Search results for: “NAR”
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Legal Update: NAR’s Ready to Settle Its Lawsuit. Here’s What Home Sellers and Buyers Stand to Gain.
Sellers could soon be spending less to sell their homes. This month, after previously vowing to fight, the National Association of REALTORS® (NAR) gave in and made a major change, in order to release itself from lawsuits. NAR and several brokerages were claimed to have colluded to keep agent commissions high. But soon, if a…
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Now They Want a New Trial. Could NAR Ever Drop Its “Clear Cooperation” Policy?
There’s a rule most people follow in the residential real estate world. You’re likely familiar with it. The seller covers the agent fees for both sides of the deal. The seller’s and the buyer’s agents typically split 5% or 6% between the two. Of course, the home buyer ultimately pays for it all — as…
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REALTORS® Reel From Burnett v. NAR Verdict
Bombshell Verdict Promises to Transform Home Sale Deals At the end of October, a federal jury in Kansas City found some of the largest U.S. real estate players liable for inflating agent commissions. The National Association of REALTORS® (NAR) and several large brokerages colluded to set commissions, the jury found. The verdict in the Sitzer/Burnett…
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And the Winner Is… NAR’s AI Contest “Homes In” on Phone Call Tech
The National Association of Realtors® (NAR) is on the hunt for “the next big thing in real estate tech,” says Bob Goldberg, the group’s CEO. Last month, in our update on artificial intelligence for home searches, we saw NAR advertising a contest to showcase the best uses it could find for artificial intelligence in real…
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Volatility? Seasoning? NAR’s Advice on Working With Bitcoin Buyers
Bitcoin is volatile. It can change in value from one month (or day) to the next. To a mortgage lender, bitcoin is a non-cash asset. It must be sold before the deal can go through. In other words, holding digital currency is like holding a Patek Philippe gold watch. Or a retirement fund. The holder…
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The House of Representatives Said Yes to Remote Online Notaries. Senate Next, NAR Urges!
“NAR has strongly supported remote online notarization since 2018 and commends members of the House for passing the SECURE Notarization Act of 2023.” Kenny Parcell, president of the National Association of REALTORS® The integrity of notarized public records is crucial. Without it, deed transfers and other transactions could lose the public’s trust. So, people have…
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NAR’s 2023 Picks: Top Cities for First-Time Buyers
When will the real estate market be kind to first-time home buyers? Home prices are higher than ever, forming an increasingly exclusive real estate market. Mortgage rates, too, have shot up. Yet there are glimmers of hope in 2023. But where? For first-time buyers, the chances of breaking into the market depends a lot on where…
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Mortgage Companies Roll Out New Deals for Inflationary Times
As our readers know, the typical 30-year fixed mortgage rate is above 7% now — having surged several percentage points in just the past year. The tension is high for potential buyers looking for access to finance, and mortgage lenders are clearly concerned. The home loan giant Rocket Companies made $60 million in the second…
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Blockchain and Cryptocurrency: NAR Dives In
The National Association of REALTORS® is the largest U.S. real estate trade group. Now, it has a Cryptocurrency Presidential Advisory Group. The reason? To learn and think about crypto in real estate — now, and in the future. Leslie Rouda Smith, president of NAR, wrote in June: I’m excited to tell you that I’ve appointed…
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Extraterrestrial Real Estate: Is a Lunar Deed Legit?
If a company says it’s selling land on the moon, should we believe it? What about the planets? Is Martian land for sale? Is Venus available? Here’s the story so far.
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If You Inherit a House, Act. A Cautionary Tale About Putting Off Probate
Five years ago in Texas, John died, willing his house to a nephew, A.W. Today, A.W. wants to get ready to sell the house, and pay off some debt. Here’s the rub. The will never went through probate, and a different relative of John’s has been living in the home all this time. Who gets…
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You Have One Job: The Narrow Duty of a Trustee Under a Deed of Trust
In states using deeds of trust, a trustee is a third party who holds legal title to a property until the homebuyer or commercial developer pays off a loan associated with the parcel—or until the borrower defaults. When a state’s law allows for deeds of trust as instruments to hold legal title to a property: A lender financing the sale or development…
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New Jersey Enacts a Raft of Reforms Impacting Deed Holders
To take action on the racial wealth gap, New Jersey’s lieutenant governor Tahesha Way signed an update to the Real Estate Appraisal Act, explicitly meant to stop race-based bias from influencing appraisals. As our readers know, appraisals often occur when a home seller transfers a deed to a home buyer. A 2022 study from the…
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Moving to a Community Property State? Here’s What Couples Should Know
You might have heard that some states, like Texas or California, have community property laws. You might have wondered what that was all about. A few other states follow community property law, too. They are Arizona, Nevada, and New Mexico, along with Louisiana, Idaho, Washington, and Wisconsin. Considering moving to or from any of those…
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Who Wins With Rate Cuts? First-Time Home Buyers, or Wall Street Investors?
Hopeful home buyers have waited for the Feds to cut interest rates forever. Well, it feels like forever. In September 2024, Federal Reserve Chair Jerome Powell finally did it. It was the first time the Federal Reserve lowered banks’ interest rates since the stimulus days of 2020. Anticipating a better economy, mortgage rates are starting…
