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Estate News
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.
Covenant condition restriction is an agreement, usually included in the deed to a property
This tool acts as restricting the manner in which the property can be used. For example, a deed for a residential property may contain a covenant that the owner won’t permit “noxious uses” on the property, or any of a lengthy list of particular offenses such as stables, factories and so forth.
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Definition:
A policy that protects lenders against some or most of the losses that can occur when a borrower defaults on a mortgage loan; mortgage insurance is required primarily for borrowers with a down payment of less than 20% of the home's purchase price.
Down payment
Definition:
The portion of a home's purchase price that is paid in cash and is not part of the mortgage loan.
Default
Definition:
The inability to pay monthly mortgage payments in a timely manner or to otherwise meet the mortgage terms.
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