Real Estate Broker Antitrust Lawsuit Investigation
The National Association of Realtors (NAR) and multiple real estate brokers may have conspired to inflate commissions on home sales and violated antitrust laws. Home sellers may have been told that realtor fees would be minimal or that services would be provided free of charge.
Home sellers may have received less than expected in a home sale due to inflated fees. Realtors have been accused of colluding to pressure sellers to pay high fees which may result in a lower profit for the sale of the home.
National Association of Realtors May Have Conspired to Inflate Real Estate Commissions
The NAR requires real estate agents who sell a home to pay compensation to a buyer’s agent who lists property on a multiple-listing service. Traditionally, home buyers have paid real estate agents out of the proceeds of the sale. Forcing the seller to compensate buyer’s agents may have inflated the price of fees associated with a home sale and lower than expected profit for the home seller.
Real estate organizations who conspired to inflate costs of commissions, affecting home sale profits may have violated antitrust regulations intended to protect consumers. A federal jury in Missouri has recently awarded $1.8 billion to home sellers who filed a class-action lawsuit against NAR and multiple real estate brokers for colluding to inflate agents’ commissions.
The NAR and realtor organizations may also face a U.S. Department of Justice investigation and additional class action lawsuits may be under consideration.
People who sold a home in the Tri-state area within the last three years may be eligible for compensation