Real Estate Commission Rules in 2024

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Hi, 

My sister signed a contract with a listing agent to sell her home. She wanted to list it at $380,000, but the listing agent told her "Due to the high inventory and similar comps around here, I would not go above $350,000. My sister went with the $350,000 price, after the listing agent encouraged her to do so. The home received a full price offer on it within 5 hours of going on the MLS. This was 4 days ago. .... Turns out that the buyer is a Real Estate Attorney.

She was also not told anything about the new Real Estate Commission Rule change about who pays the buyers agent or if they even have to do it or not. I told her about it yesterday and she was shocked. Nothing was explained to her at all ......  By law, is the listing agent required to tell people about the new law or laws, or is it buried somewhere in the contract for the seller to figure out on their own? .....She feels scammed right now...... The closing supposed to be in a few weeks and she does not know what to do.

What do you think?

Thanks!

[Jonathan Greene]

She feels scammed because she got good advice on price and got a full price offer within 5 hours of going on the market? I am a little confused. Does she think she still would have gotten $380,000? Are you trying to help her or sabotage her sale?

The listing agent should have explained that she has the option of compensating the buyer's agent or leaving it open to the buyer to decide, or making the buyer pay their own compensation, but this is market-specific as to what is working and the reality is that not much has changed. In my market, almost nothing has changed. Sellers are still offering to pay the buyer compensation because when they don't, it comes out of their sale price, unless it's an incredibly competitive market.

It sounds like your sister got great advice and service and is about to mess up a sale because you have been reading the news too much.