The Jon Sanchez Show
08/15- How buying a home will dramatically change on August 17, 2024.
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Well, Mr. Mallard has the evening off, and so Corey and I will be manning to ship this evening. Yeah. I can't quit saying evening, Corey. Again, I've been at five o'clock for what ten plus years, and it's afternoon, John. It's afternoon. It's not evening yet, so I apologize if I keep sloping up on that. All right, my friend. Well, Corey, you sent me a great subject for today's show, and I'm so glad you did because I think this is going to be an extremely enlightening show for those that are giving ready to enter the world of real estate transaction, i.e. a buyer or seller. Now let's go back to Tuesday, and if you missed it, please pick up our podcast at your favorite podcast distributor, because Corey went through and Dwight went through a great explanation of the new real estate commission rules that are coming into effect in just a few short days, August the 17th. But what we're going to focus on tonight, which we did not get a chance after Corey's great explanation on Tuesday, what we didn't really get a chance to drill into, is this thing called the buyer's listing agreement. And Corey was kind enough to send it over to me, and it's extremely enlightening, Corey. I'm sure you're probably sick and tired of looking at it at this point. But I found it very enlightening as to how this whole thing is going to work. So Corey, before I get to the stock market, I want you to do a little tease here for me and give us just kind of an encapsulation as to what this buyer's agreement, what it is, real briefly. You don't go into great details, and then, of course, we're going to come back to it and really hammer it down, because it's such a different way of doing real estate transactions. My game is such a different way. All right. Yeah. We've talked about it for a few months on the show. You have this big settlement that came out somewhere in the Midwest, but it affects everybody across the country. So the biggest thing that the news has talked about is that on our multiple listing service, which most people understand what that is, there is no more offer of compensation. John, the deadline is the 17th, but we locally had it put in place today. So as of this more, there's no more offers of compensation on the $1, which is fine. It's not like the world ended or anything, so not a big deal. But the other side of this settlement, which I don't hear a lot of people talking about yet, is this mandatory exclusive buyer representation agreement. And again, it's not a huge deal, but it will catch a lot of people by surprise, because A, it hasn't been talked about, and B, it's never really been the way that things are done. And just a real quick little kind of, you know, not story on a bad example of it is, let's say you call me today and say, hey, Corey, I want to go see that house over there. Can you meet me there? I've got to show you. And we don't know each other. I think, John, that's great, but I need to send you now this buyer representation. You're going to say, well, what the heck is that? Well, that's where you get to, you know, when I get to sign a contract, we get to negotiate over how much I'm going to be paid as your buyer is able to figure out what the term is, how long it's going to be. Any other things, and you're probably thinking, well, wait a minute, all I want to do is go take a peek at this house to see if I even like it or not, but under our new guidelines, and these come down from the National Association of Realtors. So it's not like Nevada changed its laws. This is the Association of Realtors. Under our guidelines, we cannot show property anymore unless the buyer has signed this. It'll affect people going to open houses. It'll affect anything you do as a buyer now. You know, as you were describing that, Corey, and again, I've got so many questions, but as you were describing that, I'm thinking to myself, okay, you and I are brothers, right? Obviously, use you in a heartbeat, but let's say you and I were complete strangers. You want me to sign a contract for, again, this can be for a matter of hours, a matter of days, a matter of months that you are going to exclusively represent me, and this is how I'm going to compensate you, which we'll get into how you compensate the buyer's agent now. But I don't know you, right? I mean, how many people, who in their right mind is going to sign any type of a contract with someone they don't even know. So I think someone like yourself that has been around doing this for a million years and you have an incredible reputation, you're going to have such a huge advantage over somebody that's brand new to the business that, you know, people just don't know about, right? They may be a great person, but hey, we're all brand new in our business at some point, but that's going to be a tough sale, Corey. Yeah, I think it'll be a learning curve for a lot of people, agents and buyers together, and you got to kind of look at it, we'll get into the nitty-gritty of this, but it's not only is the agent stuck with you, but you're stuck with the agent, I mean these are a contract to the point of if you don't watch what you're signing, you may sign an agreement that extends this exclusivity period longer than you thought. You go buy a brand new house, next thing you know, there's a realtor knocking on your door asking for some money, and if you're not going to pay, I'm going to show you for it. Right. I'm going to be very careful on these things because you can't glance it over, these are contracts. Exactly. Exactly. They're contracts, and they're brand new contracts, and there's no case precedence on this. I mean, it'll be interesting to have this conversation a couple years from now and, you know, go back in the court records and see how many people, you know, got involved in lawsuits, whether being sued by the agent, i.e. broker or vice versa, because they didn't understand it, and there was, you know, misunderstanding or flat out, hey, I didn't compensate the buyer's agent, because remember, folks, is you're going to learn tonight. This is what's so fascinating. The home seller is going to be asked to pay your buyer agent's commission, or the buyer is going to have to come out of pocket doing that, which again, I think is going to be a really, really tough sale. So in the flip side of this whole thing is, you know, who in their right mind in today's LaChia's world would even think about going into a real estate transaction without a real estate professional like Corey representing you. So it's a big maze, in my opinion, Corey. It really is. Oh, yeah. Hey, you know, according to the trial attorneys, it's also the benefit of the buyer. Oh, right. They're going to get much more prices than pay, much smaller fees. Oh, yeah. Exactly. Oh, you mean the same trial attorneys that got probably 30% of the multi-billion dollar settlement? Those guys? No, yeah. The one that doesn't tire that don't live in that tree anymore, right? Right. Right. Yeah. Yeah. Boy, they're really looking out for the best interest of everybody. And through this article that you sent me, there's a lot of similarities to our industry. All right. We just went through a couple of years ago, you know, the new fiduciary rule, which, you know, boil it down and says, do the right, you have to do the right thing for your clients. Well, no kidding. Who in their right mind would last in this business or your business? Because yours is the same thing. It's like, this whole thing was to do the right thing for the client. Well, again, none of us would be around as long as we have if we did not do the right thing for our clients. And so, you know, this is the way that these attorneys get around this. It's like, oh, you know, there's a bunch of bad apples out there and, you know, everybody falls into that trap and it's like, oh, it just irks me to no end as I've lost my temper discussing this subject with you in the past. But I'm going to, I'm going to get past that. But boy, this consumer advocates in American real estate, this new group, boy, they're just a doozy, aren't they, this, this group that's, you know, I don't know if they've got to be paid by the, by the plaintiff's attorneys because they're, you know, mentioned everywhere in this article and how this whole thing is great for the public and so on and so forth. Yeah. Yeah. Great group. Just a great group. So, but the bottom line is things are going to be changing here shortly, folks in two days or like you said, Cory said, effective now with agility, it's in place. So you need to understand how this whole thing is going to work because you could be on the hook for a whole bunch of money. If you don't understand or your agent doesn't explain correctly to you, this buyer's representation document, you know, it's called the exclusive buyer representation agreement written again by the, was this written by our local MLS or, or is this the national contract? No. So all the local MLSs can do their own. So for instance, if you're in California, you're a completely different looking document. They all have to kind of do the same thing, but they have different, right? Right. Okay. All right. Perfect. All right, Cory, I'm really looking forward to this topic to make sure everybody understands exactly how this world of real estate is going to change in a couple of days. But in the meantime, let's get down to today's stock market activity. Well, Cory, who would have ever thought? Who would have ever thought that Wall Street could get so excited on a retail sales report, right? It's just absolutely bizarre. This is one of those days where you kind of scratch your head and I kept it. We did have some periods where the market pulled back and I'm like, okay, this is normal because a retail sales is important, but not to generate the kind of returns that we generated today. Now we did have some momentum behind us. Some wind to our back is the saying goes thanks to some benign PPI and CPI data is over the last couple of days. But Cory, this retail sales number showed retail sales for the month of July up 1%, they're expecting a half a percent. And as soon as that news came out this morning at 5.30, this market just took off to the races and really never looked back other than just, like I said, a couple periods where it started to dip a little bit. So it was an extremely strong day. Congratulations, everybody. You probably made some good chunks of money. I'm hoping and praying for you and I'll give you all the details about that when we come back. First, let's go over to Kristen Snow. She's in the right nut traffic center. Hey, Kristen. Welcome back to the John Sanchez Show on new stock, 780KOH, which with core edge of edge realty, Dwight has the evening off. All right, our good friends over at SNW Attractor, they have an incredible inventory of the hard working, long-lasting Coyote tractors, right? This is a matter of how much land you have. Few acres or a few hundred acres. They've got the models for you as well as all of the implements that you need. But it's their expertise that will design an incredible tractor package for you. And let's not forget 0% financing on select models. Given all the details by just giving them a call, 882-1225 or better yet, their old-fashioned people just stop by and visit them. They're located at 4880 East Nye Lane in Carson City and online at snwtructored.com. Well as Corey and I were alluding to, it was a heck of a day to day on the street. The market got very excited or the investors did on this retail sales number. We finished up 555 points on the Dow, a 1.39% gain to 40,563. Nasdaq rose 402 points, 2.34%, closing at 17,594 and the S&P 588 point gain 1.61% to close at 5543 and the Russell 2000 actually best out of all four major averages with a 2.4% increase. Walmart also helped things out today. Strong earnings numbers, again another sign the consumers doing okay. Walmart had a strong earnings report, good guidance, etc. The Dow component finished up $4.52, 6.6% gain to 73.18. Cisco also reported as we mentioned on the show last night, after hours, decent numbers announcing that they're going to lay off about 7% of their workforce and the stock rallied today. Again, as I said, a Dow component, 6.8% gain for Cisco, $3.09 to 48.53. Well Warren Buffet's Berkshire Hathaway announced in a 13F filing, Jason mentioned on the show last night these all came out, so we're finding out what some of these big firms are buying. They announced a big stake in Ulta Beauty, not big for them, but I think it was like, I don't know, $400 or $500 million, nothing major, but it made that stock pop pretty strong, $36.75% gain, 11.2% to 365.80. On the commodity side, it was a strong day for oil, up 1.5% to 78.22 a barrel, same for gold, nice move here, up $12.50, close at $2,494, 92.40 and Corey, this is one of the things that, again, had me scratching my head a little bit today, just to show the strength behind the equity markets, bond yields surging today, so I'm kind of happy Dwight's not here to have to tell us how miserable he is after today's big move, not just joking. On an 11 basis point increase on the 10-year finishing at 3.93%, so starting to get back up to that 4% mark, and according to Morgan's news daily, 9 basis point increase on the 30-year mortgage finished at 6.58%. Corey, before we get to our topic, again, the buyer's representation agreement that's becoming effective immediately in your case on the 17th of August for everybody else. What's the chatter that you're hearing among your clients right now or in the industry with the 30-year still, I mean, very comfortable level, 6.58%. We're talking to different clients today, and they're all just in different types of conversations. Oh, the rates are coming down. Oh, the rates are coming down in September. Everybody's got the general idea that rates are coming down, and I try to explain depending on if they're putting something off until the September Fed meeting, you probably can do those type of things. Now, because of the market, I was sort of be well ahead of any kind of help. You see how fickle this market is, because I think it was just a couple of days ago, there was a high percentage for a 50 basis point reduction now, I think. It was 52%, yep. Yeah, you're right. So, you get these little spurts or these little panics, and if you're in the market, lock it in. I mean, this seems too fast. Absolutely. Absolutely. Great point you bring up. According to the CME FedWatch tool, back to your point, Corey. Right now, this was as of 8 a.m. this morning, I don't know if things changed by the end of the business day, but according to the FedWatch tool, there's a 100% probability, 100% of a quarter percent rate cut in September, but the probability of a half a percent cut to your point has now been reduced because of, again, this data that we received over the last couple of days on inflation, today's retail sales data. So that probability of a half percent cut in September has now been reduced from 36% yesterday to 27.5% today. But you think that's bad, Corey. Let's go back a week from now to your point, and it was a 55% probability of a half a percent cut. Yeah, we will see, you know, I think definitely the 25 basis point, you can't go wrong with that, right? You do 50 basis points that could telegraph to investors that there's some problems lurking and people would really start questioning that, but you do 25 basis points. Now everyone's going, hey, Fed's on our side finally, and this is the beginning of many more rate cuts. So if I was sending Jerome Powell's lap, I would be in this corner, I'd be doing the exact same thing, a quarter percent cut. What's your opinion? Yeah, I think that's probably right. And, you know, correct me if I'm wrong, I think Jackson Hole is next week. So, you know, they could come out and start talking about that because that'll be the next thing I was listening to a gentleman talk about, you know, the meeting will be important, but the dot plot will be important because everybody's anticipating a quarter percent cut. But how many are we going to get? Is it going to be every meeting, every other meeting, the start of a trend or is it the one off? Right. You know, like you've always told us the market will always find something to worry about here. Always. Always. Yep. Yep. The minute we get that rate cut, Mark Myward, the minute we get that rate cut, it'll now be Wednesday. Next one wins the next one, right? That'll be the whole issue. So we'll start the whole cycle over again. All right. Well, let's enjoy our victory today, Corey, and let's get down to our topic. We're going to get a head start because we got a lot of things to talk about. So once again, if you're just joining us, things are changing dramatically. August the 17th, the way you do business in real estate, it's going to change because this is when the new real estate, the buyer's agent commission situation changes. And as Corey gave a great example at the beginning of the show, this is what we're going to be discussing tonight. So you're just the bottom line first and foremost, and then we're going to drill down to the details. All of you are very well aware of what's happening. So when this becomes effective, August the 17th, but as Corey said, he's implemented it today already. But unlike before, when you know, you do a real estate deal, remember the norm that most of us had, if you were the buyer, you didn't have to pay any real estate commission to your buyer's agent, right? That was generally split from the seller's agent or the seller, however you want to phrase that. That's no longer the case. Your seller and your seller's agent are no longer obligated to pay any amount of money to the buyer's agent. So that responsibility is going to fall in your lap as the buyer. And so what we're going to get into tonight is this new agreement called the exclusive buyer representation agreement that you as the buyer are going to need to sign with your real estate professional. They cannot, as Corey said, they cannot show you anything, anything without this agreement be signed. And as we're going to also get into the terms of it, the length of time, is this going to be a one office? Is this going to be a ham committed to you for weeks or months? So on so forth, there's going to be a lot of details. But Corey, let's start with something you brought up, which I think is very important. In touring a home, right? You gave a great example, John calls Corey up and says, hey, Corey, I found this great house over on 123 main. I want to go see it. Corey goes, time out, John, whether we're friends or not, you've got to sign this agreement. So Corey, let's kind of start with this. Let's kind of begin with what this relationship is going to look like, right? Because now we're connected at the hips in the old days, of course, you know, if I didn't like you, you didn't like me, Corey, we part ways, you know, if we found a house or not. But now that's not the case. I'm obligated to you. You're obligated to me. So explain how this part's going to work. And there's always been, you know, in our industry, probably the same as yours, even without one of these written agreements, we have certain duties, fiduciary to the client. So if I need you over there, you're not technically my client, you're still a customer, but there's certain things I can and can't do, and you can't lie to you, it's still kind of all those normal things. What we'll have to do now is we have to memorialize all that into a contract and talk about how long that contract's going to be, how much I anticipate getting paid, all these different things that generally would not have come up until the end, or if at all. So it's not the worst thing in the world, it's just going to be a different way of handling it. And I can see in some of these as we go through the terms of these agreements, you'll see where some of it will be ripe for people to take advantage of buyers, and unfortunately, I can foresee that happening now. Just so everybody's clear on how this is, this comes from the National Association Barilters settlement. This is not any law that a state in Nevada has changed. And so, if John, I show you the house, and I don't have an agreement, I don't think they'll put me in jail, but you could certainly call an attorney, an attorney would love to sue. Go ahead. They could for not having these agreements, and it's such a gray area now, I don't know what the penalties are, damages. I mean, if you've been damaged, if I don't have sign agreement, or no, but this is going to open up a whole other avenue of heartaches for people unfortunately. You bet. Exactly. So when we come back, we're going to start drilling down through the highlights of the document that we'll kind of get to the end and go through our actual document here locally. But Corey, I want to talk about, you know, again, the relationship. This could be a short-term relationship, it can be longer, so on and so forth. It's whatever I is the buyer, I'll just use myself as an example, it's whatever I negotiate with you, as well as how we negotiate, how you're going to get paid from me, from the seller or whatever. So we'll kind of start with that side of it. In the meantime, let's turn it over to Greg Neff. He's got news, traffic, and weather. Hey, Greg. John Sanchez, showing his talk 780k awaits with Corey Edge of Edge Realty, Dwight Millard of Guild Mortgage has the evening off. We finished very strong today, 555 gain on the Dow, and as that grows 402, the S&P higher by 88. All right. We just started our topic tonight. The buyer's representation agreement, how rules are changing effective August the 17th, in regards to how you're going to compensate your agent as a buyer. Now, Corey, let's kind of start with this, and we're going to hustle through this because we've got a lot of things I want to make sure we get out. Okay. So let's start with this. The term of this agreement, right? Now, before we you answer this one, there's a question I've got to get answered, so I know where to go with you on some of these questions. Is it my understanding that there's a, what they're calling a touring agreement, and then there's the, as you said to me, the exclusive buyer representation agreement, or is that something different from the parts of the country? Let's start with that. It's, it's, it's, it's bored by board. So there are touring agreements that some localities are using. I think they're using them in California in different places. We don't have those here, but, you know, John, this is all changing for everybody. So I'm sure over the next, you know, six to 12 months, our stuff will change. Everybody else's stuff will change. It'll kind of all the similarly at some point. Right. Okay. Very good. All right. So once again, if you just joined us, here's how it works. I'm going to use an example that I'm the hypothetical buyer, and I've decided to contact Coriage of Idrility, and he's going to represent me. So unlike before, again, I have to decide how, and Cori has to decide how we're going to work together, how he's going to represent me, what he's going to do. So Cori, my understanding is we can sign an agreement that's good for, hey, I want to go see 123 Main Street or Cori, I want to hire you for a week, a month, a couple months, or until I find a house, it is wide open, correct? It's all negotiable. Anytime we turn anybody, anything we can agree on. Okay. What are you going to lean towards for a complete stranger coming to you? Short term, long term. What are you going to do? Why do you got to ask me the hard questions? It's what I do, man. It's what I do. You know, I don't know you. So for instance, before all this, if you were to call me and say, hey, I want to go look at a property, typically most of my clients, I thought all of them come through a recommendation or come from somebody I know, like I have a little background to it. If you just called me off of the phone, then I'd ask you some questions about how we're going to finance it, what are we looking for. I'm trying to get a feeler out there to see, are you really? So you approve a letter? Yeah, I mean, believe it or not, we get a ton of fake people that like to look at houses and have no interest in ever buying anything, I just want to get into people's homes. So you got to kind of feel all that stuff out. So there's that quasi kind of, you know, start now even without these agreements where everybody's feeling each other out to see if they're good with it. So I don't have an exact answer to say, hey, I'm going to do an X amount of time no matter what because I'll base it on, I'll still have those conversations and then base it off of that if I choose to do it at all, then they honest with you. No, what do you mean? So for instance, I may get some, again, most of my clients come from referrals or recommendations, so if I sit down and meet, then yeah, we're going to find this agreement because now we have to, but it's kind of going to be a long term because they'll be kind of my normal clients that I do with and I have some clients that, you know, it takes one or two months to find a house. John, I've had some that took five years, like it doesn't matter to you know, it takes to find the house you want, I'm with you. But if it's just a phone call up of the street and I want to go see one house and I'm in town for an hour, I may say, hey, there's 4,000 other people that can probably help you. I'm just not interested. Yeah, there you go. And folks, I think this is, and this is not to sound cocky by any stretch of the imagination, but once you, you know, are experiencing your profession, whether it's mine, Corey's an attorney, a CPA or something, it's not a right that we have to deal with you, right? The first question I have, and I don't care, again, how much money somebody has, I have to get along with you, right? I have to respect you. You have to respect me. I don't want some client that's going to be a pain in my butt and doesn't, you know, questions all my recommendations. I have fired them. I have literally fired multi-million dollar accounts because we, after the relationship was established, Corey, we just didn't get along and again, no amount of money is worth it, right? Life is too short when it comes to that. So I thoroughly respect what you're saying. And that's why I was, I was wondering, it's like, huh, do you do, you know, maybe a one week agreement until, again, you make sure that you are meshing with this potential new client or, you know, I guess, like you said, it's just every case is going to be different. But what's your advice to, to, to the buyer out there, sign a short term, long term, any difference from their perspective as far as what they can get out of the agent? Yes. I think if I was a buyer out there, again, if I'm finding some of the, you know, people come in through a recommendation and I've met them other than touring a house obviously because I don't have an agreement yet, but I've met them and I'm comfortable with them. I wouldn't shy away from signing a one, two, three month, six month agreement, something like that because you've kind of, you've done a little bit of that due diligence. And if you are new, if you're new at it and you don't know these agents, you're just kind of interviewing. Maybe you want something shorter because to your exact point, somebody who's been in the business for a while who believes in the services they're providing, if you want to test me out for a couple of weeks, yeah, I might do that because I know what I bring to the table and I think I can prove myself to it. I'll give you a perfect example on my listing, my personal listing agreements right now that I've done like this for years, all my list of agreements and December 31st of what every year we're in. Yeah. So if you come to me to list your house January 3rd of 2025, that agreement's going to end December 31st of 2025 because it helps me keep all my sell, all my stuff in line. I know when they're all expiring and keep all that stuff. But I tell people right up, hey, if you wake up one day and you just think like, man, this guy is just a knucklehead, doesn't know what he's doing, I need to get rid of him. I will gladly let everybody out of their contract. I have never held anybody to that because, you know, we all need to get along here now. These agreements are a little different, John, because they, these, some of these buyers, they will suck every ounce of time out of you. And then if they can get out of their agreement, they'll go behind you to a house you've shown. So these who need to be handled a little differently from our perspective. That's my point. That was going to be my next question, Corey. How can this be canceled? So let's say I sign a two month agreement with you, but two weeks into this and we've looked at five houses and I've burned up a bunch of your time, I go, Corey, you don't know what you're doing or I don't like your personality, whatever the case says, I want to get the heck out of this contract. I can't get out. Right? Is a buyer. I'm locked into this. Going to the contract as it's written that I'm reading right in front of me right now, no, there is no get-out. There you go. So it either has to be, I was going to say it has to be negotiated upfront as an additional term that everybody agrees to, or you may have to get an attorney involved and say they're not living up to there. And again, first time home buyers shouldn't be talking about getting attorneys involved to find a real estate agent. No, that's my point. What if, what if it's mutual? What if you don't like me and I don't like you? Could we, could we rip up the contract if we both agree to it? Yeah. As long as both parties agree, then yes, you can terminate it. It's not like we're stuck until this thing's over, even if we've done almost one. And of course. Now, let's say you're a great counterpart, Aaron Clark. Let's say he's not part of your firm. He works for XYZ real estate company. Okay. So you and I signed a two month agreement and a weekend to this, we're just not getting along, right? We're not seeing eye to eye. And I'm like, Corey, I need to get out of this and you're like, John, we're into this thing for two months is what we signed. Now, I can't go, and this is going to sound really bad, but I can't go behind your back and go to Aaron Clark and say, Hey, Aaron, I'm this great buyer on qualifiers, my pre-qual letter. I'm going to go. I want you to represent me. I'll sign up, you know, a three month listing agreement or a buyer's representation agreement with you. How is Aaron going to know that I signed one with you? So obviously I'm being scrupulous as a buyer. So how do we get around that? So, again, as they're right now, the application and one of the obligations is just to the... Hey, Corey, I'm sorry you're breaking up. Corey, I'm sorry. Start over. You're breaking up. I was going to say the way the agreement is written right now, there's what's called a buyer obligation section. And it's under that you as the buyer, when you sign it, you attest to the fact that you have no other buyer representation agreements outstanding with any other agents. Yeah. Yeah. You mark my word. Some wealthy individual is going to go, You know what? If I don't like what you're doing for me, Corey, you're fired. I don't care if I have a contract or not, go talk to my attorneys. Don't you agree? No. No one that has any clout whatsoever or thinks they have clout, they're not going to stick with an agent if that agent is not showing them and doing everything that they want them to do. And I guarantee they will go, I don't care about this contract. I'm going to go hire, you know, John Doe, my neighbor because he's really good. And boy, here comes the lawsuit. But I think I'm going to become a real estate attorney, Corey. I think I think his real estate attorney is going to be really, really busy with this new agreement. All right. Now, when we come back for our final segment here, let's talk about, again, I'm sitting at home and my pajamas have my Saturday morning cup of coffee. I spot a house. I want to go see inside. This is called a home tour. How do we, you know, how do we do this one, right? This is this one of the many scenarios under this new law. All right. Let's turn it over to Kristin Snowdo. Rupp us up in the right now. Traffic Center. Kristin. Welcome back to the John Sanchez Show on Newstalk 780KOH with Corey Edge of Edge Realty. Mr. Edge, your phone number, sir. Corey, are you with me? Yes. 673-6700. Beautiful. Have me worried there. I thought I was going to have to play real estate agent here. Thank you. This is a Dwight's phone number. Dwight can't be with us this evening. Gil Mortgage, 240-2022. All right, Corey, man, this is one of those nights. I wish we had about a three-hour show because I still have so many questions to ask you. So bear with me as I bebop around what I think our answer really wants to listen to. Let's go to this one. Dual representation, right? Dual agency, right? This is where one agent represents the buyer and the seller. What happens in that case with this new rule? Well, that's always been a sticky situation, right? So there's additional documents you have to have. So you get the buyer representation signed. You have to do what's called the consent to act in the state of Nevada, where all the parties understand there's one agent in the middle. Just personal reference, just since we're talking about it, I don't do a dual agency. My company does not do a dual agency and I have turned away many clients and referred them to other people to handle it because the buyer is usually losing in that scenario and you're not getting good advice. So let's go down this path really quickly here, Corey, with 90 seconds left. I'm the seller. I hire you to sell my property, but also I really like you. So I also say, "Hey, my friend down the street or my friend at work wants to buy this house." So you have to sign this again, exclusive buyer's representation agreement with my friend. Then you come back and you have to negotiate with me because I is the seller and the one that's going to have to pay my friend, right? Under that scenario. Again, personally, I wouldn't be the agent for your friend. I can get an agent there or they can represent themselves, but yes, that friend is going to have to ask their seller friend to pay the agent or whatever they're bringing in, of course. Right. Exactly. And of course, there's many ways that the buyer's agent can be compensated, flat fee, a percentage, a dollar amount, right? Absolutely. You also have to be careful. If you're a buyer and you're in a contract and you back out of that contract, according to this agreement, you still got to pay the commission to that agent, even though you close that score. And as we mentioned on the show on Tuesday with Dwight, the buyer's fee slash commission that they're paying their agent cannot be financed. So you as the buyer, if you can't get the seller to pay the buyer's commission or buyer's agent commission, you have to come out of pocket on this one, which is going to be a really challenge. Corey, I think we got to talk about it again in the future, my man. Thank you so very much for enlightening us on this, Corey. I really appreciate it. Corey Edge of Edge, really. Thank you, my friend. We'll do it again tomorrow night at the John Sanchez Show. God bless. Have a great evening. This program was sponsored by Sanchez Wealth Management. The material in this program was intended as general information only and should not be taken as specific investment tax or legal advice. None of the information on this broadcast was intended to be a solicitation for the purchase or sale of any security. Further information is available by contacting john@sansheswealthmanagement.com or 775-801-01. John Sanchez offers securities and advisory services through independent financial group LLC, a registered broker dealer and investment advisor. For FINRA SIPC, securities only offered in states, John Sanchez is registered in Sanchez Wealth Management LLC and Independent Financial Group LLC are unaffiliated entities. Dwight Mallard is not associated with Sanchez Wealth Management LLC or Independent Financial Group LLC. 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