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The NAR currently represents about 1.6 million Realtors, with 90% of agents cashing in an average commission of 5% to 6% — equal to $100 billion in annual commissions.
Rhonda Burnett, the lead plaintiff, testified about her experience with a real estate agent from HomeServices of America subsidiary ReeceNichols. According to Burnett, the agent gave her a contract to sign with a commission rate of 6% already filled in, and she was told that the rate was non-negotiable. [12]
On Aug. 17, rules surrounding real estate commissions are set to change thanks to a legal settlement between the National Assn. of Realtors and home sellers. Proponents hope the new rules will ...
Hire a discount agent: A low-commission real estate agent will likely charge much less than a traditional agent would — usually 1 to 1.5 percent of your home’s sale price. (However, you might ...
A deed in lieu of foreclosure is a deed instrument in which a mortgagor (i.e. the borrower) conveys all interest in a real property to the mortgagee (i.e. the lender) to satisfy a loan that is in default and avoid foreclosure proceedings. The deed in lieu of foreclosure offers several advantages to both the borrower and the lender.
Nevertheless, in an illiquid real estate market or if real estate prices drop, the property being foreclosed could be sold for less than the remaining balance on the primary mortgage loan, and there may be no insurance to cover the loss. In this case, the court overseeing the foreclosure process may enter a deficiency judgment against the ...
On Aug. 17, the rules governing real estate agent commissions are changing. Some experts say the shift should eventually reduce costs for consumers. Real estate agent commission rules change Saturday.
Downtown Gilbert, Arizona (pictured), the town in which the lawsuit originated. The named plaintiff, Clyde Reed, is the pastor of Good News Community Church. [21] The church is a "small, cash-strapped entity that own[ed] no building" and held services in elementary schools and other buildings in Gilbert, Arizona. [22]