Major Threat to Real Estate Agents
Appraisers, in case you are not aware, NINE law firms have begun the process to sue real estate agents and brokers across the US about how the commission process works to compensate the SELLING broker.
It is believed that three of the best known internet based property purchasing and selling web sites are behind this effort. It’s being done so that they can build their own businesses, while jeopardizing the livelihood of real estate agents and brokers.
The suits allege that there is collusion and racketeering among the real estate participants to ‘bake in’ a set commission for the selling agent in the LISTING agreement signed by the seller and listing agent. Yes, this is common across the US in just about every single market and MLS association. But in fact, commissions are fully negotiable across the country. And the process has been in effect for decades.
To learn more about this issue, which ultimately could affect what appraisers do, watch the video below. About 2/3 of the way into the video, appraising situations are discussed.
Another nail in the coffin of Real Estate Agents. Lots have happened in the last week that we need to get caught up on.
Posted by Brian Stevens on Tuesday, July 9, 2019
This link is to a petition you can sign, which will be presented to every agency and organization with involvement in real estate transactions.