Don’t Miss the June 20th Michigan REALTORS Live Stream on the Pending NAR Settlement, VA Issues Temporary Policy Change Allowing VA Buyers to Directly Compensate Their Buyer Broker, City of Traverse City Housing Policy Workshop Tomorrow at the City Opera House
Don’t forget to register and attend the Michigan REALTORS Live Stream on the pending NAR Settlement this Thursday, June 20th from 1 pm to 2 pm; this GAD Top 3 check out some resources to get you up to speed before the Live Stream. This past Tuesday, the U.S. Department of Veterans Affairs temporarily revised its policy to allow VA Buyers to directly compensate their buyer broker, effective August 10th. City of Traverse City Housing Policy Workshop Tomorrow Tuesday, June 18th at the City Opera House from 6 pm to 8 pm.
1. Don’t Miss the June 20th Michigan REALTORS Live Stream on the Pending NAR Settlement
This Thursday, June 20th from 1 pm to 2 pm join Michigan REALTORS 2024 President Sandi Smith and the Michigan REALTORS Legal Team for a live conversation on real estate practice changes, the pending settlement and how it relates to Michigan law, and where things stand with the U.S. Department of Justice. You can register to attend this live stream from the Michigan REALTORS® Studio online or view an in-person live stream at the Aspire North Office. Registration links below. To get you up to speed for this livestream event I have compiled below a list of some of the most informative resources on the pending settlement to date. For more information check out the Michigan REALTORS® - NAR Resources webpage and facts.realtor. We hope to see you online or in person on Thursday, June 20th!
- A Succinct Open Letter about the Two Major Changes Resulting from the Settlement provided by California REALTORS
- NAR Settlement Timeline
- Written Buyer Agreements 101 provided by NAR
- NAR Window to the Law Short Videos on Common Questions
- Michigan REALTORS Letter of the Law on the NAR Settlement and Buyer Brokerage
Attend The MI REALTORS® Live Stream Virtually
Attend In-Person Live Stream at Aspire North Office
2. VA Issues Temporary Policy Change Allowing VA Buyers to Directly Compensate Their Buyer Broker
On Tuesday, June 11th the U.S. Department of Veterans Affairs announced “that eligible Veterans, active-duty Service members, and surviving spouses who use the VA-guaranteed home loan benefit can pay for certain real estate buyer-broker fees when purchasing a home.” The National Association of REALTORS (NAR) President Kevin Sears issued the following statement regarding this announcement:
"The VA's home loan guaranty is the only program that explicitly bans buyers from directly paying for professional real estate representation. 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.”
"NAR launched an all-hands advocacy effort on this issue, including working with Congress and the relevant VA Committees, meeting with the VA, collaborating with industry partners, and holding hundreds of meetings on Capitol Hill during the Realtors® Legislative Meetings in May.”
"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."
NAR is applauding this important win while continuing to work toward a permanent solution. Last month, the NAR Advocacy team helped ensure the language was included in a manager's amendment to the House Appropriations bill directing the VA to determine whether the original policy negatively impacts veteran home buyers. NAR is also sending a letter to the House VA Economic Opportunity Subcommittee ahead of a hearing this week, encouraging members to advance legislation to ensure existing VA policies do not disadvantage veterans.
You can check out the VA’s webpage for more information on this policy change. You can also follow the latest information from NAR including their press release on the announcement and NAR’s webpage dedicated to information on the VA.
3. City of Traverse City Housing Policy Workshop Tomorrow at the City Opera House
The City of Traverse City will be hosting a Housing Policy Workshop tomorrow Tuesday, June 18th from 6 pm to 8 pm at the City Opera House (106 East Front Streetr, Traverse City). Flywheel Community Development Services and the Michigan Association of Planning will be presenting options that support effective housing strategies based on local and regional data. The program will delve into the complexities of housing policy, highlighting the necessity for thoughtful and customized approaches rather than generic, one-size-fits-all solutions.
In addition, the meeting will serve as a joint meeting with the City Commission, Planning Commission, and Downtown Development Authority. Attendees will gain insights into how the City of Traverse City fits within the broader northern regional housing and employment system. The session will also explore the unique challenges faced by different communities, emphasizing the importance of tailored strategies to address specific local issues. For more information on the Housing Policy Workshop check out the City of Traverse City website.