Omaha realtor says lawsuit settlement will complicate industry – WOWT

OMAHA, Neb. (WOWT) – The National Association of Realtors agreed to pay $418 million to home sellers across the country.
The lawsuit states that agents representing home buyers didn’t get a shot at homes that offered a lower commission to the buyer’s agent. But a real estate agent in Omaha says there’s much more to the lawsuit.
“It makes an already very complex transition significantly more complex,” said Lisa Ritter, owner of Re/Max Results.
Ritter has been in the real estate business for more than two decades, and she says homes for sale go to a multiple listing service and both the seller and the buyer know the amount of commission that’s at stake.
But if the lawsuit sticks, that will change.
“If the lawsuit stands, everything is negotiable,” Ritter said. “It’s always been negotiable, the difference is that now, a buyer will have to sign a contract committing a certain amount of money before they’ve even decided on a specific house and they don’t know whether or not that seller will be willing to pay the fee anymore.”
Ritter believes if the lawsuit ruling remains, it could make things even more difficult for first-time home buyers.
“One of the speculations is that many first-time home buyers are going to be left in the cold with potentially no representation,” Ritter said. “Or, the speculation may be that the less experienced realtors may be willing to work for significantly less money. What will now happen is that buyers, when they agree tow ork with an agent, they’ll have to sign a contract with an agent. That has not been common practice in the state of Nebraska.”
Ritter told 6 News there’s a possibility that the lawsuit doesn’t help as much as some believe it will.
“They were saying it was good for the seller and buyer because now, they’re able to negotiate,” Ritter said. “But from my perspective, that’s ocmpletly false. They were always able to negotiate. Now, buyers are committed to an exact pricing structure.”
The multi-million dollar settlement first has to be approved in court.
Copyright 2024 WOWT. All rights reserved.

source