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Maybe it's not well talked about enough, but I'm indirectly referring to https://www.realestatenews.com/2023/03/29/commissions-lawsuit-now-a-class-action-greatl
by pierat 3y ago
Maybe it's not well talked about enough, but I'm indirectly referring to https://www.realestatenews.com/2023/03/29/commissions-lawsuit-now-a-class-action-greatly-increasing-its-scope https://www.realestatenews.com/2023/03/29/commissions-lawsui...
When you sell a home and you hire a realtor (sellers agent), the buyer will also likely have a realtor (buyers agent).
When the house is sold, it is "traditional" for 2.5% of the cost of the house to go to the seller's agent.... BUT ALSO 2.5% goes to the buyer's agent, from the seller's sale.
If the buyer doesn't have an agent, the seller's agent get 5%.
The $14 billion lawsuit is all about "why does the seller have to pay for the buyer's agent when they dont represent me?". And looking at that whole pile-o-shit even from a 10000 foot view shows really broken and terrible things.
- SoftTalker 3y agoIf the seller didn’t have to pay the agents, the seller would be able to accept a lower offer. The buyer pays, in the end.