The National Association of Realtors settled the commission lawsuit on March 15, 2024.
Here are the ways that VA home buyers will be affected by the settlement.
Per VA guidelines, VA home buyers cannot pay buyer’s side real estate commissions. This includes any processing or assistant fees. The contract would need to say that the seller is paying all buyer’s side Realtor commissions.
It’s possible that the VA will issue new guidance and allow veterans to pay buyer’s side commissions. As of right now nothing has been announced.
VA buyers are possibly at a disadvantage now in light of the settlement but it is too early to know for sure.
The seller’s payment of buyer’s side commissions is not considered a seller concession and would not count toward VA concession limits.
While buyer commissions will change with the NAR ruling, it is still possible to buy a home with a VA home loan. As always, if you have any questions, feel free to reach out at 937-572-3713 or cscarpero@edgehomefinance.com
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How The NAR Settlement Affects VA Home Buyers https://www.youtube.com/watch?v=pY5EG1q5NW0 The National Association of Realtors settled the commission lawsuit on March 15, 2024. Here are the
Can You Buy A Mixed-Use Property With A VA Loan? https://www.youtube.com/watch?v=hS0IY-4R8JY Are you considering using your VA home loan benefit to purchase a mixed-use property?
Who Should Refinance In December, 2023? https://www.youtube.com/watch?v=sZAW0egRgcs Who needs to refi right now? We have experienced a market where rates are finally dropping. Yea!
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