Housing Wire

AUGUST 5, 2024

eXp Realty recently released forms that make it clear it is firmly up to the seller to decide whether or not they will offer buyer broker compensation. In the spirit of this arrangement, Real President Sharran Srivatsaa said the firm is leaving it up to sellers as to how and if they advertise offers of buyer broker compensation. “It

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Sellers Buyers Agents Advertising 446

Housing Wire

AUGUST 1, 2024

But it will be their sellers who make the decision on an offer of compensation to a buyer broker. In the agreement, sellers have the option to choose to pay their listing broker an exact dollar amount, a percentage of the gross purchase price of the property or an undefined “Other.”

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Sellers Buyers Agents Law 435

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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Housing Wire

MAY 3, 2024

17, 2024, according to a letter sent to members on Friday by NAR chief legal officer Katie Johnson. In addition, agents and brokers will be required to provide compensation disclosures to sellers. Originally, the trade group had said the practice changes would go into effect in mid-July.

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Sellers Legal Buyers Realtors 464

Housing Wire

MARCH 15, 2024

NAR’s legal counsel approved the settlement agreement early Friday morning. According to NAR, this settlement brings an end to all of the litigation claims brought by home sellers. The National Association of Realtors has agreed to pay $418 million in damages to settle the commission lawsuits. It has yet to be filed in court.

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Legal Agents Realtors Real Property 540

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 462

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 Real Estate Brokerage 482

Housing Wire

AUGUST 9, 2024

Co-hosts James Dwiggins and Keith Robinson urge agents to stop sharing commissions and discuss ways that listing agents can put their seller’s needs first while avoiding legal trouble and creating an excellent experience for their clients in an uncertain market. Dwiggins ties his example into real estate with a pointed statement. “I

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Real Estate Advertising Legal Agents 387

Housing Wire

MARCH 13, 2024

In their motion, the parties wrote that they “dispute the factual and legal arguments made in the DOJ’s Statement of Interest.” Preventing sellers and listing agents from setting buyer-broker commissions would promote greater price competition and innovation in the market for brokers’ services,” the DOJ argued.

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Contracts Legal Sellers Buyers 420

Housing Wire

JULY 2, 2024

The district court applied an incomplete legal framework in evaluating whether REX had presented a genuine dispute of material fact on concerted action in this case,” the filing states. On Tuesday, the CFA announced it had also sent an analysis of CAR’s seller agreement to the DOJ. forms will try to get around the NAR settlement.

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Housing Wire

MARCH 14, 2024

Legal experts told HousingWire that it is rare to see the Fed offer an opinion about an ongoing legal debate, as it typically does not want viewed as an influence on court decisions. This model requires that sellers and buyers each pay their agents directly to mitigate the threat of steering by buyer agents,” the paper states.

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Agents Legal Real Estate Agent Buyers 385

Housing Wire

AUGUST 30, 2024

The Merriam-Webster dictionary defines fraud as the “intentional perversion of truth in order to induce another to part with something of value or to surrender a legal right,” and from identity theft to sweepstakes and investment scams, it can take countless forms at a high cost to consumers.

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Real Estate Insurance Sellers Legal 393

Housing Wire

FEBRUARY 29, 2024

In the filing, the parties wrote that they “dispute the factual and legal arguments made in the DOJ’s Statement of Interest.” Preventing sellers and listing agents from setting buyer-broker commissions would promote greater price competition and innovation in the market for brokers’ services,” the DOJ argued.

Contracts 382

Contracts Legal Sellers Buyers 382

Housing Wire

JUNE 11, 2024

In a legal brief filed on Monday, MLS Property Information Network (MLS PIN) made it clear that it does not agree with the Department of Justice ‘s position on the banning of cooperative compensation, as outlined in the DOJ’s statement of interest in the Nosalek commission lawsuit.

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Housing Wire

FEBRUARY 22, 2024

Worst-case scenario, the broker representing the buyer will have to negotiate their own fee with their client and the seller can no longer be compelled to make a blanket offer of compensation in order to list on the MLS,” Murray said. Nearly six months later, Murray stands by this assertion. “If

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Sellers Buyers Real Estate Agents 445

Housing Wire

AUGUST 27, 2024

17 , some MLSs have allowed agents to continue indicating whether their seller is willing to consider concessions. Additionally, in a statement on Facebook , the association wrote that “upon legal advice and as a precautionary measure, in light of recent litigations,” it would be removing the field.

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Sellers Realtors Legal Agents 347

Housing Wire

NOVEMBER 30, 2023

An attorney for the plaintiffs, Robert Braun of Cohen Milstein Sellers & Toll, asked Wood if she would be willing to set a trial date for the third quarter of 2024. Braun argued that legal issues still playing out in the Sitzer/Burnett suit was not a reason to delay the trial in the Moehrl case.

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Legal Sellers Realtors Law 420

Housing Wire

APRIL 18, 2024

If Pulte, with thousands of claims, did not receive direct notice of settlement, individual home sellers with many fewer sales likely did not receive notice either,” the filing reads. Those individual home sellers may also lack legal counsel and would be less likely to learn about their class membership through the news.”

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Legal Sellers Real Estate 446

Housing Wire

MARCH 29, 2024

The first change is that MLS PIN is agreeing to obtain certificates from their seller clients saying that they understand that MLS PIN does not require sellers to offer compensation to buyer brokers and that sellers are not required to compensate the buyer’s broker even when asked to by the buyer.

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Sellers Real Estate Buyers Contracts 439

Housing Wire

MARCH 8, 2024

The mailers are titled “Notice of Proposed Settlements” and they began hitting the mailboxes of home sellers in mid-February. JND Legal Administration is in charge of distributing the mailers, emails and press releases. What do the postcards say? Millions are expected to be sent out across America. “If

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Agents Legal Realtors Clients 409

Housing Wire

NOVEMBER 9, 2023

According to Kasper, while the plaintiffs are portraying this outcome as a win for consumers, getting rid of cooperative compensation will only harm homebuyers and sellers. As she has stated previously, NAR plans to appeal the verdict and that Sitzer/Burnett saga is far from over.

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Agents Legal Sellers Clients 427

Housing Wire

OCTOBER 24, 2024

One constant has been questions over agent commissions , which were at the center of the legal battle. According to Redfin , a month prior to the business practice changes going into effect, the typical American home seller paid a 2.55% commission to their buyer’s broker during the four-week period ending July 14.

Agents 428

Agents Real Estate Sellers Brokerage 428

Appraisal Buzz

AUGUST 13, 2024

While the industry is no stranger to predatory and/or unfair lending practices, new advisory opinion and research study on a type of home seller financing known as a “contract for deed” has been released by the Consumer Financial Protection Bureau (CFPB). The CFPB is had a field hearing in St.

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Contracts Investors Sellers Lending 367

Housing Wire

SEPTEMBER 19, 2024

Simultaneously, I have heard this common refrain from eager homebuyers: “I qualify for an FHA (or VA ) home loan, but I’m having a hard time getting my offer accepted by a home seller. Have you ever heard that before or some variation? If so, then you probably know the answer can be summed up in four words: “Source of income” discrimination.

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Legal Sellers Real Estate Inspection 356

Housing Wire

SEPTEMBER 5, 2024

Department of Housing and Urban Development ( HUD), state attorneys general and fair housing organizations to start applying this legal framework to homebuyers FHA loans accounted for 15.6% of the U.S. mortgage market in 2023, up from 14.3% in 2022, according to HUD.

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Buyers Real Estate Agent Inspection Real Estate 423

Housing Wire

OCTOBER 29, 2024

According to Wang, sellers who have also been buyers in recent years — barring them from filing claims against the settling parties as buyers if they are part of the settlement class — would be better off if they could bring claims under state consumer protection statutes or false advertising statutes. “In

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Sellers Brokerage Real Estate Legal 423

Housing Wire

OCTOBER 6, 2023

“We believe this is the right course of action to remove future uncertainty and ongoing legal expense, serving the best interests of the company, our affiliated agents and franchisees, and shareholders, and enabling Anywhere to focus on moving real estate to what’s next.”

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Buyers Brokerage Agents Sellers 459

Housing Wire

SEPTEMBER 5, 2023

According to court documents filed on Tuesday, Anywhere Real Estate and the home sellers suing the firm in both the Moehrl and Sitzer/Burnett cases, which both deal with buyer brokers’ commissions, have reached a preliminary settlement agreement, settling all claims in both suits.

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Real Estate Buyers Legal Realtors 448

Housing Wire

APRIL 15, 2024

When asked about the language they use to discuss how buyer and seller agent commissions are paid, some of the most common responses included stressing that commissions are and always have been negotiable, and that if the National Association of Realtors’ settlement is approved, some practices may change, but many things are currently unknown.

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Inventory Agents Real Estate Sellers 395

Housing Wire

SEPTEMBER 27, 2023

As an organization dedicated to protecting property rights, the American Land Title Association (ALTA) wants to help ensure laws do not discriminate against or prevent people from legally purchasing real estate. Sellers must have confidence that it is not their responsibility to verify the national origin of the buyer.

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Law Real Estate Insurance Legal 359

Housing Wire

MAY 10, 2023

The transaction will ultimately result in the seller shutting down operations. The companies expect the deal to close in the third quarter of 2023, and after onboarding of Home Point customers, Mr. Cooper will shut down the seller operations.

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Legal Sellers Inventory Mortgage 384

Housing Wire

NOVEMBER 8, 2023

But this latest one comes with a twist — it was filed by homebuyers, unlike the others filed by home sellers. Thus, the Rule is designed to create tremendous pressure on sellers to offer the high, standard commission and to act as a powerful deterrent to anyone who may attempt to offer a discounted commission.”

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Real Estate Realtors Sellers Agents 453

Housing Wire

FEBRUARY 28, 2024

The trade group’s legal woes have brought it back to California, where is already facing other commission lawsuits. The National Association of Realtors is facing yet another copycat commission lawsuit. Filed on Tuesday in U.S.

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Realtors Legal Agents Real Estate 389

Housing Wire

NOVEMBER 9, 2023

The heightened consumer protection focus from government agencies, combined with the Department of Justice’s ongoing legal feud with the National Association of Realtors and its recent involvement in the Nosalek commission lawsuit , has many in the industry expecting that the DOJ will get involved in the Sitzer/Burnett suit, and potentially others.

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Legal Real Estate Real Estate Agent Law 369

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 444

Housing Wire

AUGUST 6, 2024

These include an ”Exclusive Authorization and Right to Sell” agreement; an “Amendment to Real Estate Listing Agreement”; a “Direct Compensation from Seller” form; a “Single Property Buyer Broker Agreement”; a “Buyer Broker Representation Agreement”; and a “Disclosure and Acknowledgement of NON-Representation” form.

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Brokerage Realtors Agents Real Estate 448

Housing Wire

MARCH 25, 2024

Cooperative compensation is still legal,” Papasan stressed. While this may be similar to how agents in some MLSs note that sellers are willing to provide concessions, Papasan made it clear that seller concessions and commissions are not the same thing.

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Agents Advertising Real Estate Sellers 410