Latest NAR Changes: What Buyers Need to Know

By Ressie Krabacher

As a local resident and top performing REALTOR® in Chicago, Ressie Krabacher is relentlessly focused on helping her clients move forward. She serves as an advocate and advisor for buying or selling, overseeing relocation, or adding home ownership to their financial goals.

Are you planning to buy a home soon? We’ve heard about the recent NAR settlement, and I’m here to tell you some important changes homebuyers should know.

Before we start touring homes, whether in person or virtually, you’ll need to sign a Buyer-Broker Agreement. This agreement contains a clear outline of our terms as buyer and agent. It includes the services I offer and their costs. While we’re working together, I can’t receive any additional compensation for my services from anyone else beyond what we’ve agreed upon. And remember that fees and commissions are entirely negotiable.

Homebuyers who want to attend open houses don’t need to sign a Buyer-Broker Agreement or ask agents like me about our services. One last thing you should know is that sellers can still agree to compensate buyer’s agents, but this information can’t be shared in the MLS. However, sellers can still include seller concessions, such as offers to pay for closing costs, in their MLS listing.

These are some of the major changes that buyers should take note of. I’ll discuss things that won’t be changing for homebuyers in my next post. If you have any questions about these changes or would like to inquire about buying or selling a property, please reach out. You can call me at (773) 965-4100 or email me at Ressie@KW.com. As always, I’m here to serve.