Housing Wire

MAY 8, 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.” When the settlement agreements were initially announced, it was generally understood that they only applied to claims brought by home sellers. Judge Andrea R.

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Sellers Realtors Brokerage Buyers 346

Housing Wire

NOVEMBER 8, 2023

Data from the Legal Research Center concluded that all 50 states and Washington, D.C., The proposed FEMA form would not be useful to buyers and duplicative for sellers, virtually having them check the same box on a different form.” Leaders in Congress are debating another CR to keep the government funded into January 2024.

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Legal Law Insurance Real Estate 365

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 417

Housing Wire

JUNE 10, 2024

The path forward for the settlement agreements reached by Anywhere , RE/MAX and Keller Williams with the home seller plaintiffs in the commission lawsuits has become a bit murkier. The previous nationwide settlement agreements do not resolve the Batton plaintiffs’ claims as they filed their suits as buyers rather than sellers.

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Sellers Real Estate Agents Realtors 442

Housing Wire

OCTOBER 6, 2023

A hearing for preliminary approval of the settlement is expected to occur next month, with final court approval expected in mid-2024. “We strongly believe in sellers making offers of compensation to buyers’ agents to bring more eligible buyers to a listing, which increases the likelihood of a successful transaction. .

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Buyers Brokerage Agents Sellers 427

Housing Wire

NOVEMBER 20, 2023

“Our efforts to resolve these claims remove future uncertainty and legal expense for Anywhere, our franchisees, and affiliated agents as, together, we focus on serving home buyers and sellers as they move to what’s next,” Schneider said in a statement. At Anywhere, CEO and president Ryan Schneider was equally as pleased.

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Legal Real Estate Agents Realtors 410

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. District Court Northern District of Illinois Eastern Division before Judge Andrea R. Damages in the suit could reach $13.7

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Real Estate Agent Realtors Real Estate Sellers 384

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 first commission lawsuit in Nevada was filed by Nathaniel Whaley in early January 2024.

Real Estate 424

Real Estate Realtors Realty Brokerage 424

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 375

Housing Wire

DECEMBER 20, 2023

The practice of listing brokers offering compensation to buyer brokers emerged in the free market over decades, and it benefits both sellers and buyers: sellers can sell their home for more and have their home seen by more buyers, while buyers have more choices of homes and can benefit from professional representation.

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Real Estate Sellers Realtors Brokerage 376

Housing Wire

NOVEMBER 10, 2023

On Wednesday, Manhattan home seller Monty March filed a lawsuit in U.S. 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. Instead, if a seller wishes to compensate the buyer’s agent, they must pay the agent themselves.

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Real Estate Brokerage Sellers Law 465

Housing Wire

MARCH 27, 2024

HomeServices of America first filed its motion to decertify the class in early January 2024. Through careful analysis, Dr. Schulman explained that commission rates were uniformly high because of the cooperative compensation rule, without which a seller would not pay the commission of the buyer’s broker.”

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Law Sellers Realtors Contracts 395

Lamacchia Realty

APRIL 4, 2023

Legislation was signed into law last Wednesday , April 29, 2023 by Governor Maura Healey to legalize remote online notarization (RON). The new law, which will become effective on January 1, 2024, makes permanent changes to the law to allow for remote online notarization.

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Legal Law Real Estate Sellers 41

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 427

Housing Wire

DECEMBER 1, 2023

The complaint alleges that due to this rule, home sellers in Manhattan paid inflated broker commissions. Instead, if a seller wishes to compensate the buyer’s agent, they must pay the agent themselves. It is not required for a seller to compensate a buyer’s agent. The rule goes into effect on Jan.

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Real Estate Agent Real Estate Agents Brokerage 390

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 501

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. However, before firms can begin to dive into the financial side of the deal, prospective buyers and sellers must figure out if they are a match.

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Brokerage Real Estate Agents Sellers 393

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. Unlike the Whaley suit, which was filed by a home seller, Batton II was filed by homebuyers. Originally filed in the U.S.

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Realty Real Estate Realtors Brokerage 389

Housing Wire

MAY 1, 2024

On Wednesday evening, during the firm’s Q1 2024 earnings call with investor and analysts, CEO Rich Barton took a contrary view: Zillow is just beginning to unlock its revenue generating potential. “In In a hostile housing market and a noisy industry environment, why is Zillow outperforming?”

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Agents Real Estate Contracts Real Estate Agent 386

Housing Wire

APRIL 16, 2024

In January 2024, the court ruled that the two lawsuits could consolidate into one. In their motion to strike the complaint, the defendants claim that the plaintiffs’ proposed damages class is improper because precedent states that no “class action is proper unless all litigants are governed by the same legal rules.”

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Real Estate Realtors Law Legal 379

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 410

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 409

Housing Wire

MARCH 22, 2024

According to the SEC filing, 50% of the settlement amount will be deposited into the account within 30 days of the court’s preliminary approval of the agreement, which Compass said it expects to be in Q2 2024. The settlement agreements reached by RE/MAX and Anywhere are scheduled to have final court approval hearing in early May, 2024.

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Brokerage Realtors Agents Clients 444

Housing Wire

OCTOBER 6, 2023

Final court approval of the settlement is expected in early 2024. The spokesperson added: “As industry leaders, we understand the value of transparency, clarity, and fully informed buyers and sellers. The Sitzer/Burnett suit heads to trial later this month, while the Moehrl suit is expected to go to court in the first half of 2024.

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Agents Real Estate Buyers Brokerage 481

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. A common issue that sellers should be prepared for is a buyer requesting repairs after the home inspection. So, what do you, as a seller, do in this scenario?

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Inspection Sellers Buyers Agents 63

Housing Wire

FEBRUARY 2, 2024

A legal battle impacted fourth-quarter earnings. Spector said the expectation is for volumes in the market overall to recover in 2024, based on forecasts of interest rate reductions later this year. However, volume in the loan origination market will remain seasonally low in the first quarter of 2024. billion.

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Technology Legal Mortgage Contracts 386

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 374

Housing Wire

DECEMBER 6, 2023

More home sellers on the East Coast are getting in on the commission lawsuit action. Like the other commission lawsuits, the Parker suit alleges that the defendants colluded “to impose, implement, and enforce anticompetitive restraints that cause home sellers in Florida to pay inflated commissions in connection with the sale of their homes.”

Realty 427

Realty Realtors Brokerage Real Estate 427

Housing Wire

MARCH 22, 2024

1, 2024 , Washington state’s agency law requires agents to have a written agreement with buyers (as well as sellers) to spell out the exact scope of the services provided by the agent, as well as the compensation the client has agreed to pay them in return. As of Jan.

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Buyers Contracts Real Estate Agents 475

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 400

Housing Wire

OCTOBER 30, 2023

However, earlier this month the Department of Justice said that it has “significant concerns” about the proposed antitrust settlement between home sellers and MLS PIN, and filed a motion to extend the deadline for the final approval of the settlement.

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Realtors Real Estate Buyers Sellers 387

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 During Thursday’s hearing, Judge Bough allowed four of the objecting parties to speak for five minutes each. On Wednesday afternoon, Judge Andrea R.

Brokerage 383

Brokerage Realty Sellers Real Estate 383

Housing Wire

MARCH 15, 2024

According to NAR, these changes will go into effect in mid-July 2024, assuming the settlement is approved. Additionally, if a seller or their agent chooses to advertise the listing somewhere besides the MLS, they can display the commission amount they are willing to pay the buyers’ agent with the listing.

Agents 445

Agents Brokerage Advertising Real Estate 445

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 393

Housing Wire

SEPTEMBER 7, 2023

“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. I think listing agents are going to win.

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Buyers Agents Loan Officers Real Estate 393

Housing Wire

DECEMBER 27, 2023

If Defendants are allowed to continue with their anticompetitive scheme, ShowingTime will be substantially foreclosed from these regional markets, and home buyers, sellers, and their agents in that region will suffer.” 30, 2023, ARMLS is no longer supporting the integration for the ShowingTime platform.

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Real Estate Agents Real Estate Agent Sellers 492

Housing Wire

MAY 29, 2024

On May 22, 2024, the bureau issued an interpretive rule stating that BNPL lenders are credit card providers and that consumers have legal protections, such as the right to dispute charges or demand a refund. Some BNPL providers report these loans to credit bureaus. are examples.

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Mortgage Clients Sellers Loan Officers 409