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VA Allows Buyer-paid Broker Fees - 11/13/2024

The U.S. Department of Veterans Affairs, known as VA, issued a policy change that now allows payment to buyer brokers on VA loans.  They will be subject to certain safeguards, such as the requirement that all buyer-broker fees charged to veterans "must be reasonable and customary within local markets."  The circular is effective Aug. 10, 2024, and is valid until rescinded.

The VA also clarified that veterans can still ask sellers to cover these fees which in most cases will be negotiated in the offer to purchase agreement.  As the practicality of the settlement of the lawsuit becomes clearer, VA is expected to issue a permanent policy.

This change in policy will protect veterans in situations where there is competition for a particular property and the seller might select another offer because those buyers were paying their own buyer's agent fee.  Prior to this policy change, veterans were not allowed to pay, "under any circumstances, be charged a brokerage fee or commission in connection with the services of such individuals."

Both the National Association of REALTORS® and the Mortgage Bankers Association have been lobbying the VA to address this prohibition and are thankful for addressing the issue to keep veterans who want to use their VA benefits to purchase as home.

VA mortgage loans have many benefits and options to structure a home purchase to fit your individual situation.  Your real estate professional can help you find the home that fits your needs with affordable financing.

For more information on changes with buyer's agents, download Buyers Agent Guide and contact your agent with any questions you may have.

 

Wade Wright ABR, CCIPS, CMHS, CREN, CRS, ePro, GRI, MHS, NCE California Home Team Alliso Viejo, CA (949) 365-4411 00990129 Wade Wright — Broker, Founder & Real Estate Advisor Wade Wright is a seasoned real estate broker, investor, and founder of California Home Team, with more than 38 years of experience helping buyers, sellers, investors, and property owners successfully navigate a wide range of real estate transactions. Since beginning his real estate career in 1988, Wade has represented more than 1,200 clients and built his business on a commitment to integrity, professionalism, strong negotiation, and results. His experience spans residential and investment real estate, multifamily properties, land, new construction, distressed properties, bank-owned assets, and complex transactions requiring creative solutions. Licensed in both California and Tennessee, Wade brings clients the perspective of someone who has successfully worked through multiple real estate cycles and understands both established and rapidly growing markets. Today, his practice serves clients throughout Southern California and Middle Tennessee, with an emphasis on residential and investment properties, multifamily real estate, land, and wealth-building opportunities. Wade takes a hands-on, consultative approach to every transaction. Rather than simply facilitating a sale, he works to understand each client's goals, identify potential challenges, evaluate alternatives, and develop a strategy designed to produce the best possible outcome. His extensive negotiating experience and ability to find solutions in complicated situations have been hallmarks of his career. Throughout his career, Wade has been entrusted with assignments requiring a high level of expertise and professionalism. Banks and financial institutions have selected him to represent them in the marketing and sale of bank-owned (REO) properties, while homebuilders have engaged him to successfully market and sell standing new-home inventory. He has also represented homeowners in complex short-sale transactions and helped negotiate relocation assistance for displaced homeowners. Wade is equally passionate about helping real estate investors build and preserve wealth. His experience as both a real estate professional and investor allows him to look beyond the transaction itself and help clients consider cash flow, appreciation potential, market conditions, financing, property fundamentals, and long-term investment objectives. A lifelong student of real estate, business, and negotiation, Wade has completed extensive professional education throughout his career. He earned a Bachelor of Science in Business Administration from California State University, Los Angeles, where he was recognized on the National Dean's List with honors. Above all, Wade believes a successful real estate career is built on relationships and trust. His goal is not simply to complete transactions but to become ae clients can turn to at trusted resourc different stages of their lives—whether they are purchasing their first home, selling a longtime family property, relocating, expanding an investment portfolio, or planning for the future. Professional Affiliations & Leadership Wade's professional involvement has included: National Association of REALTORS® California Association of REALTORS® Orange County Association of REALTORS® Real Estate Investment Association of California National Council of Exchangers Creative Marketing Association — Former Vice President and Board Member LETUP International — Former Vice President National Commonwealth Institute Orange County Association of REALTORS® — Selected to serve on the Grievance and Professional Standards Committees Recognition & Awards Five Star Real Estate Professional — 12 Consecutive Years Wade was recognized for 12 consecutive years as a Five Star Real Estate Professional in Orange County, an honor awarded to a select percentage of real estate professionals based on criteria that include client satisfaction, integrity, communication, and customer service. Marquis Who's Who — 2022 Wade was recognized by Marquis Who's Who for excellence and achievement in the real estate profession. Global Directory of Who's Who — 2014 Wade was inducted into the Global Directory of Who's Who in Real Estate Top Professionals. After more than three decades in the profession, Wade's philosophy remains straightforward: listen carefully, communicate honestly, negotiate aggressively when necessary, solve problems creatively, and always place the client's interests first.has taken numerous classes from many distinguished real estate professionals and colleges. In addition to his ongoing education, he has received a Bachelor of Science in Business Administration from California State University, Los Angeles, and was inducted into the National Dean’s list with honors. Wade´s impeccable reputation for professionalism, diligence, and integrity with his colleagues as well as his clients has earned him several appointments, including exchange counselor, being awarded accounts by banks to be their representative in the sale of their “Bank-Owned REO” properties, and being chosen by new home builders to sell their standing inventory of homes successfully. Wade has also helped many homeowners and banks by selling their over-encumbered properties through the “short sale” process, and his team has negotiated relocation funds for displaced homeowners.. Professional Affiliations: ABR Accredited Buyer Representative, CCIPS Certified Investment Property Specialist Institute, CMHS Certified Military Housing Specialist, CREIPS Certified Real Estate Investment Planning Specialist, CREN Certified Real Estate Negotiator, CRES Certified Real Estate Specialist, ePRO Electronic Professional Marketing Certified, GRI, Graduate Realtors Institute, NCREA National Commercial Real Estate Advisor, REO Trans Distressed Property/Bank-Owned Platinum Certification, National Association of Realtors; California Association of Realtors; Real Estate Investment Association of California, National Council of Exchangers, Orange County Association of Realtors – Selected as Grievance and Professional Standards Committee Member; Creative Marketing Association Served as Vice-President and on Board of Directors; Le Tip International Vice-President; National Commonwealth Institute. Awards: Five Star Professional 14 years in a row. The final list of Five Star Real Estate Agents is a select group, representing less than 2% of real estate agents in the area. Orange Coast Magazine annually surveys 18,800 homeowners and 250 mortgage and title companies throughout the county. Those who participated in the research provided the name of a real estate agent and rated that individual according to criteria such as integrity, communication, and customer service. The survey data was collected and scored, resulting in the list of Five Star Agents. Wade was inducted into the Global Directory of “Who’s Who in Real Estate Top Professionals” and was honored by Marquis Who’s Who for excellence in real estate services. Contact Me Visit my Website Send a Referral Subscribe to Newsletter