FILE – A for sale sign is posted in front of a home in Sacramento, Calif., Thursday, March 3, 2022. HomeServices of America, a real estate company owned by Warren Buffett’s Berkshire Hathaway, has agreed to pay $250 million to settle lawsuits nationwide claiming that longstanding practices by real estate brokerages forced U.S. homeowners to pay artificially inflated broker commissions when they sold their homes.
“While we have always been confident in the legality and ethics of our business practices, the decision to settle was driven by a desire to eliminate the uncertainty brought by the protracted appellate and litigation process,” the company said in a statement. Including HomeServices’ proposed payout, the real estate industry has now agreed to pay more than $943 million to make the lawsuits go away.
Attorneys representing home sellers in multiple states argued that homeowners who listed a property for sale on real estate industry databases were required to include a compensation offer for an agent representing a buyer. And that not including such “cooperative compensation” offers might lead a buyer’s agent to steer their client away from any seller’s listing that didn’t include such an offer.
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