History[edit] In 1999, Damon Giglio founded ForSaleByOwner.com in New York. Within five years, it became the country’s biggest commission-free real-estate bazaar. Between 1999 and 2010, ForSaleByOwner.com saved home sellers more than one billion dollars in brokers' commissions. In 2010 alone, ForSaleByOwner.com facilitated sales of $1.8 billion worth of residential real estate. Based on 6% commission fee structure, the saving translated into at least $72 million.[1] In early 2000, California enacted laws that required websites that advertised properties for sale to obtain a broker’s license. In 2003, ForSaleByOwner.com challenged the California’s State Real Estate Licensing Laws in court as a violation of the First Amendment. On behalf of ForSaleByOwner.com, lead counsel Steve Simpson, from the non-profit "public interest" law firm the Institute for Justice, filed a federal lawsuit in Sacramento. In the lawsuit, For SaleByOwner.com v. Zinneman,[2] Steve Simpson challenged the state of California, stating the requirement for Internet advertising companies to be licensed real estate brokers violated the 1st Amendment. The Institute feels their client ForSaleByOwner.com "simply provides an advertising platform and information to homeowners for a flat fee, empowering individuals to sell and purchase homes on their own". As newspapers showed classified ads to advertise homes without being licensed by the state, ForSaleByOwner.com should not be required to obtain a broker's license to show homes online.[3] Finding the licensing requirement “wholly arbitrary”, the Federal District Court granted summary judgment in favor of the ForSaleByOwner.com.[4] ForSaleByOwner.com was acquired in 2006 by the Chicago Tribune and is based in Chicago.[5]

References[edit] ^ Abelson, Max (25 December 25, 2005). "Midtown: The New Village". New York Observer. Retrieved 6 July 2005.  Check date values in: |date= (help) ^ Soell, Andrew. "ForSaleByOwner.com v. Zinneman". Institute for Justice.  ^ Evans, Blanche (26 May 2003). "Should Forsalebyowner.com Be Broker-licensed To Advertise FSBOs?". Reality Times.  ^ FTC (28 November 2005). "Competition and Real Estate Workshop Comment, Project No. V050015" (PDF). FTC.  ^ Weitman, Gary (26 May 2006). "Tribune Interactive Acquires ForSaleByOwner.com". Tribune Company.  v t e Tronc, Inc. The Baltimore Sun Media Group The Baltimore Sun The Aegis The Capital Carroll County Times Catonsville Times Maryland Gazette Baltimore City Paper Chicago Tribune Media Group Chicago Tribune The Beacon-News Chicago ChicagoNow The Courier-News Daily Southtown Forsalebyowner.com Hoy Lake County News-Sun Metromix Naperville Naperville Sun Pioneer Press Post-Tribune RedEye Daily Press Media Group Daily Press Tidewater Review The Virginia Gazette Hartford Courant Media Hartford Courant CTNow Hartford ReminderNews Morning Call Media Group The Morning Call Orlando Sentinel Media Group Orlando Sentinel El Sentinel Sun-Sentinel Media Group Sun-Sentinel Forum Publishing Group Florida Jewish Journal El Sentinel del Sur de la Florida Spanfeller Media Group The Daily Meal The Active Times Other assets New York Daily News Retrieved from "https://en.wikipedia.org/w/index.php?title=Forsalebyowner.com&oldid=743336540" Categories: Real estate websitesInternet companies of the United StatesTronc, Inc.Companies based in ChicagoInternet properties established in 19991999 establishments in IllinoisHidden categories: CS1 errors: datesArticles created via the Article Wizard

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