Corcoran told Yahoo! Finance she doesn’t believe the effects of the settlement will be as earth-shattering as many make them out to be, but that “the confusion it’s causing is amazing.”
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Barbara Corcoran can always be counted on to tell it like it is.
The founder of The Corcoran Group and star of ABC’s Shark Tank told Yahoo! Finance on Wednesday that although she believes the National Association of Realtors’ recent $418 million settlement of commission lawsuits will cause less disruption in the industry than may be expected, it has resulted in “total confusion” across industry professionals and consumers alike.
Barbara Corcoran | Taylor Hill / Getty Images
“Brokers are confused, buyers and sellers are confused, I even think the people who made the amendments are confused,” Corcoran said.
The ex-broker went on to explain that the settlement meant buyers who want representation in a transaction would now have to complete a buyer broker agreement with their agent that lays out how much the agent will charge for their services. She added that the change from the commission, by default, being added to seller fees was likely to ruffle the feathers of experienced buyers.
“Buyers, I know, don’t like to pay for things out of their own pocket,” Corcoran said.
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But because there is incentive for sellers to attract buyers, Corcoran added that she believes sellers will try to “make good” with buyers by covering things like closing costs, in order to “even the score out.”
“So I don’t think the ruling is a big deal, honestly,”…