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Jury hits National Association of Realtors, real estate companies with $1.8 bln in damages
Reuters ^ | 10/31/2023 | By Mike Scarcella

Posted on 10/31/2023 1:46:34 PM PDT by NohSpinZone

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Important case that can change the reality business model for good. The idea that the selling and buying agent share commissions (from the seller) means that they are conspiring against the buyer, in essence, to keep the price of the home as high as possible. It's a rigged game, worse than Vegas.

The judge can award treble damages and likely should.

1 posted on 10/31/2023 1:46:34 PM PDT by NohSpinZone
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To: NohSpinZone

FSBO is always an option if you want to opt out. I have done it both ways, and both have their advantages.


2 posted on 10/31/2023 1:50:16 PM PDT by Dr. Sivana ("If you can’t say something nice . . . say the Rosary." [Red Badger])
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To: NohSpinZone

We can’t have starving lawyers...


3 posted on 10/31/2023 1:52:09 PM PDT by Does so ( 🇺🇦...................."Who is Ray Epps?" should be overstamped on every piece of currency.)
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To: NohSpinZone

Next to price fixing in healthcare.


4 posted on 10/31/2023 1:52:11 PM PDT by alternatives?
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To: NohSpinZone

upwards of 6% ?

What does that mean? 6% has been standard as long as I remember, but you can get 5%. When I probated and sold my brothers buildings and house, the State mandates 5% commission.


5 posted on 10/31/2023 1:53:14 PM PDT by eyeamok
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To: eyeamok

I worked with a smart agent, who was also a broker, that only took 2.5%. Buying agents hated working with him because they were getting less than half they would get from other listing agents. Buying agents would often try to get their clients to steer away from his listings even if the homes met the buyer’s needs. Complete BS.


6 posted on 10/31/2023 1:56:18 PM PDT by NohSpinZone (First thing we do, let's kill all the lawyers)
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To: Dr. Sivana

Since most buyers are represented by a broker you need access to MLS as a seller to Market your property fsbo. There are cheap ways of getting on there but I’m not sure their Nationwide. Regardless this will probably Ripple into the commercial Arena as well


7 posted on 10/31/2023 1:56:24 PM PDT by spacejunkie2001
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To: NohSpinZone

I’ve been on both sides of the fence ... a good realtor earns his money.

Why a buyer needs a realtor is a bit of mystery to me ...
but if he wants one he should pay him/her.


8 posted on 10/31/2023 1:57:36 PM PDT by 1of10 (be vigilant , be strong, be safe, be 1 of 10 .)
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To: 1of10
Why a buyer needs a realtor is a bit of mystery to me

As far as I can tell, it's because they had special access to MLS listing data. But with Zillow and Redfin, all that is pretty much moot.

9 posted on 10/31/2023 1:59:17 PM PDT by NohSpinZone (First thing we do, let's kill all the lawyers)
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To: NohSpinZone

99% of the victims do not even know they have been victimized.

Most of the $1.8 billion - if it survives appeal - is going straight to the Plaintiff lawyers and to a small group of their class action Lead Plaintiffs.


10 posted on 10/31/2023 1:59:23 PM PDT by zeestephen (Trump "Lost" By 43,000 Votes - Spread Across Three States - GA, WI, AZ)
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To: zeestephen

The finance, insurance and real estate industries are built on a foundation of consumer fraud.

“Financial advisors” and “mutual fund managers” are the worst of the worst:

https://www.bogleheads.org/wiki/How_much_do_you_lose_to_annual_fees_after_many_years%3F


11 posted on 10/31/2023 2:07:21 PM PDT by cgbg ("Creative minds have always been known to survive any kind of bad training." Anna Freud.)
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To: NohSpinZone

Not moot at all as zillow, realtor.com, Redfin Etc all need to contract with mls in order to get access. Not every municipality gives them access


12 posted on 10/31/2023 2:08:11 PM PDT by spacejunkie2001
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To: eyeamok

that 6% was the “standard” was EXACTLY the issue! That is collusion.


13 posted on 10/31/2023 2:09:59 PM PDT by TexasFreeper2009
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To: NohSpinZone

Everything is negotiable.


14 posted on 10/31/2023 2:12:21 PM PDT by HotKat (Politicians are like diapers; they need to be changed often and for the same reason. Mark Twain)
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To: NohSpinZone

If this verdict doesn’t get overturned then there is no American justice.

Sellers are not forced to pay buyer agents. That provision in listing agreements is negotiable. If a seller doesn’t want to advertise that he will pay prospective buyers’ agents then he doesn’t have to. That makes the buyer’s cash outlay at closing much higher compared to sellers who advertise that they will pay buyers’ agents. Conversely, when sellers pay buyer agents any increase in sale price generally gets rolled into mortgages.

So paying buyer agents is a big incentive to prospective buyers and their agents. What it is not, is forced. Sellers are not forced to pay buyer agents.


15 posted on 10/31/2023 2:13:33 PM PDT by nagant
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To: eyeamok

That’s the point of the lawsuit ie, “standard” commissions.

To tell a client 6% is the “standard” commission is a violation of anti-trust law. Realtors are (typically) taught to never say a commission is the standard, or usual. They are taught to say “6% is what my firm charges and I cant speak for other firms” and to leave it at that.

(Yes, I know what I am talking about).


16 posted on 10/31/2023 2:16:23 PM PDT by Tea Party Terrorist (NATO is a terrorist organization.)
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To: NohSpinZone

That 6% sales commission is nothing but high priced inflation.


17 posted on 10/31/2023 2:17:29 PM PDT by CodeToad (Rule#1: The elites want you dead.)
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To: nagant

The point of the lawsuit was to prove collusion among Realtors. Collusion is illegal, as it should be.

Whether there was any collusion, I cannot say, but the jury thought so.


18 posted on 10/31/2023 2:18:36 PM PDT by Tea Party Terrorist (NATO is a terrorist organization.)
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To: CodeToad

Can anyone provide a link to a website that INTELLIGENTLY analyzes the issues presented and resolved in, and the likely effect of, this decision?


19 posted on 10/31/2023 2:22:28 PM PDT by TheConservator (Either the Deep State destroys America, or we destroy the Deep State!--President Donald Trump)
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To: NohSpinZone

Do like my lawyer buddy did: called several realtors and told them he wasn’t listing his house with any of them, but wanted an immediate sale for a price of $X. The first one to get him an offer that yielded him that amount could have everything more than X as a commission. House sold in 8 days.


20 posted on 10/31/2023 2:22:31 PM PDT by bigbob
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