Mary Cummins, Real Estate Appraiser, Animal Advocates, Los Angeles, California

Mary Cummins, Real Estate Appraiser, Animal Advocates, Los Angeles, California
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Showing posts with label seller. Show all posts
Showing posts with label seller. Show all posts

Wednesday, March 20, 2024

NAR Sitzer-Burnett Settlement FAQ, National Association of Realtors, by Mary Cummins real estate appraiser

nar,national association of realtors,mary cummins, real estate appraiser, real estate appraisal, los angeles, california, realtor, settlement, commission, buyer,seller
nar,national association of realtors,mary cummins, real estate appraiser, real estate appraisal, los angeles, california, realtor, settlement, commission, buyer,seller

Notice I just received from NAR on the National Association of Realtors Sitzer-Burnett settlement. Key points: It takes effect mid July 2024. Sellers can't offer buyer commission in MLS offerings. They can still offer buyer concessions in MLS but buyer commissions must be negotiated off MLS. Put it in the contract. Buyers must have agreements with buyer agents before showing properties.

My comment. Don't expect total price or total commission amount to go down. They've always been negotiable. Sellers can pay a one time fee of $500 just for an agent to list the home in MLS. They can pay to stage a home, professional photos, sign, flyers, CMA, BPO... separately. Or they can pay a commission which was generally 5-6% of home sales price split 50/50 buyer/seller agents. With full commission sellers agents show the home, do open houses, speak with buyers, present offers, take photos, make flyers... and help negotiate the best price and terms. If the listing expires, agent eats their invested costs. Most sellers paid 5% offering 2.5% to buyer's agent. There may be some buyers agents who will write, present, negotiate an offer, order escrow, check documents, help with inspections...for a fee but most want 2.5%. The seller will be keeping price the same. They won't be getting an extra 2.5-3% to keep. It will end up on the buyer side in one way or another as a cost. Buyers most likely won't be paying the buyer's agent commission along with down payment. That would be stupid and expensive as it's already incorporated into the price. Buyers will just add it to the offer, contract, escrow in price then loan funds it. We'll see how this shakes out after a year but I think it's just an MLS technicality for now.

#NAR #NARsettlement #marycummins #realestateappraiser #realestatecommission #realestate #commission https://forms.themls.com/forms/NAR-Settlement-FAQ.pdf

"NAR Settlement FAQ
Understanding Broker Commission Changes 

Q1: What is the NAR agreement regarding home seller class action lawsuits? A1: The NAR has reached a proposed settlement agreement to resolve litigation related to claims brought on behalf of home sellers regarding broker commissions. This agreement aims to end disputes against NAR, over one million NAR members, state and local REALTOR® associations, association-owned Multiple Listing Services (MLSs), and certain qualifying brokerages. 

Q2: What prompted the need for this agreement? A2: The Sitzer-Burnett verdict and subsequent similar cases raised concerns about real estate practices and consumer compensation in the industry. NAR has been working to address these concerns and provide a resolution for its members and the broader industry. 

Q3: What are the main goals of this proposed settlement? A3: The settlement aims to secure a release of liability for as many NAR members, associations, and MLSs as possible, and to maintain consumer choice regarding real estate services and compensation. 

Q4: What are the significant changes proposed by this settlement? A4: In the proposed settlement, NAR agreed to put in place several practice changes, including: ● Prohibiting offers of compensation on the MLS. Offers of compensation could continue to be an option consumers can pursue off-MLS through negotiation and consultation with real estate professionals. This rule will not prevent sellers from offering buyer concessions on an MLS (for example – concessions for buyer closing costs). ● Additionally, NAR has agreed to require MLS participants working with buyers to enter into written representation agreements with their buyers before touring a home. 

Q5: What is the timeline for implementing these changes? A5: The new rules regarding offers of compensation and written agreements are set to go into effect in mid-July 2024. 

Q6: What are the next steps in the settlement process? A6: The settlement is subject to court approval, which is expected to take several months or more. Interested parties may raise objections during this process. NAR will provide updates as the settlement process unfolds. 

Q7: How does NAR justify settling these claims? A7: While NAR continues to deny any wrongdoing, settling the lawsuits aims to provide closure for over one million NAR members and other parties involved. Exploring other legal options like appeals or reorganization could have prolonged uncertainty for members and consumers. 

Q8: What is the MLS's role in the real estate market moving forward? A8: Despite these changes, the MLS will remain a vital resource, providing accurate and timely information for professionals and consumers alike. It will continue to serve as the foundation upon which housing decisions are made, offering clarity and insight into the market. 

Q9: What is the outlook for the MLS and its members amidst these changes? A9: While NAR’s announcement marks the beginning of a period of change, we are prepared to respond and adapt. The MLS will remain a cornerstone of the real estate market, facilitating transactions and ensuring its continued functionality. The MLS will uphold its mission to make the real estate market work. It will continue to provide essential information and support transactions, fostering transparency and competitiveness in the housing market. 

Additional Resources: See NAR’s full announcement March 15, 2024 NAR Provides FAQs and Resources Regarding Settlement March 19, 2024


Mary Cummins of Cummins Real Estate is a certified residential licensed appraiser in Los Angeles, California. Mary Cummins is licensed by the California Bureau of Real Estate appraisers and has over 35 years of experience.


Mary Cummins, Mary K. Cummins, Mary Katherine Cummins, Mary, Cummins, #marycummins #animaladvocates #losangeles #california #wildlife #wildliferehabilitation #wildliferehabilitator #realestate #realestateappraiser #realestateappraisal #lawsuit real estate, appraiser, appraisal, instructor, teacher, Los Angeles, Santa Monica, Beverly Hills, Pasadena, Brentwood, Bel Air, California, licensed, permitted, certified, single family, condo, condominium, pud, hud, fannie mae, freddie mac, fha, uspap, certified, residential, certified resident, apartment building, multi-family, commercial, industrial, expert witness, civil, criminal, orea, dre, brea insurance, bonded, experienced, bilingual, spanish, english, form, 1004, 2055, 1073, land, raw, acreage, vacant, insurance, cost, income approach, market analysis, comparative, theory, appraisal theory, cost approach, sales, matched pairs, plot, plat, map, diagram, photo, photographs, photography, rear, front, street, subject, comparable, sold, listed, active, pending, expired, cancelled, listing, mls, multiple listing service, claw, themls, historical appraisal, facebook, linkedin

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Friday, February 16, 2024

The End of Buyer's Broker's Real Estate Commissions in Multiple Listing Services? by Mary Cummins Real Estate Appraiser


The 2020 Nosalek lawsuit filed in U.S. District Court in Boston alleged that MLS PIN, Keller Williams, RE/MAX, Anywhere, and HomeServices of America colluded to inflate real estate agent commissions. The suit claimed that the defendants agreed to rule changes including allowing compensation offers of $0 to buyer agents and proactively informing consumers that commissions are negotiable. 

The Department of Justice is examining whether the commissions system violates antitrust law. Today the DOJ stated sellers shouldn't offer any commission to buyer's brokers in the MLS. This will allegedly bring down the price of real estate commissions.

I personally feel buyer's agents will just include a 2.5% commission in the offers. It will be paid by proceeds of sale. Buyer, seller still paying a commission fee one way or another. Homes will be listed for the same prices. Commissions have always been negotiable. Appraisers have to read sales contracts for purchase appraisals. We see the negotiations all the time. I doubt things will change much unless flat fee buyers agents start popping up like flat fee selling agents who only list the property on the MLS. 

#realestatecommission #marycummins #realestateappraiser #realestatesales #realestateappraisal #realestate 

https://www.reuters.com/legal/government/justice-department-says-settlement-too-lax-real-estate-commission-case-2024-02-16/


Mary Cummins of Cummins Real Estate is a certified residential licensed appraiser in Los Angeles, California. Mary Cummins is licensed by the California Bureau of Real Estate appraisers and has over 35 years of experience.


Mary Cummins, Mary K. Cummins, Mary Katherine Cummins, Mary, Cummins, #marycummins #animaladvocates #losangeles #california #wildlife #wildliferehabilitation #wildliferehabilitator #realestate #realestateappraiser #realestateappraisal #lawsuit real estate, appraiser, appraisal, instructor, teacher, Los Angeles, Santa Monica, Beverly Hills, Pasadena, Brentwood, Bel Air, California, licensed, permitted, certified, single family, condo, condominium, pud, hud, fannie mae, freddie mac, fha, uspap, certified, residential, certified resident, apartment building, multi-family, commercial, industrial, expert witness, civil, criminal, orea, dre, brea insurance, bonded, experienced, bilingual, spanish, english, form, 1004, 2055, 1073, land, raw, acreage, vacant, insurance, cost, income approach, market analysis, comparative, theory, appraisal theory, cost approach, sales, matched pairs, plot, plat, map, diagram, photo, photographs, photography, rear, front, street, subject, comparable, sold, listed, active, pending, expired, cancelled, listing, mls, multiple listing service, claw, themls, historical appraisal, facebook, linkedin

DISCLAIMER: https://mary--cummins.blogspot.com/p/disclaimer-privacy-policy-for-blogs-by.html

Thursday, June 13, 2019

Donald Trump sells his home in Beverly Hills at 809 N Canon Dr, 90210 for $13,500,000

Donald Trump Beverly Hills home house 809 N Canon Drive, California 90210, Beverly Hills Hotel, Mary Cummins, real estate appraiser, appraisal
Donald Trump sold his home at 809 N. Canon Drive, Beverly Hills, California 90210 for $13,500,000. Seller was 809 N Canon LLC,  Trump Tower, 725 5TH AVE #  26THFL, NEW YORK NY 10022, and buyer was Hillcrest Asia Ltd. The home was built in 1927. It is 5,395 sf on a 29,295 lot. It's located on an acute corner with three major streets surrounding it. It has 5 bedrooms, 6 baths and a pool.

Donald Trump bought the property in 2007 for $7,000,000 at the peak of the market six months before the great recession began. Trump appeared to have owned it with no loan. The current owner paid all cash.

I ran some comps +/- 15% GLA, within six months of date of sale properties between Carmelita and Sunset, and Bedford and Alpine. Value $9.5-$10M tops. The location is bad because it's at the intersection of Sunset Blvd and Beverly and Canon. It's a corner lot with a tight angle. Lack of privacy, security and noise, light pollution from Sunset Blvd. You also can't build on most of the lot because of the irregular shape and setbacks.

The previous owner was Thomas C Bowles a real estate investor who died in 1985. His wife Mary Bowles survived then died in March 2006. The trust sold the home to Trump. The home had been in the family since at least the 1960's.

Mary Cummins of Animal Advocates is a wildlife rehabilitator licensed by the
Mary Cummins of Animal Advocates is a wildlife rehabilitator licensed by the California Department of Fish and Game and the USDA. Mary Cummins is also a licensed real estate appraiser in Los Angeles, California.


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