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Class Action Lawsuit Against NAR, RE Brokerages, and the MLS

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Class Action Lawsuit Against NAR, RE Brokerages, and the MLS

Just ran across this on the Market Watch site.

 

"A new class-action lawsuit takes aim at real estate agents and the tools they use to do business, and housing industry watchers say it could revolutionize the way Americans buy and sell the biggest asset they’ll ever own."

 

The article source has even more detail.

"I know I’m accused of hyperbole by some, but I really don’t think I’m exaggerating when I say that this case could be a nuclear bomb on the industry. If the court rules in favor of the plaintiffs here, Realtor associations evaporate, the MLS likely dies off, and the entire infrastructure of residential real estate in the United States has to be remade. It could be Ragnarok, the final end of the world battle of Norse mythology."

 

This reminded me of when I was home shopping in 2017, my realtor steered me away from dealing with a property that was being sold by the owner.   This lawsuit could really change how the residential Real estate is transacted.

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Community Leader
Super Contributor

Re: Class Action Lawsuit Against NAR, RE Brokerages, and the MLS

Very interesting!!! I see this case going the distance for sure.

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Message 2 of 6
Community Leader
Senior Contributor

Re: Class Action Lawsuit Against NAR, RE Brokerages, and the MLS


@Sulaya wrote:

Just ran across this on the Market Watch site.

 

"A new class-action lawsuit takes aim at real estate agents and the tools they use to do business, and housing industry watchers say it could revolutionize the way Americans buy and sell the biggest asset they’ll ever own."

 

The article source has even more detail.

"I know I’m accused of hyperbole by some, but I really don’t think I’m exaggerating when I say that this case could be a nuclear bomb on the industry. If the court rules in favor of the plaintiffs here, Realtor associations evaporate, the MLS likely dies off, and the entire infrastructure of residential real estate in the United States has to be remade. It could be Ragnarok, the final end of the world battle of Norse mythology."

 

This reminded me of when I was home shopping in 2017, my realtor steered me away from dealing with a property that was being sold by the owner.   This lawsuit could really change how the residential Real estate is transacted.


Thanks for sharing this very interesting and informative article. Yep, I think this will go the distance. 

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Established Contributor

Re: Class Action Lawsuit Against NAR, RE Brokerages, and the MLS

This really needed to be done decades ago.











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Message 4 of 6
Senior Contributor

Re: Class Action Lawsuit Against NAR, RE Brokerages, and the MLS

Speaking as some one who been in the industry for what seems like foreveer. And whose wife sits on the Professional Standards Board  in our state. The suit has more incorrect facts than trueth. Much of the remaing trueth is set by state law not the firms.   NAR  settled many of the points the suit wants to agrue,  these were setttled years ago with the anti trust division of doj.  Now the suit wants to change these settlements.  I don't see this happening.  I could use the some of same arguements for anti trust violations in the legal and medical fields.   

Message 5 of 6
Frequent Contributor

Re: Class Action Lawsuit Against NAR, RE Brokerages, and the MLS


@800FICOGoal wrote:

This really needed to be done decades ago.


How so? State your reasons? Seems like you might just be a little misinformed. 

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