Realtors have been overcharging homeowners–now they owe YOU! Claim your possible slice of this $1 billion settlement today!
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Having your own house means being able to make your own memories and have a safe space to come home to. Sometimes, the house we buy isn’t the right fit, so they end up on the market again. What you might not know, though, is that if you've sold a house within the last few years, you might be entitled to a piece of a monumental $1 billion settlement.
That's right, a landmark legal decision has revealed that many homeowners were overcharged by realtors, and now it's time for Americans to get their money back. Here's what you need to know to claim what could rightfully be yours.
The Real Estate Rumble: A Billion-Dollar Settlement
The real estate industry has been rocked by a seismic shift that could benefit countless Americans.
For decades, the standard practice in home sales involved seller's agents charging a commission fee—typically around 5 to 6 percent of the home's sale price. This fee was then split with the buyer's agent. Sounds straightforward, right? Well, not quite.
These commission fees were often baked into the home prices, contributing to inflated market values.
Some realtors were even nudging buyers towards homes offering higher commissions, a practice that didn't always align with the buyer's best interests.
This system went largely unchallenged until a series of lawsuits accused major brokerages of colluding to keep commission prices high, violating antitrust laws.
The result? A groundbreaking settlement that's shaking up the century-old commission system.
Major brokerages have agreed to settle, and now there's a billion-dollar fund waiting to be claimed by eligible homeowners.
Understanding the Settlement Parties
There are three main settlements to be aware of:
1. The National Association of Realtors (NAR) and HomeServices are part of the largest settlement, totaling $418 million.
2. A group of firms including Compass, Real Brokerage, and Redfin have settled for $110 million.
3. Anywhere, RE/MAX, and Keller Williams are also settling parties.
The deadlines to exclude yourself from these settlements have passed, but don't worry if you missed that memo.
The deadline to submit a claim form for any of the settlements is May 9, 2025–so mark your calendars!
For the NAR settlement, a hearing is scheduled in Missouri on November 26, 2024, to assess the fairness and adequacy of the settlement terms.
Are You Eligible for a Slice of the Settlement?
To dip into this settlement fund, there are a few boxes you need to tick:
1. You sold a home within the eligible date range.
2. You paid a commission to a real estate brokerage during the sale.
3. Your home was listed on a Multiple Listing Service (MLS) in the United States.
If you're nodding along to these criteria, you could be in for a payout.
You can check the eligible date ranges and further details on the official settlement website.
An MLS is a database that real estate agents use to list properties for sale and scout homes for buyers.
Agents pay a fee to join an MLS, which grants them the ability to post and view listings. Traditionally, listing and buyer's agents would agree to share commissions through the MLS, but consumers couldn't see this part of the listing.
This limitation sometimes led to agents steering buyers based on commission potential rather than the buyer's needs.
However, the rules have changed. Following the settlement, commissions for buyer's agents can no longer be listed on an MLS. Now, seller's agents and buyer's agents must negotiate fees privately, away from the MLS platform.
For more detailed instructions and to access the claim form, visit the official settlement website. Don't miss out on what you're owed!
Have you been affected by the overcharging practices in the real estate industry? Are you planning to claim your share of the settlement? Share your experiences and thoughts in the comments below!
That's right, a landmark legal decision has revealed that many homeowners were overcharged by realtors, and now it's time for Americans to get their money back. Here's what you need to know to claim what could rightfully be yours.
The Real Estate Rumble: A Billion-Dollar Settlement
The real estate industry has been rocked by a seismic shift that could benefit countless Americans.
For decades, the standard practice in home sales involved seller's agents charging a commission fee—typically around 5 to 6 percent of the home's sale price. This fee was then split with the buyer's agent. Sounds straightforward, right? Well, not quite.
Homeowners overcharged by realtors may be eligible for a share of a $1 billion settlement following lawsuits that argued current practices violated antitrust laws. Image source: Pexels.
These commission fees were often baked into the home prices, contributing to inflated market values.
Some realtors were even nudging buyers towards homes offering higher commissions, a practice that didn't always align with the buyer's best interests.
This system went largely unchallenged until a series of lawsuits accused major brokerages of colluding to keep commission prices high, violating antitrust laws.
The result? A groundbreaking settlement that's shaking up the century-old commission system.
Major brokerages have agreed to settle, and now there's a billion-dollar fund waiting to be claimed by eligible homeowners.
Understanding the Settlement Parties
There are three main settlements to be aware of:
1. The National Association of Realtors (NAR) and HomeServices are part of the largest settlement, totaling $418 million.
2. A group of firms including Compass, Real Brokerage, and Redfin have settled for $110 million.
3. Anywhere, RE/MAX, and Keller Williams are also settling parties.
You can submit a claim form until May 9, 2025. Image source: Pexels.
The deadlines to exclude yourself from these settlements have passed, but don't worry if you missed that memo.
The deadline to submit a claim form for any of the settlements is May 9, 2025–so mark your calendars!
For the NAR settlement, a hearing is scheduled in Missouri on November 26, 2024, to assess the fairness and adequacy of the settlement terms.
Are You Eligible for a Slice of the Settlement?
To dip into this settlement fund, there are a few boxes you need to tick:
1. You sold a home within the eligible date range.
2. You paid a commission to a real estate brokerage during the sale.
3. Your home was listed on a Multiple Listing Service (MLS) in the United States.
If you're nodding along to these criteria, you could be in for a payout.
You can check the eligible date ranges and further details on the official settlement website.
An MLS is a database that real estate agents use to list properties for sale and scout homes for buyers.
Agents pay a fee to join an MLS, which grants them the ability to post and view listings. Traditionally, listing and buyer's agents would agree to share commissions through the MLS, but consumers couldn't see this part of the listing.
This limitation sometimes led to agents steering buyers based on commission potential rather than the buyer's needs.
However, the rules have changed. Following the settlement, commissions for buyer's agents can no longer be listed on an MLS. Now, seller's agents and buyer's agents must negotiate fees privately, away from the MLS platform.
For more detailed instructions and to access the claim form, visit the official settlement website. Don't miss out on what you're owed!
Have you been affected by the overcharging practices in the real estate industry? Are you planning to claim your share of the settlement? Share your experiences and thoughts in the comments below!
