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.

Brokerage 545

Brokerage Realtors Sellers Buyers 545

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.

Brokerage 431

Brokerage Realty Real Estate Agent Real Estate 431

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 420

Brokerage Real Estate Agents Sellers 420

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.

Brokerage 379

Brokerage Realty Real Estate Real Estate Agent 379

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 465

Brokerage Agents Real Estate Buyers 465

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.

Brokerage 395

Brokerage Realtors Real Estate Law 395

Housing Wire

APRIL 24, 2024

Another brokerage has decided to settle the commission lawsuits. Chicago-based At World Properties , which own @properties and Christie’s International Real Estate , has agreed to settle the nationwide class-action antitrust claims brought by home sellers.

Brokerage 322

Brokerage Real Estate Agents Sellers 322

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

Buyers 432

Buyers Brokerage Agents Sellers 432

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 352

Real Estate Legal Brokerage Clients 352

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 427

Brokerage Realtors Realty Real Estate 427

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 529

Realtors Brokerage Realty Real Estate 529

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 422

Realtors Legal Agents Brokerage 422

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 421

Buyers Contracts Agents Realtors 421

Housing Wire

JANUARY 16, 2024

So, while I make no claim as to the specific deep legal issues, I have some familiarity of antitrust actions and more in the conduct of legal actions in a courtroom. They also testified to the importance and value of the MLS as a core service that agents provide to sellers and buyers. I want to express what readers should know.

Agents 403

Agents Law Sellers Legal 403

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 437

Real Estate Realtors Realty Brokerage 437

Housing Wire

MARCH 8, 2024

District Court in New Orleans, home seller plaintiff Joseph C. Peiffer, a prominent lawyer in the Big Easy, accuses local brokerage firm Latter & Blum of colluding to artificially inflate agent commissions. The brokerage is part of the LeadingRE network. In a lawsuit filed on Tuesday in U.S. In 2023, it ranked as the No.

Brokerage 413

Brokerage Sellers Realtors Agents 413

Housing Wire

NOVEMBER 10, 2023

It appears that no real estate brokerage firm in the U.S. On Wednesday, Manhattan home seller Monty March filed a lawsuit in U.S. The anti-competitive nature of commission rule is clear when compared to other countries with competitive markets for residential real estate brokerage services.” is safe from a commission lawsuit.

Real Estate 472

Real Estate Brokerage Sellers Law 472

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. That’s a problem because mortgage LOs traditionally have not “forged as deep of inroads” with sellers’ agents.

Buyers 504

Buyers Agents Mortgage Real Estate Agent 504

Housing Wire

MAY 1, 2024

Less than a week after HomeServices of America settled the home seller commission lawsuits for $250 million , the firm again finds itself in the crosshairs of antitrust litigation. On Monday, homebuyer James Lutz filed a class-action antitrust lawsuit in a U.S. Lutz’s attorneys wrote that this has “led to higher home prices paid by buyers.”

Sellers 351

Sellers Realtors Real Estate Agent Real Estate 351

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.

Legal 421

Legal Sellers Realtors Law 421

Housing Wire

NOVEMBER 1, 2023

Can we even discuss things about the house because if we inform the potential buyer of something about the house that makes them not want the house, even if it isn’t something necessarily bad, are we going against our agreement with our seller?” Although Pearson’s concerns are warranted, she is certainly ahead of the game.

Open Houses 479

Open Houses Brokerage Agents Realtors 479

Housing Wire

OCTOBER 16, 2023

At the crux of the case is the allegation that commission rates are too high, it’s unfair that the seller pays the buyer’s agent’s commission, and that the National Association of Realtors’ (NAR) Code of Conduct and MLS Handbook lead to set pricing. ” What’s at stake?

Buyers 458

Buyers Brokerage Agents Realtors 458

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

Agents 428

Agents Legal Realtors Clients 428

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.

Agents 436

Agents Advertising Real Estate Buyers 436

Housing Wire

DECEMBER 6, 2023

More home sellers on the East Coast are getting in on the commission lawsuit action. Defendants in the lawsuit include the Florida Association of Realtors , the nation’s largest state Realtor group with 238,000 members, and 16 large local brokerages, with agent counts ranging from 655 to nearly 4,000. 4, 2019 and the present.

Realty 431

Realty Realtors Brokerage Real Estate 431

Housing Wire

NOVEMBER 1, 2023

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.

Real Estate 421

Real Estate Brokerage Sellers Law 421

Housing Wire

AUGUST 17, 2023

Though the National Association of Realtors is not out of the legal woods yet, the trade group does have reason to celebrate. Zilly also pointed out the unlike other brokerage, Zillow continued to display REX’s listings. In mid-May 2022, REX ceased its brokerage operations.

Advertising 370

Advertising Legal Brokerage Realtors 370

Housing Wire

OCTOBER 26, 2023

She said that HomeServices does not meddle in operations, give advice, or advise on commissions or how the brokerage approaches Realtor association membership. Despite not requiring NAR membership, Frazier said the brokerage does require agents to follow the NAR Code of Ethics. It is human nature,” Frazier said. They were guidelines.

Law 400

Law Agents Brokerage Buyers 400

Housing Wire

APRIL 24, 2024

The Umpa suit was filed in late December 2023 by a Maryland home seller. Since the suits were filed , Anywhere , RE/MAX , Keller Williams , NAR , Compass , @properties and The Real Brokerage have settled the commission lawsuits. The Umpa and Gibson cases were also part of the failed multidistrict litigation attempt.

Realtors 292

Realtors Real Estate Brokerage Law 292

Housing Wire

MARCH 15, 2024

With several of the major brokerage houses already having settled, NAR was in the untenable position of fighting to protect a business model that was already compromised by the settlements.” An industry insider at a top brokerage shared a similar sentiment. “We Almost any time in history the U.S.

Agents 450

Agents Brokerage Advertising Real Estate 450

Housing Wire

MAY 3, 2023

Relatedly, discount brokerages have promised big savings to sellers for decades. The legal threat that looms largest is what’s known as the “Moehrl case.” The plaintiffs essentially argue that sellers are subsidizing buy-side agents and it’s an anti-competitive practice that lacks transparency. They were wrong.

Agents 410

Agents Real Estate Agent Brokerage Real Estate 410

Housing Wire

SEPTEMBER 18, 2023

I have spoken numerous times over the past 35 years about the fairness and efficiency of what I refer to as the Realtor marketplace , which is a combination of a multiple listing service with Realtor association oversight, supported by a majority of brokerage firms and sales agents. Buyers may begin to go directly to listing agents.

Realtors 431

Realtors Brokerage Agents Buyers 431

Housing Wire

APRIL 1, 2024

NEXA’s businesses America’s largest mortgage brokerage, NEXA originated $6.29 Regarding the $24 million airplane-hangar leasehold, the lawsuit that “Grella informed the seller of the truth of Kortas’ inability to bind Nexa.” The lawsuit states that Kortas had 50.5% of the company and Grella had a 49.5%

Brokerage 404

Brokerage Business Loan Officers Legal 404

Housing Wire

NOVEMBER 20, 2023

The two corporate brokerages have received preliminary approval of their settlement agreements in the Sitzer/Burnett, Moehrl and Nosalek commission lawsuits. RE/MAX and Anywhere Real Estate can breathe a sigh of relief. At Anywhere, CEO and president Ryan Schneider was equally as pleased. 22, 2023, to schedule final approval hearing.

Legal 425

Legal Real Estate Agents Realtors 425

Housing Wire

DECEMBER 1, 2023

The complaint alleges that due to this rule, home sellers in Manhattan paid inflated broker commissions. In its email, REBNY said that complaint is “laden with numerous inaccuracies regarding the RLS, the Universal Co-Brokerage Agreement, and the business of real estate.” It is not required for a seller to compensate a buyer’s agent.

Real Estate Agent 404

Real Estate Agent Real Estate Agents Brokerage 404

Housing Wire

APRIL 11, 2024

But legal experts are not as certain. The DOJ no longer needs that platform to push for the decoupling of seller and buyer agent commission, so no need to expend resources in the venue. The DOJ always had that card up its sleeve.”

Real Estate 462

Real Estate Law Realtors Legal 462

Housing Wire

MARCH 22, 2024

Additionally, like the three other brokerage firms that have already settled, Compass has agreed to make changes to its business practices as part of the settlement. Unlike the three other brokerage firms that have settled so far, Compass was not named as a defendant in the original commission lawsuits, Sitzer/Burnett, Moehrl and Nosalek.

Brokerage 456

Brokerage Realtors Agents Clients 456