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. The jury verdict came to $1.76 billion in damages.

Brokerage 443

Brokerage MLS Agents Branding 443

Housing Wire

APRIL 15, 2024

Fannie Mae and Freddie Mac will not count buyer’s agent commissions as part of their allowable interested party contributions (IPCs), according to announcements from the government-sponsored enterprises (GSEs) on Monday. The Community Home Lenders Association (CHLA) expressed support for the GSEs’ announcement.

Agents 529

Agents Seller concession VA loan Finance 529

Housing Wire

APRIL 11, 2024

As the real estate industry undergoes a significant shift in its commission structure, a recent Redfin survey reveals a lack of knowledge among homebuyers regarding their agents’ compensation. According to the findings, a significant portion of recent homebuyers remain in the dark about crucial aspects of agent payments.

Agents 376

Agents MLS Industrial As-is 376

Housing Wire

MARCH 15, 2024

Mortgage pros have closely monitored the commission lawsuit developments since a Kansas City, Missouri jury determined that NAR, HomeServices of America , and Keller Williams conspired to inflate or maintain high commission rates through NAR’s so-called Participation Rule. You should be finding buyers before real estate agents anyway.”

Industrial 501

Industrial Seller concession Purchase and sale agreement Agents 501

Housing Wire

FEBRUARY 12, 2024

The series of lawsuits that have been shaking the real estate industry for the past several months have all revolved around the same issue: Realtor commissions. In the Sitzer-Burnett case, plaintiffs successfully argued that real estate commission rates were too high.

MLS 389

MLS Brokerage Agents Industrial 389

Housing Wire

APRIL 24, 2024

Realty ONE Group International has joined six other real estate brokerages in settling the commission lawsuits. The firm announced on Wednesday that it has entered into a nationwide settlement agreement with the commission lawsuit plaintiffs. The agreement was granted preliminary approval by the court on Tuesday.

Brokerage 383

Brokerage Agents Marketing 383

Real Estate News

OCTOBER 20, 2023

The board wrote that this change, which takes effect in January, “represents the future of how residential real estate is transacted.”

Agents 286

Agents Residential 286

Housing Wire

JANUARY 31, 2024

After months of plaintiffs’ lawyers in commission lawsuits claiming that the National Association of Realtors sets real estate agent commissions, the trade group finally decided to, in its words, “set the record straight.” NAR does not set commissions; it never has and it never will.

HR 432

HR Agents Brokerage Industrial 432

HomeLight

JANUARY 28, 2022

Most real estate agents get paid through commissions. Commissions are typically calculated as a percentage of a property’s sale price, though some brokerages will charge a flat fee. The average real estate agent commission rate nationwide is 5.8% real estate agent commission.

Agents 117

Agents Purchase and sale agreement Brokerage MLS 117

Housing Wire

APRIL 25, 2024

Real estate technology company reAlpha Tech Corp. launched Claire, a generative artificial intelligence -powered, zero-commission buyers’ agent chatbot, the company announced on Wednesday. The tool helps match buyers with the ideal property while providing insights into market trends and property values.

Agents 354

Agents Technology Residential Industrial 354

Housing Wire

FEBRUARY 2, 2024

Launched on Thursday, the brokerage’s Sign & Save program provides buyers who sign up to work with a Redfin agent before their second home tour — and who purchase a property with that agent within 180 days of signing the agreement — a refund of 0.25% to 0.5% of the purchase price of the house.

Purchase and sale agreement 466

Purchase and sale agreement Agents Closing Brokerage 466

Housing Wire

MARCH 12, 2024

The program is now available to Redfin clients across the country, except in states such as Arkansas, Iowa, Kansas, Mississippi, Missouri, Oklahoma, Oregon and Tennessee, where commission refunds are prohibited by law. In July 2022, Redfin moved to eliminate the commission refund it offered to buyers in 22 markets.

Purchase and sale agreement 357

Purchase and sale agreement Brokerage Agents Closing 357

Housing Wire

APRIL 8, 2024

Fast-growing, publicly traded The Real Brokerage announced Monday that it had reached a settlement agreement with the plaintiffs in the Umpa commission lawsuit. The Umpa suit is the only commission lawsuit in which Real has been named as a defendant. The Real Brokerage closed $14.4 The brokerage will pay $9.25

Brokerage 361

Brokerage Agents Technology Sales 361

Housing Wire

APRIL 4, 2024

Despite settlement agreements from Anywhere , RE/MAX , Keller Williams , Compass and the National Association of Realtors (NAR), the copycat commission lawsuits keep coming. She used Redfin agents for both listing and buying purposes. In the complaint, the plaintiff notes that while she only paid her Seattle-based listing agent a 1.5%

Purchase and sale agreement 346

Purchase and sale agreement HR Agents MLS 346

Housing Wire

APRIL 1, 2024

The recent settlement involving the National Association of Realtors and major real estate firms revolves around the practice of “broker cooperation,” where agents representing sellers share commissions with agents representing buyers. 15 in a major antitrust commission case known as Nosalek.

Equity 459

Equity Agents Industrial Land 459

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.

VA loan 424

VA loan Closing costs MLS Loans 424

Housing Wire

DECEMBER 1, 2023

In the face of a copycat commission lawsuit , the Real Estate Board of New York has vowed to fight. In an email blast sent to REBNY members, the New York City real estate agent trade group said it would “vigorously defend the litigation.” The work you do as agents and brokers moves New York City forward.

Brokerage 367

Brokerage Agents Industrial As-is 367

Housing Wire

MARCH 25, 2024

Department of Veteran Affairs (VA) to expedite regulatory change that would allow veterans and active-duty service members to fund buyer’s broker commissions when purchasing a home with a VA mortgage. Under the current system, the buyer agent’s commission is baked into the price paid for a home.

Agents 434

Agents VA loan Loans Mortgages 434

Housing Wire

MARCH 29, 2024

The real estate industry is facing yet another commission lawsuit , but this time the plaintiff is not seeking class-action status. NAR and Compass have entered into nationwide settlement agreements for the commission lawsuits. In a lawsuit filed Thursday in the U.S.

Purchase and sale agreement 413

Purchase and sale agreement MLS Agents Residential 413

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 270

Brokerage MLS Branding Agents 270

Housing Wire

NOVEMBER 20, 2023

Real estate agents are facing a contracting issue that could seriously upend the traditional housing landscape. Under current guidelines, sellers pay a 5-6% commission on a sale which is split between the buyer and listing agents. But what happens if consumers pivot away from buyer agents altogether?

Pre-approval 404

Pre-approval Agents Loan Officer Seller concession 404

Housing Wire

MARCH 14, 2024

Like the Department of Justice , the Federal Reserve has decided to weigh in on the real estate agent commission debate. They also argued that high commissions “impose financial burdens on households, and may induce significant lock-in effects that limit household mobility.” housing market.

Agents 377

Agents Banks Sales Technology 377

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. As of Jan.

MLS 471

MLS Agents Design As-is 471

Housing Wire

APRIL 3, 2024

The Community Home Lenders of America (CHLA) this week submitted a letter to the Federal Housing Administration (FHA) that urges the agency to “provide comparable down payment treatment for FHA borrowers, regardless of whether or not the seller is willing to pay the home buyer broker commission,” according to an announcement by the organization.

FHA loan 383

FHA loan Finance Loans Agents 383

Housing Wire

NOVEMBER 27, 2023

The copycat commission lawsuits have spread to the Southeast. On Wednesday, home seller plaintiffs in northern Georgia filed a class-action antitrust lawsuit accusing real estate industry players of colluding to artificially inflate real estate agent commissions. 22, 2019, and the present.

MLS 441

MLS Brokerage Agents Sales 441

Seattle Times Real Estate

FEBRUARY 1, 2024

One of the nation’s largest real estate brokerages has agreed to pay $70 million as part of a proposed settlement to resolve more than a dozen lawsuits across the country over agent commissions.

Agents 78

Agents Brokerage 78

Housing Wire

MARCH 20, 2024

Like with most things in life, real estate brokerages come in a variety of shapes and size, from white-glove service firms to discount brokerages to flat-fee firms that offer al a carte services. Fewer agents? Obviously, RE/MAX comes to mind as it has a large franchise model that is tied to agent count,” Tomasello said. “If

Brokerage 433

Brokerage Agents Industrial As-is 433

Housing Wire

MARCH 25, 2024

During a virtual open house hosted by Keller Williams to answer agent and broker questions about the settlements in the commission lawsuits , the overwhelming message was for real estate professionals to focus on what they can control. Don’t panic. The executives said they received more than 150 questions.

Purchase and sale agreement 401

Purchase and sale agreement Agents Seller concession MLS 401

Housing Wire

MARCH 27, 2024

Department of Veteran Affairs (VA) to revise its policies that ban veterans from paying broker commissions, an issue that is gaining attention following the NAR’s landmark $418 million settlement. With the settlement, NAR agreed to abolish its “Participation Rule” that required listing agents to make an offer of compensation to buyer brokers.

VA loan 446

VA loan Loans Principal Mortgages 446

Maximum Exposure Real Estate

JUNE 22, 2021

What Do Real Estate Agents Charge For Commission? Probably one of the most asked questions in real estate is, “how much is a real estate commission”? One thing you should know from the get-go is that commission on real estate is entirely negotiable.

Agents 104

Agents Marketing 104

Housing Wire

MARCH 20, 2024

Friday’s bombshell – the National Association of Realtors ‘ proposed $418 million settlement of real estate commission lawsuits – set off a frenzy of trading for stocks in the residential real estate sector.

Investor 409

Investor Residential Agents MLS 409

Housing Wire

DECEMBER 15, 2023

A copycat commission lawsuit filed on Thursday by home sellers in the United States District Court for the Eastern District of Texas, accuses 47 real estate industry defendants of allegedly conspiring to artificially inflate real estate agent commissions.

MLS 468

MLS Industrial Agents Brokerage 468

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. That requires real estate professionals to cooperate with each other by sharing pertinent information with competitors regarding the home and about the terms of a potential transaction.

MLS 461

MLS Brokerage Agents Closing costs 461

Housing Wire

NOVEMBER 10, 2023

It appears that no real estate brokerage firm in the U.S. is safe from a commission lawsuit. District Court in the Southern District of New York, alleging that Real Estate Board of New York rules governing the multiple listing service in Manhattan kept commissions high and violated state and federal antitrust laws.

Brokerage 454

Brokerage Residential Agents As-is 454

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. The copycat commission lawsuit was filed on Friday in U.S. District Court in Las Vegas by Nevada home seller Angela Boykin.

MLS 404

MLS Brokerage Agents Industrial 404

Housing Wire

FEBRUARY 1, 2024

In a bizarre turn of events, the National Association of Realtors posted, then removed before reposting, a video featuring the trade group’s interim CEO Nykia Wright “setting the record straight” on agent commissions. In the reposted video , Wright’s statement was edited to say, “NAR does not set commissions. End of story.”

Title 411

Title Residential Brokerage Agents 411

Housing Wire

JANUARY 22, 2024

The real estate industry is facing one less copycat commission lawsuit. District Court in New York against the Real Estate Board of New York and several brokerages, according to court filings. Friedman’s suit was in regard to the 2021 sale of his Park Slope home, in which he paid a buyer broker commission.

Brokerage 397

Brokerage Agents Sales Industrial 397