BEYOND THE HEADLINES (Part 2 of 5)

 

Here’s What Matters to Buyers and Sellers in a Nutshell

Unless you’re in the business, you probably have no desire to read through all of the court documents or proposed settlement. You just want to know what changes will possibly impact you. So here’s an excerpt from a National Association of REALTORS® press release, highlighting the changes that will most likely affect you:

“In addition to the financial payment, NAR has agreed to put in place a new MLS rule prohibiting offers of broker compensation on the MLS. This would mean that offers of broker compensation could not be communicated via the MLS, but they could continue to be an option consumers can pursue off-MLS through negotiation and consultation with real estate professionals. Offers of compensation help make professional representation more accessible, decrease costs for home buyers to secure these services, increase fair housing opportunities, and increase the potential buyer pool for sellers. They are also consistent with the real estate laws in the many states that expressly authorize them.

Further, NAR has agreed to enact a new rule that would require MLS participants working with buyers to enter into written agreements with their buyers. NAR continues, as it has done for years, to encourage its members to use buyer brokerage agreements that help consumers understand exactly what services and value will be provided, and for how much. These changes will go into effect in mid-July 2024.”

Again, unless you’re in the business, that may not even be all that clear of an explanation. So to put it in simpler terms:

• Sellers and their agents won’t be allowed to offer a commission to buyers’ agents within their listing.
• However, that doesn’t mean that a seller isn’t allowed to pay buyers’ agents a commission. It just can’t be published in the listing.
• And buyers will now be required to sign a written agreement with an agent in order to work with them, which will likely require them to agree to a certain amount of compensation. That doesn’t necessarily mean the compensation has to be paid out of the buyers’ pocket; it could be an agreed upon amount that will be negotiated into the purchase price paid for through the proceeds of the sale.

Basically, it allows sellers to choose to not offer or agree to pay a commission to buyers’ agents when they list their house for sale, and allows buyers to choose to not work with a buyers’ agent when they buy, in hopes of saving money. But before you do that, there are some things you should keep in mind.

to be continued

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Beyond the Headlines: (Part 1 of 5)

 

Beyond the Headlines: Understanding How Proposed Changes in Real Estate Commissions Will Actually Impact You as a Buyer or Seller

You’ve probably heard the news that there are changes coming in terms of how real estate commissions are paid.

This might sound exciting and like a potential game-changer for you as a home seller or buyer, with headlines proclaiming things like:

• “Real estate commissions are being slashed!”
• “Selling your house will now be less expensive!”
• “No more paying 6% to real estate agents!”

But you’re also probably not sure exactly what it all means, how it will work, or how you’ll benefit from the changes.

Unfortunately, even if you ask the most informed agents on the planet, you probably aren’t going to get many answers. It isn’t because agents don’t want to answer your questions; it’s because they don’t even know exactly how the changes are going to work.

The settlement happened seemingly overnight. There was no advance warning or discussion with agents. They found out by reading a bunch of headlines you probably saw at the same time they did.

On top of that, most of the headlines are misleading, because nobody knows exactly how things are going to play out. Any claims that the media makes that commissions will be cut in half, or any specific number of dollars will be saved by consumers, remains to be seen. The changes might reduce commissions. On the other hand, they could increase them. As with many things the government or court system touches, there’s always the possibility that it could create more issues than it solves.

But, for the time being, as much as you might want or expect your local agent to be able to give you specifics, please understand that they can’t. For starters, it’s a proposed settlement, not yet accepted by the courts, and if it’s approved, the changes won’t start until July.

to be continued

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TRIVIA TIME ANSWER (Due to the interest in Facebook's Monoply, Here is some trivia for you)

 

TRIVIA TIME
AND THE
ROYAL FAMILY

(Under the Queen's Rule. Not sure if these rules will remain under new leadership)

Why was the royal family banned from playing the classic real estate game, Monopoly?

1) Queen Elizabeth II thought it made family members too vicious. 2) They’re not allowed to touch money, whether it’s real or fake. 3) It’s not considered a "classic" enough game for a royal to play. 4) It takes too long to finish playing a full game.

SCROLL TO BOTTOM FOR ANSWER

Source: https://bit.ly/43AVvRX

Royal Family snub: The ONE thing Royals WON'T do in lockdown - ‘Gets too vicious’

THE ROYAL FAMILY have to stick to a wealth of protocol and royal rules in everyday life, but what is the one thing the Queen has banned The Firm from doing as it "gets too vicious"?

The Royal Family have a plethora of rules and regulations to adhere to in almost every situation, from when and how to shake hands to the timing to change from a fascinator to a tiara at a dinner party. However, there is one rather unusual thing the Queen has reportedly banned The Firm from doing.

Royals will not pass go, collect £200 or buy up all the train stations as the game can reportedly get "too vicious".

In December 2008, Prince Andrew attended Leeds Building Society’s newly-refurbished Albion Street headquarters.

Before he left the Duke of York was given the property board game Monopoly to mark his visit.

However, Andrew had to politely decline the game as he reportedly revealed: “we are not allowed to play Monopoly at home”.

The Daily Telegraph reported Andrew explained the game could cause arguments within the family, as “it gets too vicious”.

What else can the Royal Family not do?

Heirs cannot travel together

One royal rule dictates direct heirs cannot travel together - in order to protect the line of succession.

This dates back to a time when air travel was less safe, and Prince William has broken this protocol a few times - travelling with his children to various locations.

However, it is said once George turns 12, he and William will likely be required to fly separately to royal engagements.

Eat garlic or shellfish

The Queen has banned a number of foods from her royal kitchens - two of them being garlic and shellfish.

Camilla, Duchess of Cornwall, confirmed the royal family is not supposed to eat garlic when appearing on Masterchef Australia in 2018.

The correct answer is: 1

Queen Elizabeth II thought it made family members too vicious.

Were you right?

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Due to the interest in Facebook's Monoply, Here is some trivia for you

 

TRIVIA TIME
AND THE
ROYAL FAMILY

(Under the Queen's Rule. Not sure if these rules will remain under new leadership)

Why was the royal family banned from playing the classic real estate game, Monopoly?

1) Queen Elizabeth II thought it made family members too vicious. 2) They’re not allowed to touch money, whether it’s real or fake. 3) It’s not considered a "classic" enough game for a royal to play. 4) It takes too long to finish playing a full game. TUNE IN TOMORROW FOR THE ANSWER  PATTI LEE PROPERTIES

Texas Water Board Weekly Conditions

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DON'T BE FOOLED!

Home ownership is a great investment

Patti Lee Properties

Steps to selling your home in Texas TX

 

Or you can just watch the entire video here


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step 9 The ins and outs to selling your home

 

Close on your home sale

You’re almost at the finish line! Here’s what to do in the days leading up to your scheduled closing.

• 
  Look out for a closing disclosure. You’ll likely need to sign this form 1-3 days before closing. It contains every cost to be paid by the buyer and seller and your estimated net proceeds. Double-check all the numbers with your agent, and speak up if the numbers don’t look right. 
• Clear out your house entirely. Your home should be completely empty before the buyer’s scheduled closing walk-through, so do another walk-through before then just in case you missed something.
• Hand the keys to your agent. Your realtor will likely need your house keys and garage door openers to hand over to the buyer’s agent. 
• Find out when and where the closing is scheduled. Most of the paperwork has already been completed on your end.  
• Keep in touch. Don’t be surprised if the closing doesn’t happen exactly at its scheduled time, as delays are common. Your agent should keep you updated on closing status 24/7.

💰Final step: Getting your paycheck!

Congratulations! After you and the buyer have signed all documents, the closing is official.

The home’s sale price will be used to pay out the realtor commission, closing costs, and cover any outstanding mortgages or liens owed on the property. 

Your net proceeds can usually be wired to your bank account after closing. For more details on how to get paid, contact your agent, attorney, or title company.

Selling a home in Texas: Next steps

There are a few things you might want to do after closing. 

Save your home sale documents

It’s best to keep both physical and digital copies of the home sale contract for your taxes and personal records.

Calculate your potential capital gains tax

You may or may not owe tax on the sale of your home.

The IRS excludes home sale gains of up to $250,000 for an individual and $500,000 for a married couple who’ve lived in and owned a home for at least two of the last five years. 

Contact your tax advisor for more guidance on capital gains tax and if you’ll owe anything.

Notify the U.S. Postal Service and DMV

It’s a good idea to set up mail forwarding to your new address via the USPS website (it costs $1.10 to do so). 

Are you staying in the state? The Texas DMV requires residents to fill out and submit a Change of Address for Texas Motor Vehicle form.

If you’re moving out of Texas, the state’s DMV says that you can keep your plates as a souvenir. 

Consider showing your agent some love

Your realtor will be thrilled if you left them a positive Zillow review, or if you refer them to family and friends who are interested in buying or selling a home. 

FAQ

Can you sell a house "as-is" in Texas?

Yes. Selling "as-is" means the buyer accepts your home in its current condition.

However, Texas sellers are still required to fill out a property disclosure form, which notifies buyers about any known defects that may impact your home's value. This form is filled out and submitted to home buyers before executing a sales contract.

We highly recommend you speak with a local real estate agent or attorney to discuss your home disclosure requirements. 

How much are Texas closing costs for sellers?

Do you need a realtor to sell a house in Texas?

What are the legal documents required to sell a house in Texas?

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DECATUR TX WISE COUNTY TEXAS