Industry News

Online for-sale-by-owner company wins ruling

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A mortgage company that operates a for-sale-by-owner Web site doesn't need a real estate brokerage license, the New Hampshire Bank Department commissioner has ruled. The New Hampshire Association of Realtors in August filed a complaint against ISoldMyHouse.com, which offers Internet advertising of for-sale homes for a minimum fee of $95. An estimated 300-400 homes are sold each week through the site, "with no real estate broker involved," according to information at the company's Web site. ISoldMyHouse.com is operated by 1-800-East-West Mortgage Company, Inc., which is a subsidiary of a state-chartered bank in Massachusetts. Though the Realtors association filed the complaint with the New Hampshire Real Estate Commission, East-West challenged the commission's jurisdiction and the state's Banking Commissioner found that the content of the complaint "is expressly subject to the banking department's examination" and that the department has "full jurisdiction over East-West's alleged con...