Housing Wire

OCTOBER 4, 2023

District Court in Boston granted the Department of Justice’s request to extend all settlement related deadlines in the Nosalek buyer broker compensation class action lawsuit on Tuesday. Unlike the two other buyer-broker commission lawsuits, Moehrl and Sitzer/Burnett , NAR is not a defendant in the Nosalek lawsuit.

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Housing Wire

SEPTEMBER 20, 2023

Defendants in the Sitzer/Burnett class action lawsuit, which deals with buyer brokers’ commissions, are facing two fewer claims. The past few weeks have been eventful for the Sitzer/Burnett lawsuit, as well as the larger Moehrl lawsuit in Illinois, which also deals with buyer-broker commissions. Bough, a U.S.

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Housing Wire

OCTOBER 2, 2023

MLS Property Information Network’s (MLS PIN) settlement agreement in the Nosalek class action antitrust buyer-broker compensation lawsuit has hit yet another snag. ” It continues: “Buyer-broker commission rules are the subject of several pending antitrust suits and a pending appeal in which the United States is an appellant.”

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Housing Wire

NOVEMBER 3, 2023

I actually started out as a buyer’s agent myself… and I see buyer’s agency as being a very valuable tool for buyers,” Sanford said during the Q&A session. I’m concerned, quite frankly, about what this might mean to buyers who may not be able to afford representation if things change up too much.”

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Housing Wire

MARCH 25, 2024

Cooperative compensation is still legal,” Papasan stressed. They noted that NAR’s settlement prohibits disclosing offers of cooperative compensation, broker compensation or total broker compensation, but it does not address including remarks noting that buyer agent compensation will not be offered.

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Housing Wire

AUGUST 10, 2023

A little over a month after filing an agreement in one of the ongoing buyer broker commission lawsuits, New England’s largest multiple listing service (MLS), MLS Property Information Network (MLS PIN)’s attempt to settle the Nosalek case, has hit a snag. However, unlike Moehrl and Burnett , NAR is not named as a defendant.

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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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Housing Wire

FEBRUARY 28, 2024

The trade group’s legal woes have brought it back to California, where is already facing other commission lawsuits. 2021 to a buyer represented by a Redfin agent. The National Association of Realtors is facing yet another copycat commission lawsuit. Filed on Tuesday in U.S. Freedlund sold her Laguna Nigel home in late Sept.

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Housing Wire

APRIL 26, 2024

“This resolution allows us to concentrate on our primary goal: delivering unparalleled value in the real estate market and serving home buyers and sellers with the highest standards of service.” The DOJ may also file charges separately to prevent any display of buyer agent commissions on any platform. billion in damages.

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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. They have gone through all of this and it will end up being punitive to buyers.

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Housing Wire

APRIL 11, 2023

Buyers, sellers and lenders all have a stake in the sale, and title and escrow ensure that everyone’s interests are protected. They also help to prevent fraud and ensure that the sale is conducted legally and ethically. In real estate, a title is a legal document that establishes ownership of a property or asset.

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Housing Wire

MARCH 28, 2024

At the moment, IPCs “include concessions from the seller to the buyer for items that are traditionally paid by the buyer such as loan closing costs or rate buy-downs,” but as buyer agents are customarily paid by the listing agent, their fees are excluded from caps on the IPCs. Sellers or buyers can pay the buyer’s agent’s fees.

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Housing Wire

APRIL 10, 2024

This development arises amidst heightened scrutiny and legal challenges facing NAR , including a landmark antitrust settlement that, if approved, would mandate a payment of $418 million and the implementation of rule changes. to allow buyer agent compensation to be rolled into the loan. million members.

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Housing Wire

MAY 1, 2024

According to Barton, the “substance of the settlement” is a “very reasonable middle path forward for the industry, where commissions are communicated between sellers and buyers and both parties are better educated.” Barton also touched upon the terms of NAR’s settlement agreement.

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Housing Wire

NOVEMBER 8, 2023

District Court for the Northern District of Illinois Eastern Division, this lawsuit also takes issue with NAR’s Clear Cooperation rule, which requires listing brokers to make an offer of compensation to buyer brokers in order to submit a listing to a Realtor-affiliated MLS.

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Housing Wire

OCTOBER 13, 2022

Prior to the advent and widespread use of title insurance, before taking title to a property, the buyer required that the title be free of any rights, interests, liens or encumbrances of others for which the buyer would be responsible for. This is a top priority for ALTA.”.

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Housing Wire

MARCH 8, 2024

JND Legal Administration is in charge of distributing the mailers, emails and press releases. While it is not uncommon for the parties themselves to handle settlement administration work, legal experts told HousingWire that due to the size and scope of these lawsuits it is not surprising that a third-party administrator was brought in.

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Housing Wire

OCTOBER 26, 2023

During plaintiff lead attorney Michael Ketchmark’s cross examination of Warner, he presented her with some statistics showing that HomeServices affiliated agents in four Missouri markets paid buyer broker commissions of roughly 3% in at least 88% of the transactions completed between 2015 and 2022. It is human nature,” Frazier said.

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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. NAR’s settlement of the class actions did not achieve this goal, thus there will be further investigation by DOJ of NAR and likely litigation.”

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Housing Wire

OCTOBER 27, 2023

Class action attorneys allege real estate commission rates are too high and buyer brokers are being paid too much due to NAR rules. Listing brokers make offers of compensation to buyer brokers who bring a buyer to the table. And if those same consumers had to go it alone without buyer representation? population.

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Housing Wire

NOVEMBER 30, 2023

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. Glass added that NAR is unsure if there may or may not be reasons to extend the deadline, as the trade group and its counsel are still looking into things.

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Hank Miller Team

OCTOBER 24, 2023

Real estate contracts occasionally collapse due to Buyer problems, but what if the Seller bails out? Can a Buyer sue a Seller if they refuse to close? If that happens, what can a Buyer do? The party that doesn't prevail – the losing side – bears the responsibility for the legal costs.

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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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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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Housing Wire

JUNE 1, 2021

HUD has also taken steps to craft a rule on the legal duty to Affirmatively Further Fair Housing. Investors who acquire and renovate older homes could claim the credit on their federal tax returns, as long as the home is sold to and occupied by an eligible buyer. How hybrid title and valuations help increase lending efficiency.

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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. ” Wood also cited the $5.36

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Housing Wire

OCTOBER 26, 2023

He testified that, in most cases, homebuyers would be unable to include buyer agent commission costs into their financing. “My concern is buyers who are cash-constrained,” Stevens said. ” But buyers are not the only ones who benefit from the current system, according to Stevens. The D.A.N.G.E.R.

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Housing Wire

NOVEMBER 1, 2023

Can we ask if the buyer is represented now? 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?”

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Housing Wire

JANUARY 11, 2024

There was industry-wide shock when the Missouri jury found NAR, Keller Williams and HomeServices of America liable for colluding to artificially inflate real estate agent commissions.

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Housing Wire

OCTOBER 24, 2023

KANSAS CITY, Missouri — National Association of Realtors CEO Bob Goldberg was back on the stand Tuesday morning at the start of the seventh day of the Sitzer/Burnett class-action buyer broker commission antitrust lawsuit. Goldberg said he wasn’t sure, deferring the decision to the trade group’s legal team.

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Housing Wire

MARCH 20, 2024

“If I was a Realtor member who only does a transaction or two a year, I wouldn’t want to pay membership dues or brokerage fees and risk losing that money because I didn’t manage to close a transaction,” said Bennie Waller, a Realtor and a professor of economics, finance and legal studies at the University of Alabama.

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Housing Wire

NOVEMBER 7, 2023

Compass agents are more likely to work in upper-echelon markets where buyers and sellers would work with agents, he said. Compass also requires their agents to ensure buy-side clients sign buyer-broker agreements. Reffkin cited the Seattle market as reason for optimism. Reffkin cited the Seattle market as reason for optimism.

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Housing Wire

FEBRUARY 12, 2024

9, 2020, and the present, and paid a buyer broker commission. If NAR’s Adversary Commission Rule were not in place, then the cost of buyer broker commissions would be paid by their clients (home buyers),” the complaint states. Buyer brokers would thus have to compete with one another by offering a lower commission rate.

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Housing Wire

JANUARY 8, 2024

“We are currently evaluating the substance of the motion and the best manner for HomeServices to continue to protect those we represent and defend our position in the appropriate legal forums,” the statement continued.

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Housing Wire

FEBRUARY 16, 2024

“In the absence of NAR’s Mandatory Offer of Compensation Rule, the expense of buyer broker commissions would be incurred by their clients (homebuyers),” the complaint states. This would lead to competition among buyer brokers to offer lower commission rates. 16, 2020, and the present.

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Housing Wire

JANUARY 26, 2024

Lamacchia also stressed that it is impossible to claim that the system is rigged because sellers can choose how much compensation they offer the buyers’ broker, or whether they even want to offer cooperative compensation. Our current mortgage finance system does not allow commissions to be plopped on top,” Lamacchia said.

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Housing Wire

MAY 23, 2023

The growing wave of loan-repurchase requests from Fannie Mae and Freddie Mac has yet another major wrinkle, industry sources reveal, and this new problem, if accurate as alleged, threatens to disrupt future merger and acquisition (M&A) activity in the mortgage-finance industry.

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