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‘Find buyers before agents!’ Mortgage industry reacts to the NAR settlement

Housing Wire

Loan officers and mortgage executives expect home sellers and homebuyers to negotiate more aggressively on commission paid to buyer agents, potentially bringing costs down. Meanwhile, trade groups representing lenders believe that more details on the settlement are needed to understand its coming impact on the housing market.

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Majority of recent homebuyers have regrets: survey

Housing Wire

More than 80% of recent buyers asked for at least one seller concession. The most frequently mentioned concessions were a lower asking price, funds to make repairs, and the ability to keep existing appliances or furniture. Some brokerages have already announced their intention to better illustrate the value of agents to clients.

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‘Don’t panic:’ KW executives address agent questions on NAR commission settlement

Housing Wire

While this may be similar to how agents in some MLSs note that sellers are willing to provide concessions, Papasan made it clear that seller concessions and commissions are not the same thing. Seller concessions is money that is being given by the seller directly to the buyer,” Papasan said.

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GCI: What It Is & Why It Matters to Every Real Estate Agent

The Close

Gross commission income (GCI) is the full amount of money a real estate agent may receive in exchange for representing a buyer, seller, or both in a real estate transaction. Say you’ve got a seller concession of 2% of the sale price to cover the cost of some repairs. What Is Gross Commission Income?

Agents 96
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Buydowns become key for buyers to beat the market

Housing Wire

What helped Erica Davis, a loan originator at Guild Mortgage , in the current high-rate environment is a seller-funded temporary 2-1 rate buydown. If the process is explained correctly to both parties, sellers and buyers will enjoy seeing each other win and accomplish the goals each party has,” Miller said. “It in the second year.

Marketing 463
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Will new products stop the bleeding for mortgage lenders? 

Housing Wire

Homepoint is in a tough spot. Like its peers, the wholesale lender’s origination volume has plunged over the past year due to a dearth of refinancings and a sluggish purchase market. In total, Homepoint said the cost reductions made in the second quarter alone should result in $31 million in savings on an annualized basis. Homepoint is hardly alone.

Mortgages 385
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What Is the Average Cost to Sell a House in California?

HomeLight

While the market in California is still hot for sellers, there has been a decrease in the number of homes sold. You can probably expect to run into these common expenses for home sellers in California: Prepping your house for sale. Seller concessions. Housing trends in California. It is an important data point for buyers.