b'Whats HappeningReal Estate Reviewat the Senior Center?The following is a guest column from Independence resident and Party at the Park sponsor John Vince, Broker/Owner of Hand in Hand Realty.It is intended to provide consumer information and does not necessarily reflect the opinions of the City of Independence, nor should it be construed as legal advice. Recently the NAR (National Association of REALTORS) agreed to settle the Sitzer-Burnett class action lawsuit, relating to real estate commission rates.How does this lawsuit affect you, should you decide to buy or The Money Smart for Older Adults education series is underway.sell a home? The short answer is, as a seller, it doesnt have Presented by the Kentucky Senior Medicare Patrol, the freeto affect you at all. As a buyer, youll now have to enter into a monthly series focuses on financial exploitation and otherwritten agreement with your agent which will clearly spell out financial issues facing seniors. Topics to be covered throughthe agents duties to you and what you agree to pay them, if October are: necessary, for their professional representation services.Protecting your home and assets As a seller, you can decide if youd like to offer to pay an agent/ Identity theft and SSA/IRS scams brokers commission on behalf of the buyer, in the same wayPlanning for the unexpected you can negotiate seller-paid closing costs on a deal. If you Funeral scams believe its in your best interest, you can market your home offering to compensate a buyers agent/broker. In this case, Senior Center members may bring a friend or family member. If younothing really changes. If you believe, however, its not in your have questions about the program or arent a member and wouldbest interest, you can refuse to pay any buyers agent/broker like to become one and join in on the series, email Senior Centercommission fees and the buyer will pay their agent/broker, per Director Julie Callahan at jcallahan@cityofindependence.org.their written agreement.So, why would a seller ever agree to pay a buyers agent/broker commission? Well, anytime you have something to sell, youd like to advertise it to the largest possible buyer pool, right? Your home is no different. A buyer, unless utilizing a VA or USDA loan program, is expected to have a down payment. There are also closing costs associated with a purchase loan. Many buyers in the marketplace have the wherewithal to make a monthly house payment, however, they dont have enough savings to cover the down payment, their closing costs and the profes-sional service fees of their agent/broker. So, back to my idea of the largest buyer poolif a seller is willing to contribute to a buyers closing costs and/or to their agent/broker fee, the pool of buyers who find that home more affordable will be larger than the pool of buyers for a home in which the seller chooses not to. The larger the buyer pool, the more potential of selling at a higher price and for the most favorable terms for the seller. Buying and selling real estate is a complicated, and often emo-tional, process. Its always best to seek the advice of a trusted real estate professional. As a seller, your agent will help you un-derstand your local market dynamics and determine a winning pricing and marketing strategy to receive the best offers. As a buyer, your agent will help you understand how your purchase power fits with local market dynamics so you can be prepared to craft the best offer to compete in a crowded marketplace.12'