On Tuesday, a U.S. jury found that the Realtors National Association and some other residential brokerages including that of BRKa. N (Warren Buffet’s Berkshire Hathaway) is liable to pay an amount of $1.78Bn for damages regarding conspiring to inflate commissions for the home sales that they made.
The federal jury made a verdict in Missouri, Kansas City that could lead to an upending of practices that are decades old which have enabled several real estate agents to boost commissions as the mortgage and home prices continue to rise. This makes the transactions about housing even more expensive.
The rate of Broker compensations in the region of the United States has been about five to six percent of the price of a home sale – where half of it is paid to the buyer’s broker.
The sellers said that the made arrangements have only had extreme anticompetitive effects and in reality make no sense in terms of “economy”, except for the broker and buyer.
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~News Source: https://tinyurl.com/yc3sycuv
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