Key Points:
* A Chicago homeowner, John Moehrl, is suing the National Association of Realtors (NAR) and several major brokerages for allegedly colluding to keep commissions high for home buyers.
* Moehrl claims that the buyer’s broker commission rule violates antitrust laws and artificially inflates prices.
* @properties, a major Chicago-based brokerage named in the lawsuit, intends to “vigorously defend” against the suit, denying any wrongdoing.
* Other brokerages named in the lawsuit include Berkshire Hathaway HomeServices, Keller Williams Realty, and RE/MAX.
* Legal experts claim that the actual outcome of the lawsuit could take years and largely depend on the courts’ interpretations of NAR’s policies.
* This is only the latest in several lawsuits filed against NAR, suggesting an ongoing trend of legal challenges for the association.
* Home buyers and sellers are also closely watching the lawsuit, as it could potentially change how real estate commissions are calculated and paid in the future.
* NAR continues to insist its rules promote competitive, transparent markets and that the lawsuit misrepresents the organization’s mission and practices.
A Realty Rumble: Chicago Homeowner Tackles Real Estate Powerhouses Over Alleged Commision Collusion
Ill Wind Blowing in the Windy City
On one side, you have a miffed Chicago homeowner who’s sick and tired of what he sees as a match-rigged monopoly, claiming his pockets have been unnecessarily pilfered due to artificially inflated commissions – and he’s blaming the big guys.
“Vigorous Defense” Promised by @properties
In the red corner, you have heavyweight brokerage @properties, not taking this laying down, vowing to come out swinging. Their stance? Absolve us, for we have rinsed nothing!
Legal Eagles Predict Slow-Moving Showdown
Legal boffins are watching this real estate rumble, popcorn at the ready, waiting to see which way the gavel will swing. But don’t expect a quick knock-out. These court bouts are the heavyweight championship of the law world and could have everyone on the edge of their seats for years.
A Trend of Trouble for the NAR?
Like the plotline from a bad movie franchise, it seems sequels are a given when dealing with the NAR. It looks like they might need a bigger legal team given the growing trend of lawsuits.
Implications for the Average Joe and Jane
As this legal scrimmage unfolds, every Tom, Dick, and Harriet who’s ever bought or sold a house is keeping an eagle eye on proceedings. Could this be the end of the real estate old guard and the birth of a new way of doing business?
NAR Holds The Line
Despite the legal grenades being launched at them, NAR seems as unflappable as a Duck in hunting season. They insist their policies are as clean as a hound’s tooth; all cards are on the table, everything is above board.
Well, folks, who needs a Netflix drama when you’ve got real estate lawsuits? It’s been a while since the property world’s saga has been this popcorn-worthy. Market regulator or sinister cartel – who will the courts decide NAR truly is? And as for our knight in shining armor, Mr. Moehrl, will he be the David to NAR and big brokerages’ Goliath? Or end up as just another disgruntled homeowner? But hey, true to form in any drama worth watching, we all have to wait for the next episode to see which way the real estate winds will blow.
Original article: https://www.inman.com/2024/01/12/illinois-3rd-commission-suit-names-properties-champions-buyers/
