NAR realtors get b!tch slapped

[mkd]

https://finance.yahoo.com/news/realtors-must-pay-home-sellers-015435401.html

The National Association of Realtors and several real estate companies were ordered to pay $1.8 billion in damages after a federal jury in Missouri on Tuesday ruled that they conspired to artificially inflate brokerage commissions.

[Leehound]

This is exactly why I recently sold my house FSBO (For Sale By Owner). To sell my House it cost me about $250 at closing. Realtors get way too much for what they do.

[mkd]

in 1975 with no internet they HAD their place.
 Some states require lawyers to get involved, but not sure how their fee is based. Hopefully not 6% for basically nothing.

[CNCAppsJames]

I would have loved to do FSBO but I did not have the time or bandwidth to do the work. I don't have a normal 9-5 job. I support multiple time-zones and my work would have suffered more than it already did during that time. My customers did not get my best during the last week or two of April and 1st week of May this year. I was already distracted with the sale of the house and all the stuff than comes up.

Did I feel the cost to sell my $1,015,000 was a lot? Yes. However we did have a long time family friend do it so we only paid 2% ($20,300). I would love to have that $20k back especially since it cost me $38,000 to move.

[RobertELee]

One issue with FSBO is realtors will typically not even give them a look. The number of buyers available to a FSBO is significantly lower than a realtor sold home. There is a FSBO near me that has been vacant for over 2 years, when nearby homes barely get listed before they are sold. And they go for over $750k.

[mkd]

One issue with FSBO is realtors will typically not even give them a look. The number of buyers available to a FSBO is significantly lower than a realtor sold home. There is a FSBO near me that has been vacant for over 2 years, when nearby homes barely get listed before they are sold. And they go for over $750k.

Yeah industry wide collusion/ monopoly will do that.

[RobertELee]

Yeah industry wide collusion/ monopoly will do that.

Estimated closing costs of my home if we decided to sell right now....

[Jeff]

Estimated closing costs of my home if we decided to sell right now....

What is "selling concessions"?  Just another made-up fee to get more money?

[RobertELee]

What is "selling concessions"?  Just another made-up fee to get more money?

Looking into it, it's basically the buyer asking the seller to fix this or that or take xxx money off for the buyer to fix it. So that's something that may or may not be included.