Quote:
Originally Posted by Plinker
Also, the law states that you can attend open houses and ask questions without signing anything. You don’t need an agent to buy if you prefer to DIY.
This law will reduce double dipping by selling agent and reduce seller fees by offering half of the usual 5 - 6 % commission as the buyers are on their own.
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How is the current system "double dipping"? The seller knows that their agent is paying a co-broke commission to the buyer agent.
The changes aren't going to do a darned thing. The seller agents will still recommend the seller pay the buyer agent. Buyer agents are still going to want to get paid and if you are a seller you will want your house to be shown.
I could see circumstance where seller refuses to pay buyer agent, and the buyer agrees to pay their agent. But in the end, what the buyer has to spend will have to include what their agent is paid. This is all smoke and mirrors, just shifting how it's communicated.