The National Association of Realtors and two codefendants were ordered to pay nearly $1.8 billion in damages to about a half a million home sellers after a federal jury found they had conspired to artificially inflate commissions paid to real estate agents. Could the decision bring sweeping changes to the U.S. home buying process?
The plaintiffs in a class action antitrust suit challenging the real estate industry’s commission structure took to the stand Wednesday and Thursday to make the case that the practice of homesellers paying buyer agents is “unfair.”
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Several named plaintiffs in the Sitzer/Burnett lawsuit testified that they weren't aware they could negotiate commissions, and felt that paying buyer agents was "unfair."
The third day of the highly consequential Sitzer/Burnett class action buyer broker commission lawsuit included a deep dive into the training materials used by various brokerages and the testimony of three of the named plaintiffs.