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[quote=Anonymous][quote=Anonymous][quote=Anonymous]If this settlement goes through it is a big deal and will upend the whole real estate industry. Winner in the end will be Zillow, CoStar/homes.com and other listing portals.

Buyers will be alone and at the mercy of listing agents working for sellers again. We will have lawsuits and more regulation, making it more expensive for everyone to transact real estate. For example, there will likely be the need for [u][b]“transfer insurance”[/b][/u] purchased by the seller to protect themselves against lawsuits from unrepresented buyers (as is the case in many countries abroad.)

[b]Regardless, short term the pain will be felt by Realtors and brokerages. The high interest rates, low volume of transactions and a loss of 50pct of the commission pot, will make more than half the real estate agents leave the industry and let their licenses expire.[/b] Buyer agency is dead - nobody but some of the well off will want to pay enough to make it worth it for the agent. The ones that need the buyer agent the most will be the ones least able to afford one.

Agents on this board are understandably frustrated - their current careers are likely over. Hopefully the economy doesn’t go into full recession as well.

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Thanks for this tidbit. Listing soon.[/quote]

You know, it is not hard to buy a house without a buyer's agent? We did this more than 10 years ago (before this new policy) and it was easy, and the seller's agent accepted a lower price because she did not have to pay the buyer's agent. Worked out for all parties. [/quote]

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