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Northeast Ohio company specializing in renovating distressed properties is suing the National Association of Realtors (NAR) over commission fees. Abandoned Homes Project Scattered Site I and II LLC filed a lawsuit on December 9 in U.S. District Court for the Northern District of Ohio, alleging antitrust violations and anticompetitive conduct.
The company claims that NAR's restrictive requirements have inflated transaction costs, harming renovators in the distressed property market. As a result, Abandoned Homes Project says it has suffered significant economic harm, estimated at $75,000 over a five-year period ending August 17.
The plaintiff opted out of NAR's $418 million settlement to pursue its own litigation. The company alleges that NAR's policies have undermined its operational budgets and impacted its ability to contribute to community revitalization efforts.
In other real estate news, Atlanta Communities has reached a settlement with plaintiffs in the Hooper case, but details are not yet available. A preliminary approval filing is expected soon. This settlement comes after several other brokerage firms, including eXp and Weichert Real Estate, reached agreements with the Hooper plaintiffs.
Additionally, a group of objectors from South Carolina has filed an appeal challenging NAR's $418 million settlement in the Sitzer/Burnett case. This is now the fifth appeal to be heard by the U.S. Court of Appeals Eighth Circuit for this case.
