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HAAR Wraps up “179 Ways” Campaign

07/15/2024

The Huntsville Area Association of REALTORS® (HAAR) wrapped up its successful “179 Ways Campaign” with an engaging social media recap, highlighting the extensive and detailed efforts REALTORS® invest in every transaction. Created by the National Association of REALTORS® (NAR), the 179 Ways list informed REALTORS® that “You know you earn every penny you get when you sell a home. This list can help you show your customers exactly what you do to help them buy or sell their home.”
The campaign highlighted the various stages of the real estate process, starting with pre-listing activities like scheduling appointments, conducting market research, and verifying legal documents. The social media posts detailed the comprehensive listing presentation process, where REALTORS® provide market insights, tour properties, and create strategic marketing plans. Followers also got a behind-the-scenes look at the intricate steps involved in handling offers, managing contracts, and coordinating inspections and appraisals.
As the campaign concluded, it showcased the final stages of the home-selling process, including closing preparations and post-closing follow-ups. By recapping these 179 steps, HAAR celebrated the dedication and expertise that REALTORS® bring to each client interaction, reinforcing their invaluable role in helping people buy and sell homes.
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United Way Needs Your Input

06/25/2024

United Way of Madison County is inviting community members to participate in a focus group to learn about needs in our community. Register to join the conversation on June 26 from 8:30-10:30 at the Offices of Spenryn and share your ideas. The results of the Needs Assessment will help to guide the work in the community over the next several years. 
REGISTER
Can’t make an in-person focus group but still want to share your ideas? Fill out the 2024 United Way of Madison County Needs Assessment Survey.
SURVEY
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Critical SentriLock Agreement Coming July 15th

06/24/2024

🚨 Be on the lookout! On July 15th, you will be asked to accept the terms of an agreement governing the use of SentriLock keys to protect properties against unauthorized access. 
The terms of this agreement will be delivered in a pop-up message the first time you log into Paragon beginning on Monday, July 15th. Subscribers will be unable to access any Paragon tools until they agree to these terms. 
This is the first of several reminders that will be sent to ValleyMLS subscribers across our channels–including newsletters, social media, our websites, and more. 
More information and the full text of the agreement can be found below. 

Why is this needed?

The ValleyMLS Board of Directors recently approved the need for a Sentrilock System Agreement to protect properties against unauthorized access.
This came after the Board was notified last month of a troubling situation that involved unauthorized access to a property by an appraiser whose daughter was a prospective buyer. 
The individual, who was not representing either party in the transaction, arrived early to the property alone, rang the doorbell, and accessed the home through the lockbox. Though the property owner was not at home, a complaint was filed with the police. 
Several policies were violated by this action with potential liability for multiple parties. 
Because of this situation, acceptance of the terms of an agreement is now required to protect ValleyMLS subscribers and the MLS as a whole. All members must now acknowledge that they understand the permissible conditions under which a lockbox can be accessed to enter a property.
Click here to read the full text of the agreement you'll be asked to approve on Monday, July 15th
Please email MLSsupport@valleymls.com with any questions or concerns. 
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RPAC Victory: VA Removes Hurdle for Military Buyers

06/11/2024

NAR’s advocacy efforts end in major win for military home buyers

The Department of Veterans Affairs officially announced Tuesday a temporary policy allowing VA home buyers to compensate their real estate agent directly. The department says it will determine whether a formal rulemaking process is necessary.
The move brings relief to VA home buyers, whom the National Association of REALTORS® has been working feverishly to support in recent months. NAR launched an “all-hands” effort earlier this year to change the department’s previous rule, which prohibited VA borrowers from paying a “brokerage fee or commission in connection with the services” of a real estate professional. The rule presented a potential hardship for VA buyers under NAR’s proposed settlement agreement.
Under the VA’s new temporary policy, “eligible veterans, active-duty service members and surviving spouses who use their VA home loan benefits can pay for certain real estate buyer broker fees when purchasing a home,” the VA said in a statement Tuesday. “This update is intended to ensure VA’s programs continue to promote access to homeownership for veterans.”

RELATED: Realtors® learn how to better serve veterans in north Alabama.

Housing for veterans remains a top advocacy issue for NAR. “NAR launched an all-hands advocacy effort on this issue, meeting with VA officials, engaging with lawmakers and rallying our industry partners to ensure this prohibition was lifted,” says NAR Chief Advocacy Officer Shannon McGahn. “Without this change, thousands of veteran buyers could be denied access to professional representation in their pursuit of the American Dream of homeownership. Taking this extra step ensures veterans have the same opportunity as others to compete in a tight housing market. We applaud the VA for recognizing this danger and acting swiftly to protect veterans.”
The VA home loan guaranty program is a vital homeownership tool that provides military veterans with a centralized, affordable and accessible method of purchasing homes with no down payment as a benefit for their service to the nation. It’s also the only program that explicitly banned buyers from directly paying for professional real estate representation, NAR President Kevin Sears said in a statement.
“We applaud the VA for revising this policy and allowing veterans and active-duty service members the same advantages as other buyers in a competitive real estate market,” Sears said. “We look forward to continuing this conversation, and our 1.5 million members stand ready to support the VA in whatever way possible to protect the brave men and women who serve this country and ensure they are given the equal opportunity to achieve the American Dream of homeownership.”
The VA and NAR say they will continue to monitor the evolving homebuying market, as practice changes take effect Aug. 17, and will issue updates as they occur. The VA adds that it “encourages veterans to negotiate buyer broker fees with their real estate professional. VA buyers can also still ask sellers to cover the buyer broker’s compensation at closing.”
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Honoring Love, Courage, and Resilience: Celebrating Pride Month and Advancing Equality for All

06/11/2024

Celebrate Pride Month by honoring LGBTQ+ history and triumphs

A note from ValleyMLS Co-Chair Chris Hulser-Hoover

 

As we celebrate Pride Month, let’s take a moment to reflect on what it truly stands for. Pride is about honoring the history, struggles, and triumphs of the LGBTQ+ community. It’s a time to recognize and embrace diversity, promote equality, and advocate for the rights and acceptance of all individuals regardless of their sexual orientation or gender identity.

 

Pride is a celebration of love, courage, and resilience. It’s a reminder that everyone deserves to live authentically and without fear of discrimination or prejudice. It’s a call to action to continue fighting for a more inclusive and accepting society for all.

 

Let’s use this month to educate, uplift, and support one another. Let’s stand in solidarity with our LGBTQ+ friends, family members, and neighbors. Together, we can create a world where everyone is free to be their true selves without fear or judgment.

 

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Golf Cards are Back from ValleyMLS!

06/11/2024

ValleyMLS is pleased to announce the return of FREE GREENS FEES at The Links at Redstone! These cards are available at HAAR and ValleyMLS offices in Huntsville and can be given to clients, friends, and family – or use them for yourself!
What to know:
  • Each card is good for a free greens fee with a paid 18-hole cart.
  • All proceeds from your trip to The Links go to the Redstone Arsenal’s Morale, Wellness and Recreation program.
  • 15 cards can be picked up at a time.
  • Currently, these cards can be used any time on Mondays, Tuesdays, Thursday. Restrictions are subject to change and listed at Tee4Troops.com.
  • If we are out of cards, you can still register for free greens fees at Tee4Troops.com.
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Communicating Offers of Compensation

06/06/2024

Starting Aug. 17, the MLS will no longer be a platform for communicating offers of compensation. However, they still remain an option for consumers.
Under practice changes that will take effect Aug. 17, real estate professionals will no longer be able to communicate offers of compensation in the MLS. However, offers of compensation will continue to be an option consumers can pursue off-MLS through negotiation and consultation with their real estate professionals. 
MLS policies have been changed to reflect the practice changes under the proposed settlement agreement. The National Association of REALTORS®’ legal team has developed a series of “Window to the Law” videos to explain the coming changes, with the first video focusing on compensation—which is and always has been negotiable.
Charlie Lee, NAR’s senior counsel and director of legal affairs, says real estate pros have a variety of ways to negotiate and communicate offers of compensation, including through:
  1. Marketing: If the listing broker or seller is offering compensation for the buyer’s broker, the listing agent can share that offer through their marketing, such as in flyers, signs or emails.
  2. Website displays: “A broker can show offers of compensation for their listings on their website display,” Lee says. Brokers must not display offers of compensation for other broker’s listings on their website display.” You can show other brokers’ compensation on your listings if you don’t get it from MLS data or an MLS feed, he adds.
  3. Seller concessions: Sellers may elect to offer concessions to the buyer, which may include items like paying for the buyer’s closing costs or the commission for the buyer’s agent. If the local MLS allows, such concessions can be communicated on the MLS within designated fields. However, any concessions listed cannot be conditioned on the use of or payment to a buyer broker, Lee says.
  4. Negotiations: Buyers may request that their agent include broker compensation as part of the terms of a purchase offer.
  5. Buyer agreements: NAR’s proposed settlement agreement will require buyers and their agents to enter into written agreements before touring homes. These agreements will detail the compensation for using the buyer broker’s services.
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Focus on Credit: Preparing for Obtaining a Mortgage Loan

06/05/2024

Don’t miss this informative class coming up on June 11th at HAAR! Register at NAREBHUNTSVILLE.com
REGISTER
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New Guidance for Written Buyer Agreements

06/03/2024

NAR has developed a new guide on written buyer agreements to support members as they prepare for and adapt to the upcoming practice changes following NAR’s settlement agreement. Beginning Aug. 17, a buyer representative working with a buyer will be required to enter into a written agreement with the buyer prior to touring a home, including both in-person and live virtual tours. The guide for developing these agreements is available at facts.realtor and a PDF version can be downloaded here.
Written buyer agreements benefit consumers because they clearly and transparently outline the services an MLS Participant will provide and how they will be compensated.
Beginning August 17, 2024, an MLS Participant “working with” a buyer will be required to enter into a written agreement with the buyer prior to touring a home, including both in-person and live virtual tours. This resource provides information about what provisions must be included in the written agreement pursuant to the NAR settlement as well as other provisions that, while not required by the settlement, MLS Participants may consider addressing with their clients.
As you develop or refresh your agreement forms, keep in mind:
  • Agreement forms should account for the choice and optionality consumers and real estate professionals have when negotiating the terms of their relationship permissible under state law.
  • Agreement forms should give the real estate professional and consumer the ability to efficiently memorialize the relationship based on the transparent and clear conversation they have when deciding to work together.

Mandatory Provisions

Pursuant to paragraph 58(vi) of the NAR proposed settlement agreement, written buyer agreements must:
  • Specify and conspicuously disclose the amount or rate of any compensation the MLS Participant will receive from any source;
  • The amount of compensation must be objectively ascertainable and may not be open-ended (e.g., “buyer broker compensation shall be whatever amount the seller is offering to the buyer”);
  • Include a statement that MLS Participants may not receive compensation from any source that exceeds the amount or rate agreed to with the buyer;
  • Disclose in conspicuous language that broker commissions are not set by law and are fully negotiable; and
  • Include any provisions required by law.

Other Considerations When Entering Into a Buyer Agreement:

While not required by NAR policy changes, there are several other considerations and contractual provisions for MLS Participants, associations, MLSs and other forms providers to consider when creating or updating written buyer agreements:
  • Format: Agreements should be organized, written in understandable terms for all parties, and use a clear, readable font size. MLS Participants are cautioned to avoid pre-filling key terms like length of the agreement and compensation, and to avoid changing provisions without legal advice.
  • Types of Representation: To maximize broker and buyer choice, consider all types of written buyer agreements permitted by state law, including short form, limited service, agency, non-agency, transactional, customer, among others.
  • Broker Services: Agreements should clearly articulate the services the MLS Participant will provide buyer.
  • Consumer Protection: Agreements should clearly disclose all contractual obligations of the buyer, duties of confidentiality owed to the buyer, the Equal Housing Opportunity statement. Consider including warnings regarding wire fraud as well as video and audio recording by sellers while touring a home for sale. MLS Participants may also notify consumers that they are providing real estate brokerage services and advise buyers to seek appropriate professional services from inspectors, lenders, attorneys, tax advisors and title agents, among others.
  • Term and Termination: MLS Participants and buyers can negotiate and agree to the duration of the agreement, including whether the term is automatically extended until closing upon purchase contract ratification. Buyer agreements may include provisions addressing termination with cause and without cause by both the buyer and the MLS Participant. Termination by the buyer may also address whether there is a carryover period, where compensation may be owed to the MLS Participant if the buyer terminates the written buyer agreement and subsequently executes a purchase agreement within an agreed upon time following termination of the buyer agreement.
  • Compensation and Fees: In addition to the mandatory provisions above, MLS Participants and buyers may agree to a retainer fee and address whether any retainer is included in total compensation, credited against compensation and/or refundable.
  • Conflicts of Interest: Consider addressing how MLS Participants resolve potential conflicts of interest during the term of the agreement, including disclosure and consent for representing other buyers submitting offers on the same property, dual agency, designated agency, or transaction brokerage.
  • Dispute Resolution: Written buyer agreements may include mandatory or optional alternative dispute resolution, such as mediation or arbitration. The parties may also agree to waive trial by jury and class actions in the event of litigation relating to the agreement.

NAR Policy Will Not Dictate:

  • Type of relationship the professional has with the potential buyer (e.g., agency, non- agency, exclusive, non-exclusive, subagency, transactional, customer);
  • Term of the agreement (e.g., one day, one month, one house, one zip code);
  • Services to be provided (e.g., ministerial acts, a certain number of showings, negotiations, presenting offers); or
  • Type or amount of compensation charged (e.g., $0, X flat fee, X percent, X hourly rate).
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Veterans Affairs Signals Temporary Suspension of Buyer Agent Payment Ban

05/28/2024

The Department of Veterans Affairs plans to temporarily lift its ban on buyers directly paying for professional real estate representation until the agency deems it necessary to engage in a formal rulemaking process, a VA official said Tuesday at a Mortgage Bankers Association conference in New York.
Although not an official announcement, the comments from VA Deputy Director of Policy Michelle Corridon were met with relief from the real estate industry, as the VA’s home loan guaranty is the only loan program with this explicit prohibition. Veteran buyers have limited options in situations where the listing broker makes no offer of compensation to the buyer broker, potentially leaving veterans without professional representation or forcing them to switch to less favorable loan products.
“NAR launched an all-hands advocacy effort on this issue, meeting with VA officials, engaging with lawmakers and rallying our industry partners to ensure this prohibition was lifted,” says Shannon McGahn, chief advocacy officer at the National Association of REALTORS®. “This is also a testament to the thousands of REALTORS® who came to Washington just a few weeks ago with a unified message. Without this change, thousands of veteran buyers could be denied access to professional representation in their pursuit of the American Dream of homeownership. Taking this extra step ensures veterans have the same opportunity as others to compete in a tight housing market. We applaud the VA for recognizing this danger and acting swiftly to protect veterans.”
The VA’s current policy states that veteran buyers who are using their VA loan benefit “may not, under any circumstances, be charged a brokerage fee or commission in connection with the services” of a real estate professional. That policy may create complications for these buyers in light of the practice changes required under NAR’s proposed settlement agreement. The practice changes prohibit listing brokers from making offers of compensation on the MLS. They also require MLS participants working with a buyer to enter into a written buyer agreement with their clients that outlines the amount of compensation the buyer representative will receive and how this amount will be determined.
NAR submitted a letter to the VA in late March, urging a policy change to ensure veterans maintain their access to the VA home loan program, which has been a significant tool in helping service members achieve homeownership.
“In situations where no offer of compensation is offered from a seller, VA buyers are immediately at a disadvantage, potentially forcing them to forego professional representation, lose a property in an already limited inventory, choose a different loan product or exit the market entirely,” the letter read. “The VA home loan guaranty program is a vital homeownership tool that provides veterans with a centralized, affordable, and accessible method of purchasing homes as a benefit they earned for their service to our nation. NAR wants to ensure that VA buyers remain active participants in the real estate market to achieve the American Dream of homeownership.”
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