Batton 2: The Mother of all Commission Lawsuits

Homebuyers Join the Fight Against Real Estate Industry: A $1 Trillion Lawsuit Exposes Hidden Fees and Unfair Practices

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This video contains AI generated content for reference. The video contains vector characters for dramatic purposes. All information provided in Houzeo's video is for general informational purposes only. All information is provided in good faith. However, we make no representation or warranty of any kind, express or implied, regarding the accuracy, adequacy, validity, reliability, availability, or completeness of this information.

In recent months, we've heard about the challenges faced by home sellers in the real estate market. But what about home buyers? Now, a group of homebuyers is suing NAR and major real estate companies for allegedly deceptive practices and hidden fees that have cost them billions of dollars.

The lawsuit, which could reach nearly a trillion dollars in damages, is monumental.

Plaintiffs allege that the defendants have conspired to artificially inflate real estate commissions, limit consumer choice, and conceal fees from homebuyers. They argue that these practices have resulted in higher housing costs for millions of Americans.

As the lawsuit progresses, it raises questions about the future of the real estate industry and the fairness of the current commission structure. With the recent NAR settlement in mind, it remains to be seen whether this massive lawsuit will see its day in court.

What do you think about the allegations? Do you believe homebuyers have been unfairly treated by the real estate industry? Share your thoughts in the comments below!

Source:

#usrealestate #commission #realestatenews #narsettlement #nationalassociationofrealtors #lawsuit #realestateagent #ushousingmarket #classactionlawsuit #compass #remax #kellerwilliams #redfin #exprealty #batton

[Houzeo]

According to RISMedia, 'There were slightly over 154 million home sales across the country in that time period, according to NAR and Federal Reserve data. If the Batton plaintiffs were able to expand their claims for damages across all 50 states, the suit would cover 138 million transactions (based on roughly 90% taking place on NAR-affiliated MLSs).

And assuming the plaintiffs were to triumph in Batton, and a jury were to award damages roughly in line with what was calculated in the Burnett case, the dollar amount would come to slightly under $1 trillion, at $970.5 billion.'

[HeatherFrankWNC]

I just don't understand how this isn't a money grab. What the seller does with the proceeds of the sale of their home is completely up to the seller. The buyer negotiates the price of that home. What next? A lawsuit when a seller uses the proceeds of their home to go on a cruise? It simply does not need to be more complicated than that. I'm located in NC - a "Buyer Beware" state, and we've always emphasized here that EVERYTHING IS NEGOTIABLE! We've always had written buyer agency agreements... It's hard for me to comprehend how this is even a thing.

[Renalevy]

I wondor what is the " unfair" part? The buyers were happy not pay commission and knew the sellers are paying the buyer's representaion compansation. Buyers still negotiated the price and most cases got the sellers to pay for closing costs as well. I understand sellers suing...But buyers?? I am actually happy that the buyers have to pay their own represenation. The level of commitment to the agent will be increased and no more working for free for months running around showing properties and writing offers with no pay to the agents.

[darrenhull]

The lawyers won a battle. They took most of the lawsuit money. It's created less transparency.

[TomHallhomebuyingokc]

what was the list price and what was the market price? Did it appraise?

[TomHallhomebuyingokc]

These lawsuits are dumb! So if in any of these cases, the seller chose to use a Realtor, that does not mean the price would have been less the amount because the seller chose to sell at market price and accept the buyer's offer either at the list price, below or over market price. The seller chose to hire a professional to sell their home and agreed to the terms in writing. Commissions were paid and split. If you don't like our prices then don't use us. Find a home on your own. Or is that what some of the bigger tech giants want of course is to put us out to pasture so they can control the process, they want to make it look like there are fewer Realtor fees but in the end, they will charge the same amount and probably cause homes to get even higher since they will be a public traded company they will have stockholders to answer to. I love how people want to tell us how much we should make, but God forbid we kick in their front door and told them that their clients would now dictate their salaries.

[JoshSantana-ug]

and like with every class action law suit we the consumer end up paying for it one way or another.

[KristineFoltz]

minute 1:57 is an ABSOLUTE LIE. commissions have ALWAYS been negoitiable. You are the problem. 0 was always an option to put in BAC.

[jimarmstrong]

MLSPIN is not a NAR affiliated MLS. It is an independently run MLS.

[bking]

You are clearly not well educated on this subject.

[robsanchez]

The bigger problem is that realtors control the buyers and avoid to show the buyers 'for sale by owner' (FSBO) homes. With the MLS people find their own homes, Realtors are obsolete except for opening the door, they should be replaced with a flat fee attorney and a title company it happened to me MANY times, even when offering a full 5% to buyers brokers = no showings.