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| amy frink, mary cummins, woody fincham, jared preisler, beth graham,national association of realtors,appraisal institute,ai, nar, nar settlement, commission, concession |
"The NAR Settlement: What appraisers need to know and watch for
On August 17, 2024, REALTOR® MLSs (multiple listing services) will be required to make practice changes in accordance with the National Association of Realtor (NAR) settlement, including (1): prohibiting offers of compensation on the MLS (though such offers “could [be] pursue[d] off-MLS through negotiation”).
MLS participants working with buyers must enter into written agreements with their buyers before the buyer tours a home.
What does all this mean for appraisers, the data they collect from MLSs, and the verification and reporting of that data? The unfortunate answer is that all the implications of these changes are not completely clear yet. However, our panelists are here to help make sense of what is known now and what you might be able to expect.
Panelists will discuss:
What are concessions and why they are not commissions
How are MLS Forms and policies changing in local markets and how to understand these changes
Obtaining data to verify sales in light of MLS changes
How to reflect changes in data collection in your report
What to look for in and what to ask your MLS going forward"
My notes which are super brief as I was a little busy.
Buyers and buyers agents should have been using existing buyer commission and representation contracts before the settlement. Now they are mandatory.
Sales concession vs repair cost. Sales concessions are rate buy downs, closing costs payments, anything related to finance, escrow. They are not repair costs to the property.
Homes prices and commissions will not be going down because of NAR settlement. It basically just makes things more confusing with more paperwork.
Commissions have not been 6% in many, many years. They are 1-3% since homes prices have doubled in value. The idea that the NAR Settlement will reduce commissions and home prices is false. It won't.
A few slides. Presentation was recorded. I'll post the link if it's public. I suggest watching the one hour Zoom presentation.
The slides below are in reverse order. Sorry.
Mary Cummins of Cummins Real Estate is a certified residential licensed appraiser in Los Angeles, California. Mary Cummins is licensed by the California Bureau of Real Estate appraisers and has over 35 years of experience.
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