Housing Wire

OCTOBER 31, 2023

During their testimony, the home seller plaintiffs and their lead attorney Michael Ketchmark argued that despite the defendants having antitrust rules and regulations in place, the trade group and corporate brokerages knowingly violated their own rules in order to maintain high commission rates.

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Brokerage Realtors Sellers Buyers 545

Housing Wire

AUGUST 6, 2024

17 implementation deadline for these changes, brokerages like eXp are finding themselves sorting out their forms. As the largest brokerage in the country by transaction sides in 2023, Pareja said it made sense for eXp to create its own forms. “We So, sellers have a variety of options if they want to pay the buy-side commission.”

Brokerage 448

Brokerage Realtors Agents Real Estate 448

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 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.

Brokerage 448

Brokerage Realtors Real Estate Buyers 448

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.

Brokerage 397

Brokerage Real Estate Agent Real Estate Clients 397

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.

Sellers 448

Sellers Buyers Agents Law 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.

Brokerage 448

Brokerage Agents Sellers Buyers 448

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 459

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 433

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?

Brokerage 448

Brokerage Real Estate Agents Sellers 448

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

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 344

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.

Brokerage 392

Brokerage Realtors Law Real Estate 392

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 482

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.

Brokerage 397

Brokerage Realty Sellers Real Estate 397

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

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.

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Realtors Brokerage Real Estate Law 435

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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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 468

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!

Real Estate 448

Real Estate Real Estate Agent Agents Brokerage 448

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.

Brokerage 488

Brokerage Agents Real Estate Buyers 488

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.

Brokerage 448

Brokerage Real Estate Agent Real Estate Sellers 448

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.

Realtors 533

Realtors Brokerage Real Estate Realty 533

Housing Wire

JANUARY 9, 2025

The Hooper commission lawsuit plaintiffs and the brokerage defendants that have reached proposed settlement agreements are looking to make things official. The four brokerages have agreed to business practice changes, as well as total payments of $44.05

Brokerage 418

Brokerage Real Estate Sellers Development 418

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 448

Real Estate Brokerage Sellers Agents 448

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.

Sellers 448

Sellers Brokerage Real Estate Legal 448

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.

Realtors 459

Realtors Legal Agents Real Estate 459

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 448

Agents Real Estate Sellers Brokerage 448

Housing Wire

JULY 19, 2023

A typical commission dispute arises when, after signing a listing agreement or buyer-broker agreement: A seller-client “cancels” a valid purchase contract. A seller-client cancels a listing. A seller-client permits the property to be foreclosed upon. A seller-client refuses to pay the full amount of the agreed upon commission.

Real Estate 370

Real Estate Legal Clients Brokerage 370

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 435

Housing Wire

JANUARY 9, 2025

In this article, well cover the definition of a pocket listing, the pros and cons for both agents and sellers, and how to transact off-market legally and ethically. While Im sure there are instances where this is unfortunately the case, there are legitimate reasons why selling off-market is in the sellers best interest.

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Sellers Real Estate Agents Real Estate Agent 397

Housing Wire

JANUARY 16, 2024

Additionally, the plaintiffs are demanding a jury trial, damages, a permanent injunction barring the defendants from requiring sellers pay the buyer broker, and “restitution and restitutionary disgorgement of all monies wrongfully obtained from Plaintiff and the Class by Defendants.” 8, 2019, and the present.

Brokerage 475

Brokerage Realtors Realty Real Estate 475

Housing Wire

FEBRUARY 28, 2024

As brokerages across the country have begun implementing buyer agency contracts into their business practices in the wake of the Sitzer/Burnett commission lawsuit verdict, the Consumer Federation of America is warning consumers that they may be filled with “unfair provisions” that primarily protect agents and brokers.

Buyers 480

Buyers Contracts Agents Realtors 480

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 468

Real Estate Realtors Realty Brokerage 468

Housing Wire

JUNE 26, 2024

NEXA accuses Grella of tortious interference when he sent messages to broker, seller and title company stating that the company was not authorized to purchase a five-acre airplane hangar leasehold in Mesa, Arizona, for $23.95 The communication caused the transaction to fail. As of Wednesday, NEXA was the largest U.S.

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Contracts Legal Sellers Brokerage 390

Housing Wire

MAY 6, 2024

Redfin has joined the growing list of real estate brokerages that have settled the commission lawsuits. brokerage that has saved consumers more than $1.5 As part of the settlement agreement, Redfin has agreed to pay $9.25 million into a qualified settlement fund within 30 days of the court’s preliminary approval of the agreement.

Brokerage 493

Brokerage Realty Real Estate Agents 493

Housing Wire

AUGUST 15, 2024

While it might seem incredibly complicated to guide both owned brokerages and franchisees through the National Association of Realtors’ (NAR) nationwide commission lawsuit settlement agreement , Anywhere Real Estate views having both models under its umbrella as a blessing. The first is simplicity. The other principle is flexibility.

Brokerage 435

Brokerage Agents Legal Buyers 435