrs of interest on both commissions. I support a pay for services render model where agents provide a menu of services w/costs and buyers/sellers select that they want.
It will be great to see if we see any menus like that. It will be interesting as there are a lot of big corporations and big names in the real estate industry that benefit from realtors commissions a la referral fees so curious to see what will happen there
Thank you for the information
This person is the reason for the lawsuit.
Thank you, John. I would love if I was able to inspire both lawyers and the DOJ to fight for better transparency for consumers. I have so many items I would love them to look into. Have a great weekend!
Definitely looking to use your service in the Fall/Winter timeframe to be in a home by March 2025. Saving now and paying debt!
Look forward to working with you
Thank you for this. ❤
No one is talking about this because the settlement is not agreed to yet there is already a one month delay. DOJ is weighing in, NAR is potentially pulling out of the agreement, the buyers lawyers for the settlement have rejected the settlement and we are all waiting for direction and decisions. The states have not changed their statutes, real-estate commissions have not changed their forms, NAR has not given any new guidance and the MLSs are tight lipped. What a mess. Stand by......
100% mess. Meanwhile we have buyers being presented with agreements already that are for as long as a year etc...
Verygood
We bought our home in VA in March and we had to sign a buyers agreement, they didn't explain anything. Never doing rocket again either BIG MESS! I will call you sooner! Your amazing thank you for keeping us updated!❤
Did rocket refer you to the agent?
@@JenniferBeeston no.
That’s good.
Thank you for this information 💗🌷
Happy to help!
Good info thank you for the update
Any time!
Do yourself a favor and educate yourself on how to use a "Title Company" (via For Sale by Owner) and bypass the realtor all together. Negotiate directly with the Buyer/Seller.
Please know that you can back out of the agreement. Just let the realtor know and they'll send a mutual termination agreement. It's a little sticky if you're already under contract with the realtor, though. Communication is very important on both ends. 🙂
Hi Marquita ❤️❤️❤️
@@JenniferBeeston Hi Jennifer!! 🤗
great video with sound advice
Thank you. I appreciate the comment
10:16
Absolute best response to that question! Would love to use it if it didn't put me at risk of getting blacklisted to oblivion.😅
Transaction fees were not a thing until the last two years. I was actually talking to one of my good friends who is a real estate agent the other day and I was telling her how so many agents are charging transaction fees. She was horrified. She literally said I make more than enough to pay for the people that help me with my paperwork. That’s the thing , back in the day agents used to do their own contracts and follow up on their own deals. Now everybody has a transaction coordinator whether they do one deal year or 300. Really unless you’re doing a ton of business you don’t need a transaction coordinator, but so many brokerages have just trained agents to have a transaction coordinator and not really learn how the contract works.
This is what I keep hearing too. Everyone I speak with says that the standard, by law commission is 6%.
There is no law that sets commissions
6% is customary in sone areas not others
Everything in real estate is negotiable
Will agents work for nothing? No. Neither will anyone else
There is no set commission. If you have a buyers agent asking you for 6% that is crazy. Prior to this new world we enter in August when people were selling their house the listing agent would be suggesting 5 to 6% commission to be split between the buyer and the seller agent. That’s what’s been done forever, but that’s why there’s the nar lawsuit and everything is changing. It’s always been a negotiation, but many sellers were not informed it was not set
Another thing that disincentives your common buyer.
Obviously, another tactic large corporations can afford.
Make sure to tune in for tomorrows video
Omg. I think I may be screwed. 😢
The key is knowing what is going on. You will be good just something to be aware of
Bummer
Thanks for the info. I just bought a house in GA. And thank goodness I have the best agent. She explained everything very thoroughly. Her name is Lali Ortiz in case someone needs a great agent in GA!!
I love that she explained everything. We will look her up for sure, ty for sharing!
Agents aren’t guaranteed a paycheck either. If the buyer or seller doesn’t pay the transaction fee. The agent has it taken out of the commission check. Not all agents are selling million dollar homes. With great commissions
I am not requiring a potential buyer to sign a contract. It’s going to be the law in my state that I have to follow.
I would have no problem making it for a specific property or a short duration.
As far as a VA loan goes, I usually make less money in those transactions. But I don’t mind because that’s my way of saying” thank you for your service”
Please explain how you make less money representing a buyer in a VA transaction. Are you rebating part of your commission back to the buyer as a thank you for their service?
In a just world the agents commissions should not be part of the “actual” price of the property and the new owner should not have to pay annual property taxes based on a sales price that included agents commissions. Of course county and state tax collectors would never give up that extra 5 to 6 % of taxable value
so now veterans have to pay the closing costs and on top of that an agent fee, do I have that correct?
Potentially yes. If the seller is not offering to pay the commission and the real estate agent does not negotiate for the seller to pay it, then effective August 10th you will be on the hook for whatever you agree to in buyers agreement.
I’m thinking the NAR litigation is far from over. DOJ is looking at it. Flat fees. Seller is paying flat fee and Buyer are paying flat fees.
As a long time REI I have never had a buyer agent. I analyze my own deals. I sell using flat fee listing services.
If a buyer or seller is not sophisticated they should be paying a lawyer one or two hours of time to review any contract and document. Before you sign it not after it. Paying a lawyer a flat fee is much easier than paying a % commission. Most properties in ACL are $M in 2024.
I agree it is far from over. At this point it is the wild west and it harms everyone involved.
@@JenniferBeeston I think the reason why DOJ got involved and convinced the court to reopen the case is because a bunch of Brokers were posting on YT and other social media platforms how to get around the judgment. Loopholes. The government was watching.
That tracks
Great explanation. The only question is will the buyer be able to finance the 2% commission they are paying to the realtor?
It cannot be financed
So on top of a down payment and closing costs the buyer has to now pay for agent services?
Potentially but it will depend on if the seller is offering to pay realtor on home they are offering on or if the agent can negotiate with seller to cover.
Good morning, what are your current rates for va 30 year fixed rate? I have my certificate of eligibility and all other information needed to start getting serious about getting into a home
Hi Eric, please give me a call and I am happy to quote. 707-478-0637
Jennifer, can you say the same argument with Attorneys and other commissions based professionals?
And if you can have that argument, how many individuals can you find that can get a similar discount on good attorneys that you can talk to?
A consumer should always negotiate rates they are paying to any professional, whether it is a real estate agent or Lawyer. In fact attorneys will customarily agree to 10-15% discounts on their fees if the consumer asks
I hate it when people pronounce VETERAN as VETCHRAN. 🙄🙄🙄 IT SOUNDS RIDICULOUS!!!!!
"Oh my transaction..."
I would say:
"Die! DIE! I'm not doing it."
That made me laugh so much idk why 😂😂😂
Thank you for all the information!!! Keep it up!
Glad it made you laugh:)
I have a va loan for 200k and cannot find anything in Mendocino Sonoma or lake county California. Very frustrating as i want to but a home but feel stuck! Help please
The average home price in both Mendocino and Sonoma County is over 500,000 last I looked. I will be very brutal here. I started my business in Sonoma County 17 years ago and even when I was first starting, there were not homes for sale in Sonoma County for $200,000. You likely will have better chance in Lake County, but it will depend on the agent you’re working with and the part of Lake County you’re looking at. Lake County used to be a great place to go if your budget could not take Sonoma or Mendocino but after Covid, we saw the prices jump as well as everybody determined they wanted the lake house.
This is an obnoxiously stupid move by real estate agents. This entire scenario is ultimately going to backfire on realtors. The seller has the option to set price incorporating cost of commissions for the transaction.
So where real estate agent and brokerages had a safe standard of six percent commission this new dynamic is going to kill agents whenever a buyers market rises.
This is all a desperate scheme to deal with a tight housing market with extremely deficient supply of affordable single family residential housing units.
I can see the consequence of this in very short term depressing the 6 percent standard to a 4 percent standard.
Buyers are eventually going to wise up and listing agents are going to realize that buyers have the leverage to exercise the power of the purse. Profitability in the real estate industry is totally dependent on the money buyers bring to the closing table.
This is going to make people purchase cheaper properties or decide to rent or contract directly with builders. This also gives more play to make owner financing contracts a more attractive option for middle and lower income buyers.Bad Karma.
The bulk of Realtors I have chatted with are not happy about this. They know many buyers cannot afford the upfront cost and they are concerned that in a sellers market it will favor buyers with more money which leads to so many more questions and a big pandoras box. Every American should have access to purchase a home. The prior model although not perfect did not restrict access to a professional to only the wealthy and this may just be a storm in a teacup. It will be interesting to see what occurs.
having been a licensed california real estate broker since 1976 and having done lots of transactions, i would have the buyer sign a BRE (buyer representation agreement - exclusive). to work with a buyer researching and finding homes, previewing them first and arranging times they can be shown could be a full weeks work and if the buyer didn't for whatever reason like or want any of the homes, do it all over again the following week. if the buyer would walk into an open house and contract to purchase without you, you would have been working for nothing.
if a buyer would not sign a standard california form BRE, i would not work with them.
What is your plan moving forward with buyers who cannot pay your commission once MLS stops posting if and what the seller will pay?
Great video. So do I have to come out of pocket and pay the agent?
You can always be an unrepresented buyer
If the seller is not paying the agents commission and the agent does not negotiate in the purchase contract for the seller to pay the agents commission, then yes, you could be on the hook, depending on your buyers agreement
American Greed is going to make our country blow up, GOD is watching how greed is killing off the idea or being the best country to be in. I am a veteran, I am not using any of these clowns for sure. Thanks Jennifer for putting this together.
Is the NAR a cartel? It sounds and smells like that. Will rather be using a real estate attorney.
Personally I don't this is a TERRIBLE move. Firstly it breaks up the transaction into their respective components, buy side and sell side. Secondly it allows the buyer to actually choose the commission on their side of the deal instead of the flat 3% the seller agrees to pay. Third now, buyers can sort of ask for a 3% haircut off the price of home, since we all know the standard 6% fee will still be rolled into the purchase price. Thirdly, as you say there are more REAs than homes for sale. that means people can 100% hold out on those self entitled agents and this means that new REAs can make their money by taking cheaper deals, thus, kind of pricing the older agents out of the market. Conform or die in a way lol. And to add to that point, BAs can't hold out forever. The biggest down side I see to all of this sent even the BS fees, its the fact that charging Buy side on its own, now means the industry standard transaction fee could practically reach as high as 9%. Which if experts say that RE price levels are where they are somewhat due to no completion in transaction fees for REAs, imagine dumping another 1-3% on the fire. In 08, all it took was 2-3% increase in default rate on MBS to tank an entire economy. So I'm on the fence about it, but there certainly should,ld be some skepticism
Was really hoping this lawsuit fell through.
Same
In the end, Buyer's don't have to sign anything except the Purchase Agreement. All the other fluff forms are a realtor's CYA. All these requirements are placed on the Realtor, not the buyer or seller. You didn't mention the buyer's agreement requirement just to show a home.
In august that changes and buyers agreements will be required nationwide before realtors show a home. Read the last sentence in this article www.nar.realtor/magazine/real-estate-news/nar-practice-changes-to-take-effect-august-17
@@JenniferBeeston That change will destroy open houses and slow ad hoc showings.
If it destroys open houses that will lead to the next lawsuit as the one thing I think people are missing is that unrepresented buyers will need access to homes for sale. If they are denied entry then that would be the next lawsuit. Because here’s the thing if the agent is restricting access to the property that does not benefit the seller and it also discriminates against certain buyers. Total mess right now.
Here’s my question… what does the buyer’s agent even do? I’ve been looking for houses and I actually see the listings faster than they send them via their website? Any thoughts? I’ve not seen any realtor by me actually digging or looking for houses that others might not know about.
I’ve experienced this as well. I personally think they are overpaid.
Depends on the agent. I have called FSBOs trying to help clients I look in neighborhoods they want and send cards to homeowners trying to solicit listings. I have also contacted expired listings
There is also more to it than just looking at houses. 🏡 can put you in touch with trusted lenders, local contractors and home inspectors
A good buyers agent has your best interests at heart
Do I expect to be paid one way or another? Yes. This my vocation and how I pay my bills
It is also possible to negotiate with the seller to pay the realtors fees
MrTravis777
Get your license, do a few transactions and get back to me on that
A good real estate agent is worth their weight in gold. They are worth every penny they get paid. They will find you a great house and make sure you don’t get taken advantage of.
The problem with Real Estate is that the bar for both realtors and mortgage lenders is very low. So unfortunately, if you don’t do your research, don’t read reviews you could end up with a real estate agent that has no clue what they’re doing or does not have your best interest at heart. Same thing with mortgages. The best thing you can do is do a lot of research. Read a lot of reviews and pick an A team.
Helping my buyers find a house is just the beginning of my job. I fight for the best price for my buyer, work to get their offer accepted while the home has multiple offers, negotiate any issues that arise through the escrow, ensure all their paperwork is rock solid, negotiate repairs, etc. So, a good buyer agent can make their paycheck worth it. But, if your agent just drives you around and doesn’t fully communicate and isn’t transparent on what they do, find a new one.
Have any advice for sellers??
It is hard to give blanket advise as it will depend on how competitive the market you are selling is and when you are thinking of selling.
@JenniferBeeston I was wondering how to approach commission discussions with listing agent. Old way was 3% for selling and 3% for buyers. Can the selling agent now attempt to pocket the whole 6%?
The selling agent can negotiate whatever they want. And you can negotiate with the selling agent whatever you’re comfortable with. There are some concerns that shady selling agents will tell sellers that they’re going to share commission and then they won’t because the buyers agents will never know, but I think that’s more of a fear people have right now
Jennifer can my VA Disability Income count as income combining with my current work salary?
Yes we use VA disability all the time and can gross it up as well. Which means for every $1000 we treat like $1250. Feel free to give me a call and the team can help you plan to get into a house 707-478-0637
The problem we just ran into is that the brokerage requires their agents to get at least 3% so we couldn't negotiate. So, a lot of agents are still finding ways to "force" you into a certain percentage while saying everything is negotiable.
That is interesting. I have not seen a brokerage do that yet. What state are you in? Is it a local only broker or a big nationwide one?
I love this lady... Just chocked full of information ❤
❤️
Would you want to hire soneone who will accept 2? Thats a big red flag for inexperience.
For experience I would check the reviews and how many transactions they have done. I am seeing a lot of agents saying that they have to get 3% and they’ve sold one house in 2 years. Would I pay someone who has sold one in 2 years, 3% ? No, I would not hire them to begin with.
Right now there are agents are getting 2% because that’s all the seller is paying. It is not like every seller in America has been paying 6% to split between two agents. Commission has always been negotiable. Also let me be clear, there are some agents that are totally worth 3%. They are amazing negotiators and know the market inside and out and fight for their clients.
I purchased two homes through my VA loan. I didn't use a realtor. The selling agent became my buyer's agent. So the realtor didn't have to split the commission. So now if I purchase another house through my VA loan I have to pay an agent to buy that house? Wow!
It will depend. At this point many people think sellers will continue to pay but the key is they may not and if they don’t you would be on the hook. Both commission and time period with agent are negotiable. It sounds like you did not use a buyer agent on the last two so if you go direct to the selling agent, you should not have to pay them in theory but right now we don’t know how this will look when it kicks in.
This is only going to exacerbate the stress and pain of inflationary pressure on buyers. They are going to sit on their wallets and watch the real estate/mortgage industry conjure another housing market meltdown.
I think that we will see negotiating as well as I do not think sellers are country will stop paying overnight. I think we are entering a new world that has not been thought out and there are going to be bumps. Knowing what is going on is key though. Buyers and realtors are going to have to have very clear expectations of eachother moving forward. In many cases buyers will not have the funds to pay the agent so the agent will need to negotiate with the seller for their commission and fees
You don’t need a buyers agent. Hire an attorney and save thousands and have “real” legal representation.
Sure dude! How many houses have you bought? Buyers agents are a great value when they are good even the not so good who else has the time to show a buyer 20 houses without getting paid? Not the listing agents. Will your attorney do that? The buyers agents has a different job than the attorney!
This is what smart alecks say after their one transaction hiring their lawyer friend.
I can’t believe they are changing this, all this time they been doing the one way, now, it’s not. What about first time buyers? That’s a lot of money to come up with, when you didn’t have to before.
I agree that the way this is being done is problematic. It’s problematic for real estate agents, buyers,and the real estate market. Basically, if you don’t have the funds to pay a real estate agent, you will need to find a real estate agent that will negotiate with the seller. I have yet to see a buyer pay the real estate agents commission. I’m also wondering if they’re going to delay the start of this again. It’s so messy right now and there’s no rules and it’s a nightmare for everyone in the industry but i do 100% understand the nar lawsuit and seller perspective.
👏👏👏💪😎🇺🇲👏👏👏
3:00 lady what are you talking about? You can negotiate the commission but note! The best agents you have to pay their commission so you get what you pay for 6% is the standard for over 100 years that split between all the agents! Then that commission is split 4 ways between the company for the buyers side and that agents and the sellers company and that agent so the agent ends up with 1.5% on average they don’t get 6% so that why the total commission they charge the seller is 6% now this new agreement screws the buyer who didn’t have to worry about that stuff so now everything goes to shit 💩 and a perfectly functional system for over 100 years is now broken and at the worst time for buyers who now have to compete with hedge funds. DO NOT LISTEN TO THIS WOMAN SHE IS A MORTGAGE BROKER LADY STAY IN YOUR LANE. Her industry got destroyed in 2010with the Dodd Frank Disaster now she thinks the realtors industry should go the way hers went the same as the travel agents industry went.
The mortgage industry was not destroyed with Dodd Frank. The mortgage industry is doing just fine. All Dodd Frank did was cap what a lender could make and establish rules to encourage fair lending. Yes, a lot of lenders left after Dodd Frank. However, those were the people that could not survive without ripping off consumers. Really not a tragedy. 🎭
I work with a lot of top real estate agents and none of them are worried about this at all. They will do what is right for the client, and they will survive. The real estate agents that won’t survive are the ones that have no value add. Is that really a tragedy?
You’re all over the board. BLUF (Bottom Line Up Front) ma’am. I stopped watching after 3 minutes.
Not many people are familiar with the NAR lawsuit. The first three minutes of this video is doing a background on what has caused the big change. So yes, the first three minutes is discussing the cause. The rest of the video is the effect and what to know about the new world that is coming in August. I wish you luck in finding someone that gets to the point quicker.
Omgggg this sound so terrible!!! 😢
You sound like your price fixing. You really don’t know what you’re talking about regarding the realtor side. Stick to financing and leave the realtor side of the deal to realtors.
This is no longer just on the realtor side of the deal as it can affect the buyer’s wallet which plays into my world. I am not price fixing at all. I am letting people know that both the commission and the time period are negotiable as unfortunately I am already seeing buyers agreements sent to buyers with zero explanation. It is the Realtors job to advise on what they are offering as it varies based on Realtor. In terms of financing the buyers agreement is now a part of VA contracts and something every lender will be looking at.
Salty much? You sound like a realator who is out there taking advantage of people. 🙄
Good job calling yourself out though
Low sodium content over here
😲 this is not what the housing market needs, after what the The Federal Reserve just said about 2024-till...🕳️
It is a mess agreed
I'll ping up on LinkedIn coming from Semper Fi on heading. Cheers!
Thank you!