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Originally Posted by CoachKandSportsguy
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The article you link to is terrible. What’s going on is that the N.A.R. and half a dozen major companies, like Re/Max and Keller Williams, were sued with a class action suit over why a SELLER has to pay commission to the BUYER’s agent instead of the buyer paying that. We are talking 3% of the house sale cost going to that agent! Several companies settled out of court for many millions of dollars. The N.A.R. Did not, along with several other companies. They all lost and were hit with fines of, I think, $1.4 Billion, with a possibility of triple damages.
I think this only applies to home sales in Missouri, but I’m not sure. Before we celebrate, bear in mind that this would mean that as a seller, you would receive an extra 3%, but as a buyer, you would have to pay an extra 3% to the realtor. I’m not certain about that, but I assume buyers would be paying their agents for their help in some way.
The companies are of course appealing. It may not apply in Florida. Would you be receiving a check for that 3% you paid but shouldn’t have? Maybe. Would you be receiving a bill as a buyer from your own agent for that 3%? Unlikely, as it’s not in the contract. But few of us buy a home without also selling a home.