A lawsuit settlement could have a big impact on what real estate agents do and how much they’re paid for it, while lowering the fees charged to buyers and sellers in the homebuying process, experts say.
Lawsuits may redefine Realtor fees, forcing lenders to adapt nationalmortgagenews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from nationalmortgagenews.com Daily Mail and Mail on Sunday newspapers.
Experts state that a buyer-paid commission structure would result in reduced homeownership opportunities for cash-constrained families and lower net proceeds for many sellers.
Switching to a system in which the buyer pays an agent’s fee out of pocket would be most damaging to minorities and first-time home buyers, who could have more difficulty in qualifying for a loan, the HomeServices of America paper said.