Real estate tech giant Anywhere Real Estate recently reached an $83.5 million settlement to resolve a nationwide scandal involving alleged violations of buyer representation agreements by the company. The settlement stipulates major changes in the company’s practices in order to prevent its company-owned brokerages and affiliated agents from falsely claiming that a buyer’s services are free.
The settlement includes a strict “No Fee Guarantee”, which requires Anywhere Real Estate to offer buyer representation services for free and explicitly prohibit its brokers and affiliates from misusing buyers’ commission funds. Agents and brokers enrolled in the company’s network must comply with this new standard before partnering with the company or its affiliates.
The most important elements of the text include:
• $83.5 million settlement of the buyer commission lawsuits resolves nationwide scandal
• “No Fee Guarantee” in settlement requires buyer representation services are free
• Prohibits company-owned brokerages and affiliates from claiming buyer agents services are free
• Agents and brokers enrolled in the company’s network must comply with new standard prior to partnering
You can read this full article at: https://www.housingwire.com/articles/proposed-anywhere-settlement-no-nar-buyer-commission-rule-no-nar-membership-needed/(subscription required)
Note Servicing Center provides professional, fully compliant loan servicing for private mortgage investors so they can avoid the aggravation of servicing their own loans and just relax and get paid. Contact us today for more information.
