The Changing Landscape of Home Buying: The Mandatory Signed Buyer Agreement/Disclosure

Key Changes for Home Buyers

• Mandatory WI and MN Buyer Agency Agreement/Disclosure: Both states are still interpreting the lawsuit settlement agreement but to ensure clarity and fairness from the beginning of the home buying process, NAR will request realtors have buyers sign at minimum a buyer’s agreement/disclosure before any property showings starting in late August 2024. While too early at this point to know how the State of Wisconsin and the State of Minnesota are interpreting the settlement agreement it is safe to say licensed realtors will need buyers to sign at minimum a buyer agency agreement/disclosure. In Wisconsin signing a WB-36 buyer agency agreement/disclosure is strongly in play before a realtor can show buyers houses. The state’s final proclamation or the local MLS rules may end up impacting a listing agent where they can’t just open a door to let a non-represented buyer into the house.
• Open Discussions on Compensation: Realtors must now (they were always supposed to have) openly discuss their compensation with potential buyers before showing homes. This initiative aims to set clear expectations early on, preventing any surprises regarding realtor fees for you at the closing table.

What This Means for You

Under the new rules, home buyers ‘may’ have to accept more responsibility for covering buyer agent compensation. This underscores the critical need for working with seasoned realtors who excel in negotiation and communication skills. More than ever before it is incumbent on the buyer to hire a capable realtor who can navigate these changes effectively with the talent and skills to secure contributions from sellers to cover some, if not all, of the buyer-agent compensation.

Why Choose John and Becky Durham

John and Becky Durham, of the Durham Executive Group out of Hudson WI, and Troy Burne Golf Village, stand out as seasoned and successful real estate professionals equipped to guide buyers through these upcoming changes. With over 40 years of combined real estate experience, a deep commitment to real estate education, and a history of award-winning service in both Minnesota (MN) and Wisconsin (WI), they are unmatched in their ability to advocate on behalf of home buyers.

Their unique qualifications include:

• Exceptional Negotiation Skills: John and Becky’s extensive experience and strong negotiation skills enable them to negotiate effectively on your behalf with the seller and listing agent, on both sale price and in securing seller contributions towards your buyer agent compensation.
• Comprehensive Real Estate Expertise: John and Becky are more than your typical realtor who you know. They have a vast track record of successful transactions but also own their very own real estate brokerage in WI and MN. 
• Dedication to Education: Through Durham Executive Group – Training Division, they provide valuable education to other realtors, ensuring high standards across the industry. As owners of the Durham Executive Group – Training Division they are certified and approved trainers by the State of MN where they train realtors, enhancing their knowledge and skills including helping them obtain their annual continuing education C/E credits.

Get Expert Guidance Today

If you’re navigating the real estate market in MN or WI, especially with the upcoming changes, reach out to John and Becky Durham. Their expertise and negotiation prowess make them invaluable allies for anyone looking to buy or sell a home. For expert advice and support, contact them at 651-231-2191. Whether you’re buying, selling, or simply seeking guidance, they’re ready to assist. To learn more about Becky and John visit our extensive real estate website at: www.durhamexecutivegroup.com.