[ad_1]
Federal case could potentially provide refunds and save home sellers thousands of dollars
A recent verdict handed down from a Missouri jury has rocked the real estate industry. The jury awarded home sellers over the past several years billions in damages and has resulted in an outpouring of questions from homeowners across the country as to whether they might be entitled to a commission refund from a previous real estate transaction.
Greg Hague, an attorney and CEO of Arizona-based 72SOLD, is hosting a free webinar on Friday, Nov. 17, at 9 a.m. MST (11 a.m. EST/8 a.m. PST) that is open to anyone to explain what happened, how and when commission awards might be distributed, and how this decision could affect those looking to purchase or sell a home in the future.
The case, Sitzer/Burnett v. NAR (standing for the National Association of Realtors) was filed in 2019 and came to a head last week when the jury ordered NAR and additional brokerages to pay about $1.8 billion in damages, but that number could climb to as high as $5 billion because of the treble damages that can apply in antitrust based cases.
Put forth by a group of home sellers, the lawsuit challenged the National Association of Realtors and several large national brokerages for allegedly participating in a structure that inflated commissions charged to sell a home. The issue? Decades-old MLS and other industry rules that purportedly elevated U.S. commission rate and made it more difficult for home sellers to negotiate those fees.
“Since this federal decision came down, we are getting inundated with questions from the public,” said Hague. “Everything from asking about commission refunds to wondering if as a home seller they should still offer to pay the cost of the buyer’s agent. It’s impacting everyone in this industry and our goal with this webinar is to provide the public with guidance on what happened and how this might affect them.”
The verdict sent shockwaves through the real estate industry as news broke last week, with much of the sentiment expressing worry about lower commissions. But Hague sees it differently.
“I think this decision will fuel innovation and result in changes we have so desperately needed in the real estate industry,” said Hague. “This may cut the cost of selling a home in half and result in a more efficient and transparent process for those selling and buying a home. Everyone who transacts real estate should know how this will impact them—because it will.”
Hague is a recognized national real estate authority and five-star Amazon bestselling author. He is also an Avvo “Superb” rated attorney who scored No. 1 on the Arizona state’s bar exam. Hague was lauded by Real Estate Today magazine as a “Real Estate Visionary” and ranked in the Top 100 Realtors in America at No. 19. He has been interviewed on numerous television and radio shows and was featured in Kiplinger’s book, Buying and Selling a Home, Investors’ Business Daily, Money Magazine and Carolyn Janik’s book, Selling Your Home.
Hague was nominated as Entrepreneur of the Year, Educator of the Year, CEO Of the Year, and the firm he founded, 72SOLD, was recognized among 2023’s 50 “Most Admired Companies” and ranked by Inc. 5000 in the top five real estate firms in America.
For more information and to register for the free webinar, visit GregHague.com.
[ad_2]
This article was originally published by a www.queencreeksuntimes.com . Read the Original article here. .