Changes in realtor commissions

17 March 2024, 01:50 PM

I can't find a pdf with the proposed settlement agreement, but here's a more detailed description of what it covers:

https://www.realestatenews.com...ent-details-revealed

I believe these are the outstanding cases relating to commissions.

https://www.realestatenews.com...te-commissions-cases

So far am unable to locate any details about possible refunds to buyers and sellers involved in previous transactions.

Any idea where you read about it going back to 2020, pique? We sold our vacation house early in 2020; not sure if we might make it under the wire...

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We are all visitors to this time, this place. We are just passing through. Our purpose here is to observe, to learn, to grow, to love… and then we return home. - Australian Aboriginal proverb

Bazootiehead-in-training

17 March 2024, 02:08 PM

wtg

I have no clue what this entire process entails. Who are the parties, how does the DOJ fit in, etc.

Anyone able to provide the big picture overview, starting from the beginning?

17 March 2024, 02:45 PM

piqué

I'm sorry I can't remember where I read about the settlement being retroactive to 2020. I closed on the sale of my house in August 2020. What I recall from what I read is that if the realtor who sold the house was a member of the association, the seller of the house is a member of the class that sued.

The documentation for all of this must be somewhere. I also have been googling and unable to find anything. Google hits are overwhelmed right now with the most recent news.

17 March 2024, 02:56 PM

wtg

I asked about the process because I think the DOJ may be part of it. Here's their original antitrust filing from 2020. There are a number of attachments, but I don't have a clear idea of a) what they mean or b) if they're relevant to the recent settlement.

https://www.justice.gov/opa/pr...t-requiring-national

17 March 2024, 02:56 PM

piqué

here's the best info I've been able to find so far:

https://www.prnewswire.com/new...llion-302052461.html

it says the dates you have to have sold a house to be included in the class are to be found on the linked page. But I followed the link and didn't see the info on that page.

17 March 2024, 03:01 PM

piqué

here it is:

https://www.realestatecommissi...eId=1033&inline=true

17 March 2024, 03:06 PM

wtg

There are few real estate companies that have already settled.

That's the settlement That RE/MAX agreed to, from October 2023. I think, but am not absolutely certain, that they are exempted from NAR settlement reached a few days ago.

17 March 2024, 04:36 PM

piqué

who was your realtor?

it looks like I'm in the class. If you aren't listed with any of the specific cases, but your house was sold using MLS and it was between Feb 1 2020 and Feb 1 2024, you are in.

17 March 2024, 04:55 PM

wtg

Our realtor was part of an independent brokerage up in Door County who AFAIK is not part of any national company like Berkshire Hathaway, Keller Williams, Anywhere, or RE/MAX; those are the ones who have settled.

They are, however, members of the NAR.

There is this language that makes me think we aren't part of the class.

quote:
The Court in charge of the Settlements is the United States District Court for the Western District of Missouri. The case before this Court is known as Burnett et al. v. National Association of
Realtors, et al., Case No. 19-CV-00332-SRB. The people who filed this lawsuit are called the
Plaintiffs. The people being sued are called the Defendants. Defendants include The National
Association of Realtors (“NAR”) and the following large real estate brokerage firms: Anywhere,
RE/MAX, Keller Williams, and Berkshire Hathaway HomeServices. Of these Defendants, the
Settlements concern only Anywhere and RE/MAX.

I'm encouraged by the date ranges going back as far as they do. Maybe we'll be in the class for the NAR settlement that was just announced. We were definitely listed on MLS.

17 March 2024, 04:58 PM

wtg

edit: The more I read the more confused I am. I totally don't understand the process, or how to determine whether I'm in a particular class.

17 March 2024, 05:42 PM

piqué

just go ahead and apply. what's the worst thing that could happen?

17 March 2024, 05:44 PM

pianojuggler

I have never had a positive experience with a realtor. I’ve had several bad experiences with them including blatant discrimination.

It seems there are a bunch of very sleazy ones around here.

With typical prices in my ‘hood, at 6%, one only needs to sell one house a year to well exceed my final salary at The NFFMCo.

17 March 2024, 05:45 PM

wtg

pique - Well, there is that option.

Wouldn't someone who is eligible be likely to be notified of that? I've gotten more than one notice to that effect for other class actions. I mean, they know who the parties involved are...

17 March 2024, 06:21 PM

piqué

quote:
To be eligible to receive the benefits of the Settlements, you must have: (1) sold a home during the Eligible Date Range (see below); (2) listed the home that was sold on a multiple listing service (“MLS”) anywhere in the United States; and (3) paid a commission to any real estate brokerage in connection with the sale of the home. The Eligible Date Range depends on what MLS you listed your home for sale on.