As homebuyers and sellers wait for a billion-dollar verdict to be handed down, they face an uncertain wait for the implications to hit their wallets. The verdict, which could come as early as next week, will determine whether the real estate industry’s practices of real estate flipping and double-ending of house sales constitute fraud and breach of contract.
If the review board finds in favor of the plaintiffs, as a result of the lawsuit, then buyers could see more transparency in the way home sales are conducted going forward. This could potentially make the process easier and safer for buyers. The flip-side could be that sellers have to pay more for services and potentially their prices for homes could drop.
On the other hand, if the review board rules against the plaintiffs, it could mean more of the same: higher fees for homebuyers, greater uncertainty about prices, and sellers continuing to benefit from a system where they can manipulate the market and make a greater profit.
Homebuyers and sellers are bracing for the verdict and re-evaluating their options. For buyers, this could mean getting pre-approved for a home loan or researching homes in an area before actually making the purchase. For sellers, this verdict could be an opportunity to increase their market knowledge or even to liquidate their home if needed. No matter the verdict, everyone is helping but keeping an eye on the final decision.
