The judge who oversaw the Sitzer/Burnett lawsuit has granted preliminary approval to the National Association of Realtors’ (NAR) $418 million settlement.
As part of the settlement, NAR will allocate the $418 million into a fund over a four-year period. NAR also agreed to policy changes, including the end of its requirement for agents to subscribe to multiple listing services. NAR will also no longer encourage a seller’s agent to determine the compensation structure for a buyer’s agent.
Judge Stephen R. Bough called NAR’s changes “fair, reasonable and adequate.” The trade group plans to enact these changes in July.
A final approval hearing on the settlement will take place in November. Separate settlements involving three of NAR’s co-defendants – Anywhere, RE/MAX and Keller Williams – will receive a final approval hearing next month.
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Thanks to the greediness of the named defendants like RE/MAX and KELLER WILLIAMS, they have officially ruined real estate.
NAR represents the majority of agents in the country. This is a suit against all NAR agents not just KW, ReMax and Home Services. Check your facts. Who is going to represent the first time home buyer or the Veteran?
Good intentions, bad result. The settlement will make it more expensive and complicated for Buyers. Sellers previously built the full commission cost into their sales price.
Now Buyers will struggle to afford qualifying for a loan at high interest rates and paying the cost of their agent. It will add additional complication to how the Buyer’s agent will get paid, and this will vary with EACH seller. People are already a bit confused about how commission woork, This change will make it even more confusing.
you are exactly correct. their intentions will hurt the exact people they set out to help.
I think it is sad that we can not represent the Sellers when we bring a Buyer to their home. This should still be an option for a Seller to choose when listing their home. Seller’s can choose and agree to pay an Agent representing them in the sale of there home. They can offer a commission of “X” to the Agent for doing so. You would have: Listing Agent/Firm, Selling Agent/Firm and Buyers Agent/Firm
NAR threw every real estate agent under the bus. They lost to a personal injury attorney. What other “unions” just give up on the people they are supposed to represent and support? NONE. Lisa Sweeney forgot to mention Reece Nichols are greedy son of a guns as well. I will say, I am surprised and curious what happens with Reece Nichols. They have not caved into this and continuing the fight. I applaud them for that.