The National Association of Realtors has agreed to a landmark settlement that would eliminate real estate brokers' longstanding automatic commissions, commonly…
Consumer advocates say the National Association of Realtors' legal agreement, if approved, could save buyers and sellers thousands of dollars and lead many buyers to forgo agents entirelyhas agreed to a landmark settlement that would eliminate real estate brokers' longstanding automatic commissions, commonly of up to 6% of the purchase price.would be able to negotiate fees with their agents up front.
"It has always been our goal to preserve consumer choice and protect our members to the greatest extent possible. This settlement achieves both of those goals,” Wright said in the statement. "It's a bribe," Doug Miller, an attorney and longtime consumer advocate in the real estate industry, said of the commission-splitting arrangements."You're paying someone to negotiate against you. There's no good reason for sellers to pay buyer-brokers."
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