re: The home selling realtor setup is unfair to sellers and buyers

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The home selling realtor setup is unfair to sellers and buyers

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There is a massive lawsuit against NAR that will potentially change the way Realtors operate

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Overview 1. What is this lawsuit about? NAR has promulgated a series of rules, policies, and practices that have been widely adopted by its members which have resulted in a lessening competition among real estate brokers to the detriment of American home buyers. These rules, policies, and practices include:

Prohibiting multiple listing services (“MLSs”) from disclosing to prospective buyers the amount of commission that the buyer broker will earn if the buyer purchases a home listed on the MLS (“NAR’s Commission Concealment Rules”);

Allowing buyer brokers to mislead buyers into thinking that buyer broker services are free (“NAR’s Free-Service Rule”);

Enabling buyer brokers to filter MLS listings based on the level of buyer broker commissions offered and to exclude homes with lower commissions from consideration by potential home buyers (“NAR’s Commission-Filter Rules and Practices”); and

Limiting access to lockboxes that provide licensed brokers physical access to a home that is for sale to only those real estate brokers who are members of a NAR-affiliated MLS (“NAR’s Lockbox Policy”).

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LINK


Monumental NAR lawsuit snags class action status

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The lawsuit claims a requirement for sellers to make “blanket unilateral offers of compensation” to buyer brokers when a home is placed for sale on a multiple listing service violates the law. The plaintiffs said the system pressures sellers to offer high commissions to bring in buyers’ brokers.

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