Commission rebate companies
NYC listing agents, broker commission rebates in NYC are 100 hands-down legal.
These important pages are often buried within the not-so-important.
My office worked together with the New York Department of State, the New York State Association of Realtors, and others in the industry to initiate the clarifying legislation.
But until recently, some people in the industry may have read Section 442 to suggest that enterprise car rental discount codes november 2014 this type of rebating was not permitted in New York.This is because sellers typically agree to pay the same 6 in real estate commissions even if no buyers agent is involved in the deal.Due to this payment structure, often the best way for a buyers broker to compete on price is to offer to rebate part of his or her commission to the buyer.The Department of Justices article has a great diagram (below) showing how the savings can australian giveaways break down based on a hypothetical 300,000 priced home purchase with a 1 buyer rebate.And sometimes its 2, or even less.
So the seller is paying 7,500 to someone who has nothing really to do with the sale of his house.
Maybe the buyers and sellers are hopelessly a few hundred dollars apart on the purchase price or the buyers and sellers can't agree on an inspection issue.
As if it werent sufficient just to change the law itself, New Yorks Attorney General Eric Schneiderman issued an open letter to New Yorks real estate community specifically encouraging them to offer NYC broker commission rebates.
The firms offering rebates range from venture capital-backed national startups like zip realty, to small local firms like ours, Realty Advocates.
If you as the buyer are unrepresented and have no buyers agent, the seller pays the entire 6 commission to the listing agent.
FAQ About New Jerseys Buyers Rebate Program 1) Who qualifies for a home rebate?
This skill is not easily obtained and can takes years, and literally dozens of transactions, to fully grasp.On that Web page the DOJ lists some quite comical comments from Kentucky real estate brokers who were surveyed by the Kentucky Real Estate Commission as part of an effort to explore lifting their own ban on the practice (apparently they did lift.Top agents can bring invaluable market knowledge and negotiating skills to ensure that you never overpay for a home.Source: Open letter from Attorney Eric Schneiderman to the New York real estate broker industry, dated April 20th, 2015 The second reason why a NYC home buyer requesting a broker commission rebate wont be discriminated against is because the listing agent doesnt need to know.Part II, despite the fact that more and more buyers are using the Internet to find a home, they still need an agent to represent them.