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The real estate industry as agents and brokers know it has been turned upside down. It remains to be seen exactly what the guilty verdict in the Sitzer/Burnett commission lawsuit means for agents and brokers, as the industry waits for Judge Stephen Bough’s injunction. However, real estate brokers across the country have already begun preparing themselves, their firms and their agents for the worst.
Pricing low on purpose can be a triggering issue. I know both buyers and agents can get extremely frustrated to have to enter a bidding war. And let’s not even talk about auction platforms. But pricing low is pretty much the norm in the Bay Area. People have always told me that, and I finally […] The post Pricing low on purpose: Bay Area vs Sacramento first appeared on Sacramento Appraisal Blog.
Zillow Group has entered into an agreement to acquire CRM system , Follow Up Boss , according to an announcement on Wednesday. The acquisition purchase price includes $400 million of initial cash consideration and up to $100 million in potential cash earnout. “Follow Up Boss is beloved by agents across the industry, including many Zillow Premier Agent partners and ShowingTime+ clients.
Finance teams find Trellis to be particularly effective in conducting comprehensive due diligence on both individuals and businesses. With our court data solution, financial experts can access critical litigation insights, making it an invaluable resource for informed decision-making in the financial sector.
In addition to discussing Zillow’s financial results and the continual evolution of its Housing Super App vision on its third quarter earnings call, CEO Rich Barton and Zillow executives took time to address the elephant in the room: the verdict of the Sitzer/Burnett commission lawsuit. While the industry has yet to find out what Judge Stephen Bough’s injunction will say and the three defendants, the National Association of Realtors , Keller Williams and HomeServices of America , have vowed
The coming winter is expected to be an existential test of survival for many independent mortgage banks (IMBs), according to leaders of several mortgage advisory firms. It’s expected to be dark, difficult doldrums ahead, one marked by unyieldingly high mortgage rates — now hovering near 8% — and a dearth of mortgage-origination opportunities. “We’re really at the darkest part of the market this winter,” Brian Hale, CEO and founder of consultancy Mortgage Advisory Partners , said.
Despite cutting ties with NAR and touting its consumer advocacy, the brokerage is named in a new lawsuit similar to the Sitzer/Burnett and Moehrl cases.
The newly-updated Fannie Mae November Selling Guide now bars job offers or contracts for future employment from family members or interested parties involved in a transaction. “We revised our policy to make it clear that when a borrower is scheduled to begin new employment under the terms of an employment offer or contract, the offer or contract cannot be for employment by a family member or interested party to the transaction,” the Selling Guide update explained.
Construction projects are high-stakes operations where even minor inefficiencies can lead to costly delays, safety concerns, and budget overruns. Managing risk in construction has always been a challenge, but as projects grow in complexity, traditional methods no longer cut it. Enter Digital Transformation - a game changer approach that replaces inefficiency with AI-powered analytics, real-time monitoring, and automated workflows to proactively manage risk.
Three researchers believe a first-of-its-kind dataset has enabled them to definitively answer a long-debated question: why have buyer agent commission rates been so stable historically? In metros across the country, decade after decade, pre-internet and post-internet, buyer agents almost always get 2-3% of the sale price, paid by the seller, the researchers note.
The Federal Open Markets Committee (FOMC) held its short-term policy interest rate steady at a range of 5.25% to 5.5% for a third time this year. However, with inflation still exceeding the committee’s 2% target and the economic growth rate nearing a two-year high, another rate hike in December remains possible. “In determining the extent of additional policy firming that may be appropriate to return inflation to 2 percent over time, the Committee will take into account the cumulative tigh
Zillow is shoring up its Home Loans business by ratcheting up pressure on Flex agents, who refer clients to the mortgage arm or risk losing future leads, tech advisor Mike DelPrete writes.
Trellis is a state trial court research and analytics platform that provides Real Estate Professionals (Buyers, Foreclosure, Loan Modification, etc.) with LEADS on Pre-Foreclosures, Lis Pendes, Distressed Assets and more — to help uncover **new** opportunities and grow their business. The process is quick and easy — and all in real time. Trellis will supply you with a link to the relevant dockets, a Leads sheet and access to its UI where applicable.
Just hours after securing a victory for his home seller clients in the landmark Sitzer/Burnett commission lawsuit, Michael Ketchmark, the lead attorney for the plaintiffs, filed another class action antitrust lawsuit against some of the real estate industry’s biggest players, in U.S. District Court for Western Missouri. Let’s break down the case and the potential implications for the industry.
Biased Appraisals: A Cause or Symptom? In biology, there is a distinction between “proximate cause” and “ultimate cause.” In appraisology, the proximate (immediate) cause of valuation bias is the appraiser’s opinion. – For example, the appraiser reporting a “too high” number shows the ‘impact’ proximate bias. The ultimate (underlying) cause of this bias might be […] The post Biased Regulation?
Mortgage applications fell for the third week in a row as mortgage rates surged toward 8%. For the week ending Oct. 27, total home loan applications fell 2.1% compared to the week prior , according to weekly mortgage application data from the Mortgage Bankers Association (MBA). “The impact of higher rates continued to be felt across both purchase and refinance markets,” Joel Kan, MBA’s vice president and deputy chief economist, said in a statement.
At virtual Inman Connect on Wednesday, Anthony Lamacchia of the Crush it in Real Estate training platform revealed the two most important points to share with clients in the current market.
Appraisal technology company Accurate Group announced this week that it has acquired Voxtur Appraisal Services , an appraisal management company (AMC). Voxtur primarily serves real estate finance providers and specializes in broker-price opinions (BPOs), alternative valuation methods and traditional appraisals. Voxtur US sold 100% of the outstanding membership interests in Voxtur Appraisal Services to Accurate Group for $30 million, with $26 million paid in cash on closing, according to a news r
Despite being praised as "matadorable" weeks before by a judge, the luxury CEO's performance of the Argentine tango on Halloween was not strong enough to get him the combined judges and audience scores needed to survive the competition.
Michael Gifford and David Zvaifler‘s home equity investment company, Splitero , lost its main investor, Redwood Trust , HousingWire has learned. According to an internal presentation deck, the startup had secured more than $1 billion in committed capital. Out of that figure, $750 million was supposed to come from Redwood, representing 75% of the total capital.
Offerpad's agent partnership program gives agents another tool when making listing presentations, and pays them a 3 percent referral fee when their client accepts an offer from the iBuyer.
Rates for a 30-year, fixed-rate mortgage are the highest in over 20 years and may stay elevated for some time. As borrowers reel from the sticker shock of conventional mortgages , lenders could see a surge of demand for alternative lending products, such as adjustable-rate mortgages (ARMs), for the first time since the financial crisis. Most potential borrowers should familiarize themselves with how these products work.
Payroll connectivity platform Argyle and ICE Mortgage Technology have partnered to allow lenders access real-time income and employment data for borrowers throughout the loan origination process. The integration was built on the latest Encompass Partner Connect Application Programming Interface (API) and is available through ICE Mortgage Technology.
In her latest Inman Connect session, Get Social Smart Academy CEO Katie Lance explains the power of thoughtful planning, daily engagement and authenticity when creating a valuable social media strategy.
The Federal Reserve’s monetary policy committee held the federal funds rate at a top target rate of 5.5% at the conclusion of its November meeting. While noting that the Fed was “strongly” committed to reducing inflation to its target rate, this marked the second meeting in a row of no increase as the central bank examines incoming data. The Fed’s.
"You're in it for the career, not for the year," Kymber Lovett-Menkiti says as she leads this Inman Connect panel discussion about creating a thriving culture.
Getty Images VA loans are a specialized mortgage option. They feature some big financial benefits other loan programs can’t match. But the process of buying a home with one isn’t considerably different from any other loan. Here’s a brief look at the VA loan process to help both veteran homebuyers and their real estate agents better navigate how to cross the finish line.
In this Inman Connect panel, Kymber Lovett-Menkiti speaks with business leaders about attracting and keeping the best of the best in 2024 by establishing a value proposition, creating exposure and cultivating culture.
Financial conditions continue to be tight, as the 10-year Treasury rate stands near 4.8% this morning. Among the factors leading to higher rates (more debt issuance, higher-for-longer monetary policy expectations, long-term fiscal deficit conditions, and strong current GDP growth data for the third quarter) is an ongoing, elevated count of open jobs for the overall economy.
How can you level up your marketing with high-value offerings? Here’s Keller Williams VP and bestselling author Jay Papasan’s list of value adds that your sphere won’t soon forget.
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