Buyer Now Paying Their Buyer's Agents, and Other New Rules

With the recent changes that took place on August 17, buyers are now having to jump through a few more hurdles to get that home. 

1. Buyers now need to sign an agreement with their agent to even view a property. Yes, this sounds clunky, but's it's just an agreement stating that you're being officially represented when you look at properties. This protects all parties.

2. Next, Buyers now are obligated to agree to paying their agents a commission for closing on a property--unless the agent doesn't want to be paid which will likely never happen. This is basically how it's done in NYC--it's like a finder's fee. This commission is of course negotiable.

3. Yes this sounds like a burden, but guess what, lots of little ways this can play out:

        - This obligation to pay commission to the Buyer's agent can be paid by the Seller.

        - When a Buyer submits an offer, they can ask the Seller to pay for this agent commission 

        - The Buyer just needs to write this into the offer.

        - Believe it or not, many Sellers are open to paying this obligation for the Buyer.

        - This commission, whether paid by Buyer or Seller, is negotiable.

        - If the Seller won't pay this, oftentimes, a lender can roll this into the loan amount.

Will LA Be Ready for 2028 Olympics?

Lots going on behind the scenes as the City of LA prepares for the Olympics a few years away. But will the city be ready?

That's the question on everyone's minds as renters consider buying, owners consider holding, and developers consider how to maximize profits by buying in the areas that will get the most "love" from the city.

A lot of the areas that the city will focus on where people will actually be visiting. Think of where landmarks are.

• South LA - lot of the stadiums and venues located here
• Beverly Hills, Hollwood - tourist landmarks, Hollywood sign, Walk of Fame, museums
• DTLA - where a massive amounts of newer hotels and public transit will be, along The Broad, Walt Disney Concert Hall, Grand Central Market, Arts District

One of the biggest city goals is to expand public transportation--otherwise we'll be in traffic and Uber/Lyft hell. LA was recently awarded $900M to Expand Public Transit which is step in the right direction:

https://www.nbclosangeles.com/news/local/los-angeles-secures-900-million-in-federal-funds-to-improve-public-transit-ahead-of-2028-olympics/3379834/?os=roku...&ref=app