Housing Wire

NOVEMBER 8, 2023

The National Association of Realtors (NAR) on Wednesday unveiled its state flood disclosure tracker tool , aiming to offer clarity and access to survey existing state disclosure requirements for flood insurance. Data from the Legal Research Center concluded that all 50 states and Washington, D.C., America’s 1.5

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Legal Law Insurance Real Estate 370

Housing Wire

MARCH 28, 2024

In November 2023, Wood indicated that the trial would take place in the fourth quarter of 2024 , but the status report findings appear to change the timeline. The class encompasses home sellers across 20 local MLSs. The suit obtained class certification in March 2023. Damages in the suit could reach $13.7 billion — or $41.1

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Real Estate Agent Realtors Real Estate Sellers 388

Housing Wire

MARCH 7, 2024

District Court of Nevada in early January 2024, the Whaley suit (like other commission lawsuits) accuses real estate industry players of colluding to artificially inflate agent commissions. In the initial complaint , Whaley only named Realtor associations and MLSs as defendants. Opendoor did not return a request for comment.

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Realty Real Estate Realtors Brokerage 392

Housing Wire

APRIL 16, 2024

The second Batton suit was filed in November 2023, just days after the jury verdict in the Sitzer/Burnett suit was announced, and the defendants include Compass , eXp World Holdings , Redfin , Weichert Realtors, United Real Estate , Howard Hanna and Douglas Elliman.

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Real Estate Realtors Law Legal 383

Housing Wire

MARCH 22, 2024

Compass has joined the National Association of Realtors , Anywhere , Keller Williams and RE/MAX in settling the commission lawsuits. The settlement agreements reached by RE/MAX and Anywhere are scheduled to have final court approval hearing in early May, 2024. “By settling, Compass is not saying that we did anything wrong.

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Brokerage Realtors Agents Clients 443

Housing Wire

MAY 1, 2024

When HomeServices of America reached a nationwide settlement agreement last week in the commission lawsuits filed by home sellers, it became the final defendant in the two original commission cases, Sitzer/Burnett and Moehrl, to do so. According to court documents, the final approval hearing for NAR’s settlement is set for Nov.

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Realtors Real Estate Agent Real Estate Brokerage 378

Housing Wire

DECEMBER 6, 2023

More home sellers on the East Coast are getting in on the commission lawsuit action. Similar to the other commission lawsuits, the latest two take aim at the National Association of Realtors’ Participation Rule, which requires the listing broker to make a blanket offer of compensation to the buyer’s broker to list the property on the MLS.

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Realty Realtors Brokerage Real Estate 423

Housing Wire

MAY 3, 2024

RE/MAX executives were not shy about acknowledging the uncertainty that is currently plaguing the real estate industry during the firm’s first-quarter 2024 earnings call with analysts and investors Friday morning. Year over year, RE/MAX’s total agent count in Q1 2024 was down 0.2% million in Q1 2024, compared to a net loss of $0.7

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Agents Real Estate Training Buyers 379

Housing Wire

NOVEMBER 20, 2023

Some of these provisions include no longer requiring agents to be members of the National Association of Realtors or following NAR’s Code of Ethics or the MLS Handbook. With a final ruling not expected until mid-to-late spring 2024 , the real estate industry remains in limbo as the copycat lawsuits continue to pile up.

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Legal Real Estate Agents Realtors 411

Housing Wire

DECEMBER 20, 2023

The National Association of Realtors , Keller Williams and HomeServices of America , have asked judge Andrea Wood to rule on the suit based on the evidence that has been presented during the discovery period of the proceedings. After almost five years of litigation, it is clear that Keller Williams Realty, Inc.

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Real Estate Sellers Realtors Brokerage 380

Housing Wire

MARCH 27, 2024

HomeServices of America first filed its motion to decertify the class in early January 2024. At the time, the defendants in the suit, which included HomeServices, as well as the National Association of Realtors , Keller Williams , Anywhere , and RE/MAX , requested that the Eighth Circuit court of appeal review the class certification order.

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Law Sellers Realtors Contracts 399

Housing Wire

MAY 8, 2024

“In down markets, the best agents and the best brokerages gain market share,” Reffkin, the CEO of Compass, told investors and analysts during his firms first-quarter 2024 earnings call on Wednesday evening. “We Year over year , Compass gained 26 basis points of market share, bringing its total share of home sales in Q1 2024 to 4.76%.

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Agents Brokerage Real Estate Clients 389

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 414

Housing Wire

OCTOBER 4, 2023

The final settlement hearing deadline is now scheduled for March 7, 2024, instead of Jan. In a statement of interest filed last Thursday, the DOJ noted that it had “significant concerns” about the proposed antitrust settlement agreement between home sellers and MLS Property Information Network (MLS PIN).

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Buyers Realtors Sellers Legal 409

Housing Wire

NOVEMBER 10, 2023

On Wednesday, Manhattan home seller Monty March filed a lawsuit in U.S. Noticeably missing from the list is the National Association of Realtors. The lawsuit is seeking class action status, with the proposed class including Manhattan home sellers who worked with an agent from one of the defendants between Nov.

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Real Estate Brokerage Sellers Law 462

Housing Wire

MARCH 22, 2024

There is no doubt that the cooperative compensation structure changes outlined in the National Association of Realtors’ commission lawsuits settlement agreement will generate massive changes in the real estate industry, but those are not the only changes mandated by the terms of the agreement. As of Jan.

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Buyers Contracts Real Estate Agents 471

Housing Wire

OCTOBER 6, 2023

Final court approval of the settlement is expected in early 2024. Like Anywhere, RE/MAX will no longer require agents to be “members of the National Association of Realtors or follow NAR’s Code of Ethics or the MLS Handbook.” independent regions, and U.S.

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Agents Real Estate Buyers Brokerage 477

Housing Wire

FEBRUARY 16, 2024

The modified rule still gives sellers and their listing brokers a role in setting compensation for buyers’ brokers,” the filing states. According to the DOJ, when a seller makes an offer of compensation to the buyer broker, the buyer broker does not need to compete on their compensation price in order to attract clients.

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Sellers Buyers Real Estate Contracts 424

Housing Wire

OCTOBER 30, 2023

Originally filed in December 2020, the Nosalek lawsuit , named after its lead plaintiff, alleges that the broker-owned MLS PIN is not directly required to abide by the National Association of Realtors (NAR) rules. Saris granted the DOJ’s motion , extending the final settlement hearing deadline nearly two months to March 7, 2024.

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Realtors Real Estate Buyers Sellers 390

Housing Wire

APRIL 11, 2024

Nothing was off the table when National Association of Realtors (NAR) President Kevin Sears joined NextHome CEO James Dwiggins and chief strategy officer Keith Robinson on this week’s episode of their “Real Estate Insiders Unfiltered” podcast. But Kasper’s tenure was short-lived as she resigned in early January 2024 due to blackmail threats.

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Real Estate Realtors Law Tools 411

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. NAR said that the changes , if approved by the court, will go into effect in mid-July 2024.

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Buyers Agents Mortgage Real Estate Agent 498

Housing Wire

FEBRUARY 1, 2024

The settlement settles all home seller lawsuits nationwide. A final approval hearing for the two settlements has been set for May 9, 2024. On Thursday, the Gary Keller-helmed brokerage notified the federal court in Missouri that it had entered into a settlement agreement with the plaintiffs in the Sitzer/Burnett suit.

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Agents Realtors Real Estate Agent Real Estate 464

Housing Wire

MAY 1, 2024

In light of the jury verdict in the Sitzer/Burnett suit and the terms of the National Association of Realtor’s nationwide settlement agreement of the commission lawsuits , several prominent industry analysts believe Zillow will struggle with its financial performance. Barton also touched upon the terms of NAR’s settlement agreement.

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Agents Real Estate Contracts Real Estate Agent 389

Housing Wire

SEPTEMBER 7, 2023

Attorneys, Realtors and clients are a big part of our repeat business.” The buyers want the listing brokers to pay their buyer representative so they can have the most money invested in their down payment and get the best loan terms and rates possible,” Katie Johnson , NAR’s chief legal officer, said.

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Buyers Agents Loan Officers Real Estate 392

Lamacchia Realty

FEBRUARY 21, 2024

SELLERS, HERE'S WHAT TO DO IF A BUYER REQUESTS REPAIRS AFTER INSPECTION Selling your home and moving into a new one can be an exciting life chapter. With the guidance of your trusted REALTOR®, you can be prepared to handle anything and bring your transaction to a smooth close. So, what do you, as a seller, do in this scenario?

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Housing Wire

OCTOBER 2, 2023

On Thursday, the Department of Justice indicated that it had “significant concerns” about the proposed antitrust settlement between home sellers and MLS PIN, filing a motion to extend the deadline for the final approval of the settlement. 4, 2024 to March 7, 2024. District Court in Boston who is overseeing the case.

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Buyers Realtors Real Estate Sellers 394

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.” 26, 2024. “We 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.

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Brokerage Realty Sellers Real Estate 382

Housing Wire

SEPTEMBER 6, 2023

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. The National Association of Realtors , a defendant in both lawsuits, says it is not giving up the fight.

Agents 414

Agents Buyers Realtors Sellers 414

Housing Wire

MARCH 15, 2024

While many in the real estate industry were surprised by the news Friday morning that the National Association of Realtors had agreed to a nationwide settlement of the commission lawsuits for $418 million, Marty Green, a principal at law firm Polunsky Beitel Green , was not one of them. There is an agreement but what about approval?

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Agents Brokerage Advertising Real Estate 441

Housing Wire

DECEMBER 19, 2023

The home seller plaintiffs and MLS Property Information Network’s (MLS PIN) efforts to address the Department of Justice’s “significant concerns” about their proposed settlement agreement in the Nosalek commission lawsuit were not enough. The amended agreement has not yet appeared on the court docket as of Tuesday morning.

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Real Estate Agent Real Estate Buyers Realtors 390

Housing Wire

APRIL 5, 2024

The date for the final approval hearing for the settlement agreements in this suit is set for May 9, 2024. Supreme Court and asked for a review of an August 2023 ruling by the Eight Circuit Court, which found that HomeServices could not enforce arbitration agreements signed by seller clients of its franchisees.

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Brokerage Sellers Law Contracts 402

Housing Wire

FEBRUARY 15, 2024

MLS PIN is broker-owned, so it is not required to abide by the rules of the National Association of Realtors (NAR), including its Participation Rule. But MLS PIN has nonetheless adopted a similar rule that requires listing brokers to offer a blanket, unilateral offer of compensation to buyer agents in order to submit a listing to MLS PIN.

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Brokerage Real Estate Agent Buyers Real Estate 393

Lamacchia Realty

MAY 6, 2024

Their job is to make sure the sale from the seller to the buyer happens within the confines of the law, while also looking out for your best interests. This agreement is a binding contract that outlines the rights and obligations of the buyer and seller during the whole buying process. When Do I Need an Attorney?

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Real Estate Legal Law Contracts 70

Lamacchia Realty

APRIL 4, 2024

They will be your best resource for the legalities of an estate sale. Legally, only the individual or individuals named as the executor or personal representative of the estate have the right to sell the home. Your first step is to find a REALTOR® who has experience in estate sales.

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Tenants Realtors Legal Real Estate 51

Lamacchia Realty

MAY 6, 2024

Legal Know-how for Rentals : Ensure you’re current with local regulations if you rent your property. If you’re looking to buy or sell in Florida, contact one of Lamacchia Realty’s expert Florida REALTORS® today! Short-term rental laws can be strict, and staying compliant avoids hefty fines.

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Logistics Realty Transportation Property Taxes 54

Housing Wire

OCTOBER 9, 2023

How getting a real estate license in Illinois is different from other states While most states call the professional who represents a buyer or a seller of commercial or residential real estate a “real estate agent,” Illinois calls this individual a “real estate broker.” Number of Realtors in the USA by State | 2023” [link] ZipRecruiter.com.

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Real Estate Agent Real Estate Agents Brokerage 406

Housing Wire

DECEMBER 18, 2023

In her first national interview since a Missouri jury found the real estate industry liable for colluding to artificially inflate real estate agent commissions, National Association of Realtors (NAR) president Tracy Kaspe r said the trade group would continue to advocate for what it feels is best for consumers. “We

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Real Estate Realtors Buyers Real Estate Agent 450