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Rainer
155,541
Ken Jones, Commercial Real Estate
Kenneth J. Jones, Inc. - Toms River, NJ

Caroline Gerardo Inasmuch I'm unable to access and read the actual complaint, it isn't possible to know exactly what's be alleged by Plaintiff.

However, using only the news article in The Real Deal, it seems this suit MAY have merit in the area of NAR's requirement for listing brokers to share their commission since this may be perceived as placing an unfair burden on the seller who actually pays for the services of a buyer's agent to work against seller's best interests.

As I see it, this part of Plaintiff's allegation is analogous to a court requiring a Plaintiff or a Defendant to pay the attorney fee for their adversary (an example I frequently use when I criticize this stupid fee-sharing policy).

Beyond this issue, I don't see any real "danger" to the manner in which the residential real estate industry presently operates (at least not from this lawsuit).

I really can't imagine that a court would ever be able to allow a decision to prevent brokers sharing information (e.g. thru an MLS) or to prevent them from cooperating with each other, both of which would cause serious economic damage to the general public.

Then, again . . .

I guest we'll just have to watch from afar and see what happens.

Mar 12, 2019 05:45 PM
Rainmaker
4,103,751
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Don't go counting on that settlement.  

Mar 12, 2019 05:54 PM
Rainmaker
911,686
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

I think a lot of money will be spent in legal fees before this is over.

Mar 12, 2019 05:07 PM
Rainmaker
1,926,309
Anthony Acosta - ALLATLANTACONDOS.COM
Harry Norman, REALTORS® - Atlanta, GA
Associate Broker

I do not have an opinion about it.

Mar 12, 2019 10:32 PM
Rainmaker
1,233,159
Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets
Big Block Realty 858.232.8722 - La Jolla, CA
& Host of Postcards From Success Podcast

I'm not an attorney so I stick to what makes me money.

Ask me what I think of my 20 phone calls I made today 

Mar 12, 2019 07:12 PM
Rainmaker
1,901,498
Bob "RealMan" Timm
Ward County Notary Services - Minot, ND
Owner of Ward Co Notary Services retired RE Broker

Seems to me I read a featured post on this today Caroline Gerardo and my opinion is nothing will change. 

Mar 12, 2019 05:54 PM
Ambassador
4,260,058
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

I would be surprised if it sticks...the big winners are the attorneys!

Mar 12, 2019 07:53 PM
Rainmaker
6,614,423
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Thanks for sharing this.

Mar 12, 2019 05:35 PM
Rainmaker
5,571,934
Barbara Todaro
RE/MAX Executive Realty - Retired - Franklin, MA
Previously Affiliated with The Todaro Team

the only winners are the attorneys.... in my next life, I'll go that route...

Mar 13, 2019 10:26 AM
Ambassador
3,058,497
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate

There is only one winner, Caroline Gerardo.

I have not read the case. 

 

Mar 13, 2019 07:41 AM
Rainmaker
1,707,423
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

I will wait and see.

Mar 13, 2019 06:43 AM
Rainmaker
1,723,705
Lyn Sims
Schaumburg, IL
Schaumburg Real Estate Agent Retired

Since this is my neck of the woods, I've heard of it but I think it is dead. Can't read what happened in court so I really can't comment.

Added better link.

Mar 13, 2019 06:30 AM
Rainmaker
889,337
Annette Lawrence , Palm Harbor, FL 727-420-4041
ReMax Realtec Group - Palm Harbor, FL
Making FLORIDA Real Estate EZ

If this leads to buyers paying their agent and sellers paying their agent you can count me as a supporter.

A seller, today, who agrees to pay for both agents compensation, is further violated when the buyer's broker/agent hands a portion of that compensation to the buyer.  The seller did not agree to pay the buyer for the sale of their house!  Just one example of today's situation in real estate.

Direct pay makes the whole process much more transparent to the consumer, however, never underestimate how devious brokers can be.

Mar 13, 2019 05:20 AM
Rainmaker
4,215,613
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

It appears an attempt to manipulate the law to fit assumed facts. A sad day for real lawyers and practical people.

Mar 13, 2019 04:02 AM
Rainmaker
455,746
Buzz Mackintosh
Mackintosh REALTORS - Frederick, MD
“Experience, reliable, leadership”

Both sides have very deep pockets and will go on and on , attorneys look like the winners in this one!

Mar 13, 2019 03:47 AM
Rainmaker
1,519,811
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • GRI • HAFA • PSC Calabasas CA

Well, if anyone gives any money back i'd take some. 

Mar 13, 2019 12:03 AM
Rainmaker
759,236
Debra Leisek
Bay Realty,Inc Homer Alaska - Homer, AK

I just wonder who is behind this? follow the money... this isnt about normal buyers/ sellers.... someone is behind this for some reason. 

Mar 12, 2019 11:25 PM
Ambassador
5,415,563
Bob Crane
Woodland Management Service / Woodland Real Estate, EXP - Stevens Point, WI
Forestland Experts! 715-204-9671

It may be an interesting case.

Mar 12, 2019 08:34 PM
Rainmaker
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John Pusa
Berkshire Hathaway Home Services Crest - Glendale, CA
Your All Time Realtor With Exceptional Service

Caroline Gerardo very interesting!

Mar 12, 2019 08:08 PM
Ambassador
3,039,280
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

no but you could throw some additional money down the toilet or hire an attorney, I fear the same end result... no commission refund for you.

Mar 14, 2019 10:25 PM
Rainmaker
4,017,244
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Lawyers will make money off of this case.

 

Mar 14, 2019 01:37 PM
Rainmaker
2,642,412
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

A once simple idea of buying and selling is turned into a complex nonsense

Mar 13, 2019 08:05 AM
Rainmaker
1,387,938
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

I wonder if this is just to get a big pay day to settle out of court.  I don't see this impacting the MLS or the way homes are listed.  It may force buyers to pay their own agents, which will either mean they lower their pricing target or raise what they offer and ask for a concession to pay the commission.

Mar 13, 2019 07:47 AM
Rainmaker
5,592,880
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Caroline,

The only one who see the real money in any law suit at the attorneys.  A

Mar 13, 2019 07:19 AM
Rainmaker
4,123,305
Nina Hollander, Broker
Coldwell Banker Realty - Charlotte, NC
Your Greater Charlotte Realtor

This is so complicated it's beyond me to opine.

Mar 13, 2019 03:55 AM
Rainmaker
1,154,075
Sam Shueh
(408) 425-1601 - San Jose, CA
mba, cdpe, reopro, pe

Until there is a check in my mailbox to cash out. I do not follow these news. Sorry.

Mar 12, 2019 07:28 PM