An Open Letter to the Buyer

An Open Letter to Home Buyers – by Petra Norris, Broker, Owner

You’ve probably caught wind of the recent lawsuit and subsequent settlement involving NAR and other brokerage defendants. Among the buzz, you might have heard the notion that sellers are no longer obligated to cover the costs of your (the buyer’s) professional representation. Here’s the truth: they were never strictly required to do so. While there’s talk of now having to foot the bill for your representation, the reality is that this has always been the case—it’s just been a matter of how it’s handled.

In states like Florida and many others, buyer representation agreements lay out the specifics: what services your agent will provide, their fees, and the various ways you can pay. Essentially, you grant us the authority to be compensated either through an offer from the listing agent or seller or by settling the payment at closing from your funds.

This settlement doesn’t alter that fundamental arrangement. Let me emphasize: this settlement does NOT alter it. What it does is simply remove the option of compensation via our Multiple Listing Service, if available. This means a bit more diligence on your part, asking more questions, and engaging in negotiation.

When selecting your professional representative—your agent, your REALTOR®—you still have the same freedom of choice as always. You can opt for a flat fee, hourly rate, percentage, etc., taking into account factors like experience, expertise, and negotiating prowess.

Amidst all the chaos and chatter, don’t let anyone convince you that you’re on your own. This especially applies if you’re a new homeowner, a first-generation buyer, or a Veteran utilizing your VA benefits. We’re here to support you!

Buying a home is no walk in the park. It’s a complex process with numerous layers, but your professional agent can serve as your invaluable guide. At Lakeland Real Estate Group, we’ve crafted a comprehensive Ultimate Home Buyer’s Guide that walks you through each phase of the home-buying journey, detailing every step along the way.

WE ARE HERE FOR YOU. We’ve always been here for you, and we’ll continue to advocate, negotiate, and navigate you through what is undeniably one of life’s most significant, personal, and emotional investments. Don’t compromise your success. Whether it’s the expected or the unexpected, count on us—we’re here for you.

Our Motto is – A Real Estate Firm Representing Your Side

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