Changes in lending laws is crucial for both buyers and sellers. With the recent updates from the National Association of Realtors (NAR), understanding how these changes will impact transactions is essential.
To gain more understanding on this topic, realtor Linda Peltz realtor Fresno CA held discussion with Michelle Johnson from Hero Loan Team to dissect the implications of the new regulation and how they’re affecting the real estate landscape. Tune in to video below:
New Law to Take Effect in July
Michelle Johnson dives into the heart of the matter, emphasizing that while there are still lingering questions, there are also answers emerging. The changes are slated to take effect in July, promising shifts in various aspects of real estate transactions and home financing. Importantly, these alterations are not uniform across all states, with California already known for its client-friendly approach to real estate laws.
One key area of focus is the commission structure for realtors. Michelle Johnson from Hero Loan Team breaks down the complexity of how commissions are split and paid, highlighting the importance of transparency in the process. She draws parallels to service-based industries like ride-sharing apps, illustrating how fee structures influence agent behavior and client outcomes.
The Impact to Home Buyer and Seller
A significant concern arises regarding the potential impact on buyers and sellers. Michelle explains that while sellers may contemplate withholding payment for buyer agents, this strategy could backfire, leading to fewer offers and prolonged time on the market. Moreover, buyers relying on seller-paid commissions might limit their options and face additional hurdles in negotiations.
Amidst these changes, Freddie Mac and Fannie Mae are offering solutions to facilitate smooth transactions. They’re allowing sellers to include commission payments within closing costs, easing the burden on buyers. Michelle Johnson from Hero Loan Team underscores the importance of buyer agents, who play a crucial role in navigating complex contracts, negotiations, and inspections.
Expert Advice from Linda Peltz & Michelle Johnson
Realtor Fresno CA Linda Peltz and Michelle Johnson emphasize the multifaceted responsibilities of buyer agents. Beyond paperwork and negotiations, they act as liaisons, educators, and problem solvers for their clients. From deciphering contract clauses to guiding buyers through the intricacies of home warranties and home financing buyer agents offer invaluable support throughout the homebuying journey.
In essence, the message is clear: expertise comes at a cost, but it’s an investment worth making. Homebuyers and sellers can find peace of mind by entrusting their transactions to knowledgeable professionals who understand the nuances of real estate laws and processes. As the industry evolves, having a reliable team by your side becomes more crucial than ever.
Linda Peltz and Michelle Johnson stand ready to assist, ensuring that every client’s real estate journey is smooth, seamless, and successful.
Michelle Johnson
Hero Loan Team
559-314-6760
Michelle@heroloantem.com
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Call me for further details:Linda Peltz, eXp Realty | DRE 01997670
559-353-4556
lwpproperty@gmail.com