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New CFA Analysis of Real Estate Cartel Explains How It Can Set Prices
WASHINGTON - June 19 - This morning, the Consumer Federation of America (CFA) released a report showing how many traditional real estate brokers, and their associations, successfully stifle competition, what reforms are needed to protect home buyers and sellers, and how these consumers can protect themselves. “Many traditional real estate brokerage firms, and their organizations, function as a cartel that tries to set prices and restrict service options,” said Stephen Brobeck, CFA’s Executive Director. “But consumers can take steps to lower 6-7% commissions without jeopardizing the sale or purchase of a home,” he added.
According to the report, the desire of traditional brokers to maintain 6-7% commissions and the opportunity for a “double-dip” – one broker collecting the entire commission – lies behind almost all of their anti-competitive actions. In nearly all areas of the country, traditional brokers have tried to charge commissions of either 6% or 7%, although many sellers of higherpriced homes have been able to negotiate reductions of one percentage point or even more.
“The preoccupation of many traditional brokers with maintaining their compensation largely explains not only their opposition to discount and fee-only brokers but also their defense of seller-paid commissions, advocacy of anti-rebate and minimum service laws, and efforts to maintain control of multiple listing services,” said Brobeck. The report is based on information from dozens of real estate professionals and from hundreds of articles in journals, real estate publications, and the general press.
A Rehabilitation mortgage is a mortgage that covers the costs of repairing or improving
Rehabilitation mortgage is a mortgage that covers the costs of rehabilitating (repairing or Improving) a property; some rehabilitation mortgages - like the FHA's 203(k) - allow a borrower to roll the costs of rehabilitation and home purchase into one mortgage loan.
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Definition:
Insurance that protects homeowners against losses from a flood; if a home is located in a flood plain, the lender will require flood insurance before approving a loan.
Fair market value
Definition:
The hypothetical price that a willing buyer and seller will agree upon when they are acting freely, carefully, and with complete knowledge of the situation.
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Ashland
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Berea
Bowling Green
Campbellsville
Corbin
Covington
Danville
Elizabethtown
Erlanger
Florence
Frankfort
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Georgetown
Glasgow
Henderson
Hopkinsville
Latonia
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Murray
Newport
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Owensboro
Paducah
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Radcliff
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Shelbyville
Shepherdsville
Versailles
Winchester
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general information related to real estate issues commonly encountered.
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