The VA Home Loan Reform Act, bipartisan federal legislation backed by NAR, was signed into law last week. It permanently allows veterans to directly compensate their real estate agents, ensuring they can compete on equal footing in today’s competitive housing market.
The bill also establishes a permanent partial claim program for VA loans to cover missed payments for borrowers in serious delinquency if they fall behind on their loans.
Read more at https://on.car.org/valoansact
NAR is pleased to share the latest consumer guide focused on planning and packing tips to make moving homes less stressful and more strategic.
As a reminder, all guides in this series are available for download—in both English and Spanish—on facts.realtor. Please allow a few days for the Spanish version of the latest resource to be translated and uploaded. For ease of reference, below is a list of the most recent guides:
Earnest money is a deposit made by the home buyer to the seller, showing a commitment to purchase the property. This deposit is not made until the seller accepts the buyer’s offer on the property.
The earnest money is often held in a third-party escrow account until the transaction closes. Although commonly used in real estate, earnest money is optional. But some sellers may not even entertain an offer on the home if the buyer doesn’t include earnest money, NAR says.
For full blog post, visit https://www.nar.realtor/magazine/real-estate-news/sales-marketing/earnest-money-in-real-estate-refunds-returns-and-regulations
