Yes you did
 

The way I see it, if you bought real estate and the seller had an agent. You paid for the house andthe realtor did get paid and they were paid with your money.

This is common real estate terminology. Every realtor knows what it means. I agree that the selling realtor must put in time when marketing the same home to a buyer but, as a seller, I would never allow it. The reason is because there is a huge conflict of interest. How can the selling realtor ONLY serve my best interests when negotiating the terms? I have had realtors say they can but when large dollars are at stake, I have my doubts. Under the new law, a realtor would need to sign contracts to represent both the buyer and the seller. Is the realtor going to ask for the seller to cover the buyer’s fee or stand firm and represent only the seller?

Great reply ! The poster is trying to be helpful I'm sure, but you also bring out that people ARE also responsible for their own protection.

Really interested in this topic (I'm not and never have been associated in any way with real estate sales) but not sure what you meant by "how open houses will make it in the future" ? Can you explain a bit more ? Are you thinking the new "rules" or whatever they are (?) will promote more, or fewer, open houses ? To me the whole system is a giant, confusing, mess. Seems it could be simplified IF there was any advocacy for simplification ! IMO, the Villages adds an even more unnecessary element to all of it. This is the only place/state where we've lived, including other locations in Florida, where the mind boggling ritual of having to have a mls agent actually present if we have an agent from the Villages, and vice versa. Way too complicated and unnecessary .... but it seems to have a lot of support, so, just one opinion here !

Coming from, & buying houses there, a state that has had buyer's agents for a long, long time, I am not fussed. I also think, having seen both varieties, that buyer's agents are good for buyers.

To me that seems infinitely logical. If a person wants someone to FIND prospective homes/real estate FOR THEM, why even have it connected to the entire process at all ? Why not just contact and interview people in that profession (a person whose business in finding what an individual is looking for). When you find someone that suits your personal tastes, you pay the person a fee just like you pay a person who comes to fix a plumbing issue. The people who sell their services to find homes/real estate, could write their own terms; PAY ME $ --------, and if I am not able to find what you are seeking in 6 months (or 4 months, or 3 months, whatever the two of you agree on) then your payment is refunded based on a percentage withheld for the time and effort the "finder" put into the effort. If the finder found the buyer's desired property, they would of course get the the entire amount agreed on. Keep this completely separate from the event of someone contracting with an "agent" from any agency they engage to "list" (advertise, show) their property. People who don't have the time, but have the money, pay people all the time to do "shopping" and other tasks for them. Why not just "employ" a "personal home shopper" IF that's what you want, and for others who prefer to read the ads, drive through areas they desire to live and look for signs rather from a realty or OSBO, go to open houses and model home exhibitions, and so on. If you don't have the time, or the desire to go shop yourself, then go hire someone and you and that person decide on the terms !

Actually none of this is new. It is just another effort to make people aware. Real estate and real estate law is strange. First of all it is serious money. Not like you buy a wrong wrench or similar item and you say it is $20 I will use it some day.

Some strange stuff, if it isn't in writing, it is meaningless.

The broker usually works for the seller. You often forget that. IF, as is typical you ride in their car and are talking to your spouse. You say we'll offer $$$$$ but we could pay more-it is worth it. The broker has to bring any offer to the seller IF IT IS PUT IN WRITING. They go to the seller, who they work for, and say don't accept this offer they will go higher.

The code of ethics. Years ago not in Florida. I put in a written offer on a house. Later it sold for less than my offer. I contacted the real estate board. They wanted me to appear and testify. REALITY. i ASKED, any penalties go to the real estate board not to me.

Like everything ETHICS. It is serious money. Thou shalt not steal. For many they read don't steal from me but it is fine if I steal from you.

Everything Is a matter of OPINION. An opened house. In the Villages it seems the sales person is trying to sell to buyers. In the villages it seems to be something for bored people to do. From what I've read and what we experienced when we sold our previous home. While the listing broker will show the home to potential buyers it was mostly to show it to other brokers Perhaps part of the reason, they were all custom built not limited to this model or that model. Our home was built in 1948. You can't even buy the wood used.

A lot of info
 

I’m not being disrespectful, what is your source?

I don't think it will change the quantity of open houses. I am wondering how open houses will be managed with respect to accepting offers on the spot, with respect to having a buyers agent agreement in place as a requirement, etc. .

I do not know how the rules will change or influence the process of an open house, if at all. That's why i am not sure how open houses will happen. . . If you see a house with an open house on the internet, there may not be an address. To find out and be allowed to go, some sites are assigning you a buyer's agent. not sure how that will play out, and if that continues, I don't know how open houses will continue through internet advertisements. .

if not, then through your buyer's broker, as the selling broker won't care? Again the technology disruptors always think that they know best. . just because they can envision a different solution. doesn't mean that they don't create chaos and mistrust in their solution. .

Friends in MA just signed a selling agent / broker agreement to sell their house before moving to TV. They offered 2% to the buyers agent, not sure about the total commission structure though. . The RE agent did say that they never do both, ie the transactional agent. Some do, but they don't. . .

Reading advise from folks who have bought and sold 3 or 4 homes in their lifetime, over a span of 50 years, is like taking advice from a Catholic Priest, on how to improve your sex life with your wife.

Here is my plan when I buy my next home. In addition to being the buyer, I am also going to be my buyer’s agent. Then, when I put in an offer, I will write into the purchase contract that my buyer’s agent (me) requires a 3% fee to be paid by the seller for finding a buyer (me). What a wonderful bonus for me upon closing. What a nice 5-figure house warming gift!

I attended a national retailer convention in 2016. The keynote speaker said "What would you think if I told you several years ago that the largest retailer in the world (AMAZON) did not own a single store. The larger hotelier in the world (Air B&B) did not own a single hotel. Or the largest rental car company in the world (UBER) did not own a single car."

Amazing--but were these societal/industry changes for good or bad? Sears/JC Penny/Montgomery Wards/Staples/NBC/ABC/CBS were blockbusters for decades. Even Best Buy/Macy's are on their last legs. (PS--in all honesty though, I was glad to see BLOCKBUSTER die out--their "late" fees were crazy absurd!)

Auto sales certainly have taken a hit... It seems the internet has crushed their competition. You can easily search for the cheapest price online. I have wondered what the next industry would be to be upended by the internet.

Is it home sales? Are realtors a dying breed? Is MLS going to be replaced?

If you know the answer please DM me privately so we can discuss stock strategies...LOL

Me Too
 

Thats why I posted the (very limited) info.
I wouldn't sign one either.

True
 

-As mentioned, if you buy through the 'listing' agent, these new buyer costs don't apply.