Housing Wire

OCTOBER 23, 2023

The first week of the much-anticipated Sitzer/Burn e tt class action buyer broker commission antitrust lawsuit concluded with the testimony of economic and legal experts. Roger Alford, a law professor from Notre Dame, was also called to testify on Friday.

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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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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. No evidence of collusion First, according to the filings, the plaintiffs in the case presented no evidence at trial as to any collusion or conspiracy among the defendants.

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Housing Wire

NOVEMBER 9, 2023

The jury reached an outcome that was neither supported by the law nor the facts that were presented in this case,” Kasper said in a video posted Thrusday. The verdict runs contrary to what we all know about the value we bring not only to our clients but to the functioning of a buyer-seller real estate market more generally,” Kasper said.

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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

JANUARY 2, 2024

Umpa sold his Ohio home with Redfin and his Maryland home with Compass , and the suit states that he “paid a substantial buyer-broker compensation,” in both transactions. Because this blanket offer must be made available to every buyer-broker using the MLS (i.e., 27, 2019, and the present.

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Housing Wire

MAY 1, 2024

Lutz’s attorneys wrote that this has “led to higher home prices paid by buyers.” 1, 1996, and the present. The class for the suit is nationwide and encompasses all persons who purchased a home in the U.S. that was listed on a NAR-affiliated MLS between Dec. “

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Housing Wire

FEBRUARY 22, 2024

Presently, the demand for existing homes outpaces the available supply, raising potential concerns for both sellers and buyers. Legal and regulatory risk demands compliance with evolving laws and regulations, with VRM Mortgage Service’s legal and compliance departments ensuring current knowledge and implementing controls.

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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

NOVEMBER 27, 2023

Central to the complaint is NAR’s Clear Cooperation policy, which requires listing brokers to make a blanket offer of compensation to buyer brokers in order to list a property on the MLS. “By The plaintiffs also take issue with the buyer’s alleged inability to negotiate their agent’s commission. 22, 2019, and the present.

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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

MARCH 29, 2024

While it may not be seeking class-action status like other commission lawsuits, the Wang suit takes aim at NAR’s Participation Rule, which requires listing brokers to make a blanket offer of compensation to buyer’s brokers in order to list a property on a Realtor-affiliated MLS. according to the complaint.

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Housing Wire

NOVEMBER 30, 2023

The three defendants who were present at the trial, NAR, Keller Williams and HomeServices of America , have all vowed to appeal the verdict. 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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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

NOVEMBER 8, 2023

According to the plaintiffs’ initial complaint filing, the “cornerstone of the conspiracy” is NAR’s Clear Cooperation rule, which requires all home sellers to make a blanket, unilateral offer of buyer broker compensation when listing a property on the MLS. Its agents also offer buyer broker compensation.

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Housing Wire

JANUARY 16, 2024

District Court in Las Vegas by Nathaniel Whaley, who sold a home in Las Vegas in April 2022 and paid a buyer broker commission. “Sellers can sell their home for more and have their home seen by more buyers while buyers have more choices of homes and can afford representation.” 15, 2020, and the present.

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Housing Wire

JANUARY 18, 2024

In the complaint, the plaintiffs take aim at NAR’s Participation Rule, which requires listing brokers to make a blanket offer of compensation to buyers brokers in order to list a property on a NAR-affiliated MLS. 17, 2020, and the present. The plaintiffs are also demanding a jury trial, damages, and injunctive relief.

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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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Housing Wire

OCTOBER 23, 2023

KANSAS CITY, Missouri — The second week of the Sitzer/Burnett class-action buyer broker commission antitrust lawsuit kicked off with a bang. A judgment as a matter of law is permissible if there is no legally sufficient basis for a reasonable jury to find for the nonmoving party (in this instance, the plaintiffs) on the issue.

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Housing Wire

NOVEMBER 10, 2023

. “The effect of these rules is not simply that the seller must pay the buyer broker’s compensation,” the complaint states. “These rules effectively take the compensation structure out of the view of the buyers and sellers, masking who pays the buyer broker’s compensation.

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Housing Wire

MARCH 18, 2024

Jessica Edgerton , chief legal officer at LeadingRE , was also caught off guard by the timing of everything. “I We’ve really been laying out the road map for value propositions and creating plans for value proposition presentations. They wish that there was more guidance or framework of what all of this will look like in practice.”

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Housing Wire

JANUARY 11, 2024

“Defendants’ conspiracy has artificially inflated broker commissions to a range of 5-6% of the sale price in nearly all residential real estate transactions in REBNY Brooklyn—half of which automatically goes to the Buyer Broker—an overcharge that is borne entirely by the home seller,” the complaint states. “In 29, 2019, to the present.

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Housing Wire

JANUARY 19, 2024

Despite not being affiliated with NAR, MetroList adopted a rule similar to NAR’s Participation Rule, requiring listing agents to make a blanket offer of compensation to buyers’ brokers in order to list a property on the MLS. “By 18, 2020, and the present. 18, 2020, and the present.

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Housing Wire

NOVEMBER 14, 2023

At the center of the plaintiffs’ complaint is the National Association of Realtors’ Clear Cooperation policy, which requires listing brokers to make a blanket offer of compensation to buyers’ brokers in order to list the property on the MLS. “In This would lead to competition among buyer brokers to offer lower commission rates.

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Housing Wire

DECEMBER 12, 2023

The lawsuit was filed by Christina Grace, who sold a house listed on Bay Area Real Estate Information Services MLS (BAREIS MLS) in April 2020 and paid a commission to the buyer’s agent. 8, 2019, and the present. The National Association of REALTORS will respond to this complaint in court.”

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Housing Wire

NOVEMBER 10, 2023

The 105-page complaint takes aim at a REBNY Listing Service rule called the Buyer Broker Commission Rule, which states that the brokers “shall each be paid an equal share of the commission as specified in the Exclusive Listing.” 8, 2019, and the present. Sloane Square , and Sotheby’s International Realty Affiliates.

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Housing Wire

MARCH 8, 2024

The lawsuit is seeking class action status for anyone who has used Latter & Blum as listing broker for sale of a home on an MLS in Louisiana and paid a buyer broker commission between March 5, 2020, and the present. The plaintiff is demanding damages, a permanent injunction and a jury trial.

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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. Presented by: Altisource. 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. Streamline by combining services.

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Housing Wire

APRIL 3, 2024

Zillow is mostly known for its practice of selling buyer agent leads through its Premier Agent program, while Homes.com has touted its “your listing, your lead” model, which focuses on seller agents. In prior notes, KBW had also referred to CoStar as the “top beneficiary” of a change to the buyer agent landscape.

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Housing Wire

JANUARY 9, 2024

commission ($10,250) to the buyer broker.” Like the other commission lawsuits, the Masiello suit takes aim at the National Association of Realtors’ Participation Rule, which requires listing brokers to make a blanket offer of compensation to the buyer’s broker in order to list a property on a Realtor-affiliated MLS.

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Housing Wire

NOVEMBER 1, 2023

using a listing agent or broker affiliated with one of the seven brokerage defendants and paid a buyer broker commission from Oct. 31, 2019, to the present, the Halloween filing date befits the spooky consequences this suit may have for the industry. How big could this case be?

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Housing Wire

SEPTEMBER 22, 2023

These two changes were also proposed in an anonymous letter from NAR staffers, presented by NAR Regional Vice President Shannon King during a committee meeting on Monday. “We represent all levels of management, in both D.C. and Chicago,” the letter, which was first reported on by Inman News , states.

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Housing Wire

OCTOBER 6, 2023

After roughly a month of speculation, Anywhere Real Estate and RE/MAX made the terms of their proposed settlement agreements in the Moehrl and Sitzer/Burnett buyer broker compensation class action suits public on Friday. In addition to the already publicized $83.5 They had $179 million at the end of Q2/2023 so about 45% of the cash on hand.

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Housing Wire

JANUARY 16, 2024

“The gravamen of Plaintiff’s complaint is that anti-competitive BAREIS MLS rules, which Defendants agreed to, implemented, and enforced, require Class members to make a blanket, unilateral, and effectively non-negotiable offer of buyer broker compensation when listing a property on the BAREIS MLS,” the amended complaint states.

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Housing Wire

DECEMBER 8, 2023

Central to the complaint is NAR’s Participation Rule, which requires listing brokers to make a blanket offer of compensation to buyer brokers in order to list a property on the MLS. “By By enforcing this mandate, the NAR establishes an anticompetitive market where sellers are coerced into subsidizing the buyer’s costs.

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Housing Wire

JANUARY 28, 2021

The update expands Zillow’s Local Legal Protections tool, which was created in 2018 to help LGBT home searchers identify if their rights were protected by local laws in certain jurisdictions. Today, both sellers and buyers expect to handle a majority of the process online. Presented by: 1 Percent Lists.

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Housing Wire

DECEMBER 14, 2020

Homebuyer , an Ohio-based software startup offering digital mortgages to first-time home buyers, announced on Monday it had snagged $1.4 million first-time home buyers every year in the United States,” said Green. Presented by: Fannie Mae. “First-time home buyers are an important and overlooked segment of the U.S.

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