CHARLOTTE, N.C. (QC Life) - Are you looking to sell or buy a property? If so, read on.
We invited Anne Marie DeCatsye, the CEO of the Canopy Realtor Association to the show to give us an overview of the legal proceedings and what it means for home buyers, sellers, and real estate agents.
Addressing the news of the recent NAR settlement, Charisma Southerland, president of Canopy Realtor® Association and...
Posted by Canopy Realtor Association on Wednesday, March 20, 2024
According to DeCatsye, several class action lawsuits were filed in the past months against the National Association of Realtors (NAR), accusing them of colluding to inflate brokerage commissions.
One of those lawsuits was decided last October when the jury sided with the plaintiffs against the NAR.
DeCatsye said before the recent court decision, properties were uploaded to the Multiple Listing Service (MLS) database, and the seller would collaborate with the listing firm to determine the commission.
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However, the Department of Justice announced that they will be changing that process so that the seller, buyer and their two agents must work outside of the MLS to agree on the commission value.
So, how is the altered process going to impact potential home buyers and sellers?
According to DeCatsye, purchasing a new property is going to be more expensive than it used to be since it will be more challenging for buyers to make a down payment, pay for settlement costs as well as pay their agent.
What’s more, she also said the latest developments raise awareness of the value that realtors bring to the process.
“Finding a home is easy part, it’s everything after that, from the offer to closing, and everything in between, including inspections, that’s a lot of hard work,” DeCatsye said.
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