It was the shot heard round the real estate world, but if you’re not a Realtor, you may not have heard about it — a group of home sellers has filed suit against the National Association of REALTORS® and four major real estate broker franchisors.
Why? Because of buyer broker commissions and the requirement to use the Multiple Listing Service, or MLS.
The suit, filed last week in Chicago, claims that the NAR and top brokerages Realogy, HomeServices of America, RE/MAX, and Keller Williams Realty violated federal antitrust laws by requiring home sellers to pay a broker to represent the buyer of their homes and to pay for this service to the tune of at least a three percent commission. (more…)