The National Settlement of the National Association of Realtors and the Department of Justice has hit a snag in its’ implementation in California. Over the last few weeks, NAR has been meeting with the DOJ to implement the National Real Estate Settlement beginning August 17th and the talks have been tense at times according to media reporting.
Kevin Spears, the current President of NAR, went public this last week over what he believes are the 3 things the DOJ wants to make clear.
- 1st – All Forms must put Consumers’ interests first
- 2nd – Don’t Try Anything Fishy. (NAR has been accused of a workaround regarding commissions and who pays the fees but the DOJ was overridden by the court).
- 3rd – The DOJ is not finished or done. This is apparent by the recent order to the California Association of Realtors that the DOJ was conducting a formal inquiry into the new listing forms that CAR was preparing to launch. For the moment it doesn’t look like California is going to make that August 17th date.
- If CAR doesn’t make the August 17th date then what? Is it business as usual until the inquiry plays out.
Are you still with me? So much uncertainty has caused so many of my clients to ask me what’s going to happen. Here is what I do know. No matter what the devil you know is always better than the devil you don’t. As you have heard from me many times, if you can buy a house you should buy a house. Period. No back and forth and gambling on what is going to happen soon. Unless you, as a buyer can pay the fees of the buyers’ agents then maybe this moment of uncertainty gives you a little longer to become homeowners’. Just my Opinion!