Navigating the real estate market in 2024 and 2025 has become significantly more complex. With the recent National Association of Realtors (NAR) settlement, the "old way" of buying and selling a home has vanished. If you are operating under the assumptions of just a year ago, you are likely leaving money on the table or, worse, putting yourself at legal risk.
At Maya Team Inc, led by Yaxkin Rony Velasquez (Real Estate and Mortgage Broker, Realtor®, and Mortgage Loan Originator) and Mona Bottros (Realtor® and Office Manager), we believe that an informed consumer is a successful consumer. Whether you are a first-time homebuyer or looking to sell your long-time family home, understanding these new rules is non-negotiable.
The Short Answer: What has actually changed?
In short, the biggest changes involve transparency and representation. Buyers are now required to sign a written agreement with their agent before touring homes, and compensation for the buyer’s agent is no longer displayed on the Multiple Listing Service (MLS). This shifts the responsibility of negotiating agent fees directly into the hands of the consumers.
Essential Real Estate Terms to Know
Before we dive into the mistakes, let's clear up some jargon that often confuses even experienced homeowners:
- FICO Score: A credit score used by lenders to determine your creditworthiness. This is the foundation of your mortgage approval.
- DTI (Debt-to-Income Ratio): The percentage of your gross monthly income that goes toward paying debts. Lenders use this to see if you can afford a new mortgage payment.
- Underwriting: The process where a lender verifies your income, assets, and debt to make a final decision on your loan application.
- Buyer-Broker Agreement: A legally binding contract between a buyer and their agent that outlines the services provided and how the agent will be paid.
1. Signing a Buyer-Broker Agreement Without Reading the Fine Print
Under the new rules, you must sign an agreement before an agent can show you a house. Many buyers treat this like a standard digital "terms and conditions" box: they just click and sign.
The Risk: You could be accidentally committing to pay a commission out of your own pocket that you didn't budget for, or you might be locking yourself into an exclusive relationship with an agent for a year without a way to cancel.
The Solution: Always ask for a Limited Representation Agreement for the first few tours to see if the agent is a good fit. Ensure there is a clear "termination clause" and that the compensation reflects the value you are receiving.
2. Assuming the Seller "Always" Pays the Buyer’s Agent
For decades, it was standard for the seller to pay both the listing agent and the buyer’s agent. While many sellers still offer this as a "concession" to attract more buyers, it is no longer mandatory or guaranteed.
The Risk: You find your dream home, but the seller refuses to pay your agent’s fee. If your agreement says you owe your agent 2.5%, you’ll need to come up with that cash at closing on top of your down payment.
The Solution: Have Yaxkin Rony Velasquez or your MLO run a "Cash to Close" estimate that includes potential agent fees. Always include a request for seller concessions in your initial offer to cover your agent’s compensation.
3. Oversharing Information at Open Houses
Open houses are one of the few places where you don’t need a signed agreement to enter. However, many buyers treat the hosting agent like a friendly guide.
The Risk: The agent at the open house works for the seller. Anything you say: your max budget, your urgency to move, or how much you love the house: can and will be used against you during negotiations.
The Solution: Be polite but guarded. If you have an agent, mention it immediately. Avoid discussing your finances or motivation with anyone but your own representative.
4. Sellers: Pricing Without Factoring in Concessions
Sellers often look at "comparable sales" from six months ago to set their price. But those old sales usually had the buyer’s agent commission built-in.
The Risk: If you price your home at the top of the market and refuse to offer any concessions for the buyer’s agent, your home may sit on the market longer because buyers cannot afford the extra out-of-pocket expense.
The Solution: Work with Mona Bottros to analyze a "Seller Net Sheet." This tool helps you see exactly what you will walk away with after all fees and potential concessions are paid. Sometimes, offering a 2% credit makes your home much more attractive than a $10,000 price drop.
5. Neglecting to Coordinate with Your Loan Officer
The way agent fees are paid can impact your loan. Some loan programs (like FHA or VA) have strict limits on how much a seller can contribute toward your costs.
The Risk: If the seller agrees to pay your agent, but that amount exceeds the "Interested Party Contribution" (IPC) limit for your loan, the deal could fall through at the last minute in underwriting.
The Solution: Ensure your Realtor® and your MLO are in constant communication. At Maya Team Inc, because Rony Velasquez handles both real estate and mortgage brokerage, we ensure your contract and your loan are perfectly aligned from day one.
6. Skipping Your Own Representation to "Save Money"
Some buyers think they can save money by going directly to the listing agent.
The Risk: The listing agent has a fiduciary duty to the seller. They are legally obligated to get the seller the highest price. By going unrepresented, you lose your advocate for inspections, appraisals, and repairs.
The Solution: Professional representation is more important than ever. A skilled negotiator like Mona Bottros or Rony Velasquez can often save you more on the purchase price and repair credits than the cost of their fee.
7. Ignoring New State-Specific Disclosure Rules
The NAR settlement is a national framework, but every state has added its own layers of paperwork.
The Risk: Using outdated forms can lead to a contract being voided or legal disputes after the sale.
The Solution: Work with a team that stays updated on the latest compliance rules. We provide our clients with the most recent California-specific disclosures to ensure your transaction is "bulletproof."
Your "New Rules" Success Checklist
Use this list to ensure you are protected in today's market:
- Interview at least two agents and ask specifically how they have adapted to the NAR settlement.
- Review your FICO score and DTI with a Mortgage Loan Originator before you start touring homes.
- Read every line of the Buyer-Broker Agreement: specifically the "Compensation" and "Cancellation" sections.
- Ask for a "Net Sheet" whether you are buying or selling to understand the true cost of the transaction.
- Coordinate with your lender to ensure any seller credits are within the legal limits of your loan program.
Let’s Secure Your Future Together
The rules of the game have changed, but the goal remains the same: building wealth through homeownership. At Maya Team Inc, we provide the educational resources and expert guidance you need to navigate these changes with confidence.
Whether you need an investment calculator, guidance on probate sales, or a clear path to your first home, we are here to help.
Contact Us Today:
- Visit our community: nas.io/mayateaminc
- Email: Reach out through our portal for a personalized consultation.
- Follow us: Stay updated with the latest real estate training and consumer tips on our social platforms.
Yaxkin Rony Velasquez
Real Estate and Mortgage Broker | Realtor® | Mortgage Loan Originator (MLO)
Mona Bottros
Realtor® and Office Manager
