The National Association of REALTORS® (NAR) is dedicated to supporting veterans and active service members as they navigate the real estate process. As a veteran or active duty service member, you have unique needs when it comes to buying a home. Here's an overview of key considerations and changes you should be aware of when utilizing your VA home loan benefits.
Can I Pay for a Real Estate Agent Under VA Rules?
Yes! Thanks to a new temporary policy enacted on August 10, 2024, veterans and active duty service members can now pay for real estate professional representation when using a VA loan. NAR worked hard to make this change happen, advocating directly with the Department of Veterans Affairs (VA) to give veterans more access to real estate representation.
Why is This Policy Temporary?
For now, this policy is temporary, but NAR continues to push for a permanent solution. They are working with lawmakers and the VA, demonstrating the positive impact this change has on veteran homebuyers.
Why Do I Need to Sign a Written Agreement?
The new real estate practice changes that took effect on August 17, 2024, require written agreements. These agreements outline the services your real estate agent will provide and how they will be compensated. It’s important to carefully review any agreement before signing to ensure you understand the terms. Your agent should be transparent about their fees and services.
How Will My Buyer’s Agent Get Paid?
There are multiple ways a buyer’s agent can be compensated:
- The seller or their listing broker can offer compensation to your agent.
- You can ask the seller to pay your agent as part of the purchase offer.
- You can pay your agent directly out of pocket.
Your specific arrangement will depend on what is agreed upon in your written buyer agreement.
How NAR Supports Veterans
NAR has been a long-standing advocate of the VA Home Loan Guaranty program, helping over 24 million veterans achieve homeownership. They continue to push for more flexible loan products, advocate for reforms in VA appraisal requirements, and work on allowing veterans to transfer their existing interest rates when selling their homes.
Why Work with a REALTOR®?
REALTORS® are bound by a strict Code of Ethics, ensuring they always act in your best interests. Additionally, many REALTORS® hold the Military Relocation Professional (MRP) certification, making them well-equipped to address the specific needs of veteran buyers.
For more information, please visit www.labradarealty.com, email me at albert@labradarealty.com, or call 786-290-3594.