A recent policy change by the U.S. Department of Veteran Affairs is set to benefit veterans in Nevada who are looking to buy a home. The change, effective August 10, will allow veteran home buyers to pay reasonable and customary real estate fees as part of their home purchase, a departure from the previous practice of exempting them from paying certain fees. This modification is seen as a way to ensure veterans have the representation they need during the home buying process, considered the largest purchase of their lives.
The change comes in response to a class-action lawsuit settlement involving the National Association of Realtors, which requires changes to brokerage fee rules. The new policy is expected to level the playing field for veteran buyers, who may have been at a disadvantage in the past when no offer of compensation was made by sellers.
Sierra Nevada Realtors President Robert Bartshe believes this policy change will open up opportunities for veteran homebuyers in Nevada, allowing them to consider a wider range of home inventory. With approximately 219,698 veterans in Nevada as of September 7, 2022, making up around 7 percent of the state’s population, the impact of this policy change is expected to benefit a significant number of veterans in the state.
For more information on VA home programs, veterans can visit https://www.va.gov/housing-assistance/. While the full impact of the policy change is yet to be seen, it is anticipated to offer more options and flexibility to veteran homebuyers in Nevada and beyond.
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