___

Published Date 3/25/2024

. NPR’s Scott Horsley reports that within the new National Association of Realtors settlement is an agreement for them to pay $418 million over the next four years in addition to the $210 million various brokerage firms had already agreed to pay. While lawyers will get a windfall from that, the rest will go to people who sold their homes in recent years and paid what critics argue were inflated real estate commissions. “Eligibility depends on where you live,” says Horsley. “But in some parts of the country the settlement covers people who sold homes as much as a decade ago.” He goes on to quote one of the attorneys involved in the settlement, who says that while they don’t yet know the exact number, they estimate it to be in the neighborhood of 40 or 50 million people. Sellers can check on their status by going to the lawyers’ website at www.realestatecommissionlitigation.com. Beginning in July, a home priced at the national average of $400k, whose commission might have paid out at $20-24k in the past, is now up for negotiation. Advocates say this big change should lead to more bargaining, more competition, and ultimately lower costs. Horsley likens it to what now exists in other markets like stock brokers and travel agents. Instead of the automatic 5-6% a seller would shell out to compensate both seller and buyer agents, they can now try to negotiate a flat fee to market their house that is not connected to the selling price. Reach out for more! NPR, TheHollywoodReporter, TheWashingtonPost, TBWS

All information furnished has been forwarded to you and is provided by thetbwsgroup only for informational purposes. Forecasting shall be considered as events which may be expected but not guaranteed. Neither the forwarding party and/or company nor thetbwsgroup assume any responsibility to any person who relies on information or forecasting contained in this report and disclaims all liability in respect to decisions or actions, or lack thereof based on any or all of the contents of this report.

Bank statement for Self Employed are our Specialty! JUMBO LOANS at Amazing rates!