Housing Wire

OCTOBER 2, 2023

Real estate giant Zillow came out victorious in its years-long legal battle with discount brokerage REX Real Estate. In mid-May 2022, REX ceased its brokerage operations. In a verdict announced late Friday afternoon, a jury in a U.S.

Advertising 394

Advertising Brokerage Real Estate Legal 394

Housing Wire

AUGUST 1, 2024

As brokerage firms fine tune how to handle the business practice changes outlined in the terms of the National Association of Realtors’ nationwide commission lawsuit settlement agreement , which are set to go into effect on August 17 , many are focusing on how their agents will handle compensation on both the buy-side and the sell-side.

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Sellers Buyers Agents Law 436

Housing Wire

DECEMBER 8, 2023

By enforcing this mandate, the NAR establishes an anticompetitive market where sellers are coerced into subsidizing the buyer’s costs. While this lawsuit is certainly not the only one making collusion allegations against many of the large national brokerages, it has one of the more robust lists of local brokerages as defendants.

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Brokerage Realty Real Estate Agent Real Estate 448

Housing Wire

AUGUST 12, 2024

Many brokerage firms are trepidatiously moving to a model with no cooperative compensation in light of the impending business practice changes outlined in the National Association of Realtors’ (NAR) nationwide commission lawsuit settlement agreement. Peter Voss at 3% Listing Co. is wondering what took them all so long to make the switch.

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Brokerage Agents Sellers Buyers 432

Housing Wire

APRIL 22, 2024

Photo Credit: AJ Canaria) Between inflation , an uncertain interest rate environment and legal challenges , the real estate industry is facing unprecedented challenges. In fact, the sweet spot for acquisitions over the next couple of years is going to be the small one-office brokerage firms.” My advice is to start simple.

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Brokerage Real Estate Agents Sellers 377

Housing Wire

APRIL 8, 2024

Fast-growing, publicly traded The Real Brokerage announced Monday that it had reached a settlement agreement with the plaintiffs in the Umpa commission lawsuit. The brokerage will pay $9.25 The Real Brokerage closed $14.4 The Umpa suit is the only commission lawsuit in which Real has been named as a defendant.

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Brokerage Real Estate Agent Real Estate Clients 359

Housing Wire

AUGUST 21, 2024

For Linda O’Koniewski , the broker-owner of Leading Edge Real Estate , one of the largest hiccups so far was when one of her agents brought a buyer offer that included concessions to a seller. The seller basically told them to drop dead,” O’Koniewski said. “So, This allows them to keep their net but lower the price.

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Sellers Agents Real Estate Buyers 419

Housing Wire

AUGUST 22, 2024

In a lawsuit filed Thursday, real estate startup Homie Technologies claims that home seller consumers were not the only ones harmed by the real estate industry’s allegedly anticompetitive practices. Buyers using Homie would receive some or all of any BAC offered by the seller,” the complaint states.

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Realtors Buyers Brokerage Real Estate 482

Housing Wire

AUGUST 7, 2024

The motions filed by Compass , eXp World Holdings , Redfin , Weichert Realtors and United Real Estate claim that the homebuyer plaintiffs are simply trying “to parrot the allegations they made in an amended complaint,” which was filed in the Batton 1 suit that consists of the same plaintiffs but a different group of brokerage defendants.

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Brokerage Realtors Real Estate Buyers 384

Housing Wire

MAY 9, 2024

Wood, who is overseeing the Batton suit as well as the Moehrl home seller commission lawsuit , said this request was “neither necessary nor appropriate.” As part of their settlement agreements, Anywhere, RE/MAX and Keller Williams have agreed to pay $83.5 million , $55 million and $70 million , respectively. 26, 2024.

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Brokerage Realty Sellers Real Estate 393

Housing Wire

MARCH 18, 2024

Jessica Edgerton , chief legal officer at LeadingRE , was also caught off guard by the timing of everything. “I If the seller is willing to have that discussion, then you and your buyer can see what they would be willing to cover.” You’ll need to make that adjustment and discuss that with your sellers.” More off-MLS listings?

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Brokerage Real Estate Agents Sellers 422

Housing Wire

SEPTEMBER 18, 2024

You have to follow the law, but if it’s legal, you can do it,” Pfaff said. “We While no legal statute presently outlaws these practices, the MLSs might be engaging in a game of chicken with the Department of Justice (DOJ) and the law firms that have won or settled commission lawsuits against NAR and several major brokerages.

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Legal Realtors Agents Brokerage 464

Housing Wire

OCTOBER 6, 2023

million settlement with plaintiffs in two bombshell buyer commission lawsuits have been made public, and they stipulate that the brokerage conglomerate make significant changes to its practices. The terms of Anywhere Real Estate ‘s $83.5

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Buyers Brokerage Agents Sellers 459

Housing Wire

NOVEMBER 1, 2024

Real estate agents and real estate brokers are both licensed real estate professionals who can assist buyers and sellers, but you should be aware of some key differences and state-specific distinctions. A real estate agent is a licensed professional who represents buyers or sellers in real estate transactions. Let’s dive in!

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Real Estate Real Estate Agent Agents Brokerage 445

Housing Wire

OCTOBER 28, 2024

While Monestier, who reportedly sold her Rhode Island home in 2022 and is part of the affected class, believes sellers were paying “inflated commissions,” she feels that prior to the settlement changes going into effect, the rules governing the industry were “clear and confusion did not reign supreme.”

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Business Sellers Realtors Buyers 442

Housing Wire

JANUARY 29, 2024

In an amended complaint filed on Friday, home sellers Danielle and Jessie Kay (who sold a house in Baden, Pennsylvania, in December 2021 with the help of an agent from Realty One Group Gold Standard ) were added as a plaintiff. The addition of the five local brokerages is not the only recent change to the list of defendants.

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Brokerage Realty Real Estate Real Estate Agent 336

Housing Wire

OCTOBER 15, 2024

This is especially true when various MLSs, brokerages and agents are taking their own approaches to dealing with the business practice changes. As Sharran Srivatsaa , the president of The Real Brokerage , sees it, there are two primary agent camps right now. Would sellers suddenly stop offering buyer’s agent compensation?

Real Estate 446

Real Estate Brokerage Sellers Agents 446

Housing Wire

APRIL 26, 2024

HomeServices of America , the last remaining brokerage defendant in the landmark Sitzer/Burnett antitrust commission case , has agreed to pay $250 million in damages to settle lawsuits that will change agent compensation across America. The New York Times first reported the story.

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Brokerage Agents Real Estate Buyers 456

Housing Wire

OCTOBER 10, 2024

While the homebuyer commission lawsuits continue to be a thorn in the side of the real estate industry, three corporate brokerages have at least for now recorded a small win. Additionally, the brokerage defendants note that Mullis filed an appeal of the final approval of the firms’ settlement. On Wednesday, Chicago-based U.S.

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Brokerage Real Estate Realtors Sellers 270

Housing Wire

JULY 2, 2024

Specifically, the DOJ told NAR executives and Sears that it is closely watching updated forms that are coming out of the state and local Realtor associations, as well as brokerages and MLS, and any potential “loopholes” or “work arounds” agents or firms are exploring to circumvent the business practice changes outlined in NAR’s settlement.

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Legal Real Estate Realtors Sellers 405

Housing Wire

OCTOBER 24, 2024

31, 2023, and has since reshaped the business practices for real estate brokerages and agents across the country. One constant has been questions over agent commissions , which were at the center of the legal battle. More recent data collected by The Real Brokerage shows a similar trend. 30 and Sept.

Agents 430

Agents Real Estate Sellers Brokerage 430

Housing Wire

OCTOBER 21, 2024

In the suit, Homie claims it was harmed by the anticompetitive practices of NAR and the brokerage defendants. As a flat-fee brokerage, Homie charged sellers a flat fee to list their property on the MLS. As a seller of brokerage services, not a consumer of them, it would be helped by higher prices,” the motion states.

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Brokerage Real Estate Agent Real Estate Sellers 416

Housing Wire

OCTOBER 29, 2024

There’s less than a month until the final approval hearing for the commission lawsuit settlement agreements reached by the National Association of Realtors , HomeServices of America , and other brokerages and non-Realtor-affiliated MLSs that opted in to NAR’s settlement. Ahead of that date, the objections have started to roll in.

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Sellers Brokerage Real Estate Legal 426

Housing Wire

JANUARY 18, 2024

The suit, known as Fierro, after its lead plaintiff Gael Fierro, a Californian home seller, accuses the real estate industry of colluding to artificially inflate real estate agent commissions. Patrick Thurber, a California home seller, is an additional named plaintiff in the suit. It was filed on Wednesday in U.S.

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Realtors Brokerage Real Estate Realty 493

Housing Wire

FEBRUARY 21, 2024

HomeServices of America can preserve some of its legal war chest — for now, at least. The residential brokerage was dismissed this week from one of the early real estate commission lawsuits , known as “Batton 1” after its lead plaintiff, a homebuyer named Mya Batton. Judge Andrea Wood of the U.S.

Realtors 357

Realtors Brokerage Real Estate Law 357

Housing Wire

MARCH 15, 2024

Loan officers and mortgage executives expect home sellers and homebuyers to negotiate more aggressively on commission paid to buyer agents, potentially bringing costs down. That’s a problem because mortgage LOs traditionally have not “forged as deep of inroads” with sellers’ agents.

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Buyers Agents Mortgage Real Estate Agent 514

Housing Wire

OCTOBER 16, 2023

At the crux of the case is the allegation that commission rates are too high, it’s unfair that the seller pays the buyer’s agent’s commission, and that the National Association of Realtors’ (NAR) Code of Conduct and MLS Handbook lead to set pricing. ” What’s at stake?

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Buyers Brokerage Agents Realtors 479

Housing Wire

NOVEMBER 1, 2023

Can we even discuss things about the house because if we inform the potential buyer of something about the house that makes them not want the house, even if it isn’t something necessarily bad, are we going against our agreement with our seller?” Although Pearson’s concerns are warranted, she is certainly ahead of the game.

Open Houses 486

Open Houses Brokerage Agents Realtors 486

Housing Wire

SEPTEMBER 20, 2024

Pareja took over as CEO at eXp in April 2024 and became the first Hispanic CEO of a major real estate brokerage in U.S. eXp purposely designed the document in a way that uses as little legal jargon as possible, so as to not confuse buyers and sellers.

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Agents Brokerage Real Estate Tenants 392

Housing Wire

JUNE 28, 2024

The remaining brokerage defendants in the Batton 2 homebuyer commission lawsuit filed a joint motion to dismiss the suit last week. This is the second time the remaining defendants have looked to get the case dismissed.

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Brokerage Realtors Law Real Estate 281

Housing Wire

MAY 6, 2021

OWN Marin, a veteran team of five agents, announced last week that they switched from the New York-headquartered brokerage to the San Francisco-based outfit. The brokerage, which declined comment, has hundreds of agents in Marin County – which lies just north of San Francisco County – and is the no. billion in VC cash.

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Brokerage Agents Legal Valuation 369

Housing Wire

SEPTEMBER 25, 2024

NEXA has accused Grella of causing the failure of a $24 million hangar-office property purchase and the brokerage firm is preparing to file an amended complaint. McCoy added that “alleging defamation without at least some examples of defamatory statements reduces those counts to bare legal conclusions.”

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Mortgage Brokerage Legal Loan Officers 410

Housing Wire

AUGUST 26, 2024

A report from Redfin found that during the four weeks ending July 14, 2024, the typical metro Boston home seller paid their buyer’s broker a 2.15% commission, down from 2.2% Nationwide , the typical American home seller paid a 2.55% commission to their buyer’s broker during the four-week period ending July 14.

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Brokerage Agents Real Estate Business 499

Housing Wire

FEBRUARY 16, 2024

A second home seller in Nevada has filed a lawsuit alleging that real estate industry players in the state have colluded to artificially inflate real estate agent commissions. District Court in Las Vegas by Nevada home seller Angela Boykin. The copycat commission lawsuit was filed on Friday in U.S. 16, 2020, and the present.

Real Estate 417

Real Estate Realtors Realty Brokerage 417

Housing Wire

AUGUST 19, 2024

According to real estate professionals, the biggest adjustments they had to make this week was to get buyers to sign buyer representation agreements and to explain to sellers that while they don’t have to offer buyer broker compensation , they will most likely see most prospective buyers ask for some help in paying their agent.

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Agents Sellers Realty Buyers 464

Housing Wire

FEBRUARY 28, 2024

The trade group’s legal woes have brought it back to California, where is already facing other commission lawsuits. While this is certainly not the only lawsuit Redfin has been named a defendant in, it is the first suit in which it is named as the sole real estate brokerage defendant. Filed on Tuesday in U.S. 2, 2019, and Oct.

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Realtors Legal Agents Real Estate 392

Housing Wire

MAY 3, 2023

Relatedly, discount brokerages have promised big savings to sellers for decades. The legal threat that looms largest is what’s known as the “Moehrl case.” The plaintiffs essentially argue that sellers are subsidizing buy-side agents and it’s an anti-competitive practice that lacks transparency. They were wrong.

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Agents Real Estate Agent Brokerage Real Estate 419