Have you heard the news? Following an antitrust lawsuit, changes to the real estate world are now effective in Sun Valley, Ketchum and Hailey, Idaho
Here are the 3 big changes following the lawsuit
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Commissions are negotiable and Sellers must decide if and how much they will pay a Buyer Broker.
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Home Buyers must sign an agreement with a Broker prior to touring ANY property in Hailey, Ketchum or Sun Valley when buying a home.
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Brokers can no longer share within the MLS their agreements to pay, such as compensation to a Buyer Broker.
Let’s Break This Down in Real Terms
Historically, when selling a home in Ketchum, Sun Valley or Hailey, the Seller would pay both Brokers involved in the sale. This rate has always been negotiable but typically set at 5%-6% of the sale price. This rate is entirely negotiable and should be discussed prior to any agreements.
You should have a clear and transparent discussion with your agent regarding compensation. You should also have a clear understanding of the services your agent will provide.
The laws are intended to improve communication with your agent regarding compensation when selling a home in Sun Valley, Hailey or Ketchum, Idaho.
Sellers must weigh the cost of paying a Buyer Agent to remain attractive within the market. When selling a home in Ketchum, Hailey or Sun Valley, it may be beneficial to offer compensation to a Buyer Broker to make your home more attractive to Buyers.
c) a combination from both the Buyer and Seller
When buying a home in Hailey, Sun Valley or Ketchum, Idaho you must have a clear discussion with your agent before touring properties.
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Buyers must decide ahead of their home search with an agent how much their agent will be compensated.
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Buyers must read the fine print of a contract to understand how they can exit a Buyer-Broker agreement.
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Buyers must sign an agreement with a Broker before touring a home. These agreements can be binding anywhere from 1 day- 6 month term.
Communication with a Buyer Broker must be extensive prior to signing a contract.
In my opinion, Buyers now have more disadvantages. Buyers are now obligated to sign a contract with an agent who shows them a home on Day 1. This contract can be active for 1 day or 1 year and should address how the agent will be compensated. Most Buyers are not in a position to commit to an Agent on Day 1 and sign an agreement for payment.
Buyers must understand the new rules and advocate for themselves.
Wow. Change. And no one knows how this will all play out yet. HAVE CONVERSATIONS WITH YOUR BROKERS REGARDING THESE CHANGES AND UNDERSTAND YOUR OPTIONS!
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