Columbia SC: The SHOCKING Truth Behind The Real Estate Lawsuit Revealed!! 😱

Columbia, SC: The Shocking Truth Behind The Real Estate Lawsuit Revealed!! Are you a home buyer considering moving to South Carolina? The real estate industry and opinions about the National Association of Realtors (NAR) lawsuit have changed severely. It means increased costs; for others, it's a welcomed change. And yet, a significant number still need to be made aware, or worse, misinformed. In today's video, we'll dig deep into the truth behind real estate lawsuits to help you decide before buying or selling a home.

Here are the key takeaways about the truth behind the Real Estate Lawsuit:
1. Where It All Began - In 2019, the DOJ agreed with the National Association of Realtors (NAR) to increase transparency in the real estate industry, particularly around commission disclosures.
2. Real Estate Lawsuit - A consumer lawsuit turned class action challenged the transparency of commissions and alleged conspiracy to keep them high. The lawsuit led to a settlement with NAR and some brokerages.
3. Settlement Terms - The settlement required that MLSs no longer display commission amounts and that agreements must be signed before viewing a property.
4. Buyer Agency Agreement - In states like South Carolina, buyer agency agreements were already required. The agreement now needs to include commission details, which cannot be determined based on specific properties.
5. Impact on Buyers and Sellers - Buyers must agree on commission terms with their agents upfront, and agents cannot steer clients based on commission offers. This change may lead to more sellers paying commissions or negotiating them directly.
6. DOJ Reopening Case - The new DOJ administration reopened the case, challenging the previous settlement to eliminate seller-paid commissions for buyer agents.
7. Potential Future Changes - The DOJ's long-term goal might lead to the elimination of buyer broker compensation, making commission negotiations part of the offer process rather than preset amounts.
8. Concessions in Offers - Sellers and buyers may start negotiating concessions directly, which could influence commission payouts. It could lead to more complex negotiations but provides flexibility.
9. Transparency Debate - The debate raises questions about whether the new rules have increased transparency or made the process more complicated for buyers and sellers.
10. Implications for Home Buyers - First-time buyers or those using government assistance might face challenges in affording commissions, which were previously handled by sellers. This could potentially make home ownership less accessible.

While the future remains uncertain, one thing is clear: the real estate industry as we knew it is gone. In its place is a more transparent, albeit more complex, system where buyers and sellers must tread carefully.

Watch the FULL video to learn more! If you have questions about the Real Estate Lawsuit, what it's like living in the Midlands of South Carolina, particularly in areas like Lexington, Columbia, and Lake Murray, or if you are interested in exploring the real estate market, don't hesitate to contact me! Like this content? Hit the LIKE and SUBSCRIBE buttons for more!

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This channel is all about living in Columbia, South Carolina, and living in the Columbia, South Carolina suburbs or for those moving to Columbia, South Carolina. We cover Lexington, Lake Murray, Irmo, Chapin, Ballentine, Red Bank, Gilbert, Batesburg Leesville, Northeast Columbia, Elgin, Blythewood, Hopkins Camden, Prosperity, and more!

The Brandon Garon Team with Jeff Cook Real Estate | Brokered by LPT Realty
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