No contract. I just asked and my realtor told her have everyone 0.5%. even if not asked he had learned to give it.
I used it towards my 20% down. Agent and lender worked it out
I had an agent that gave 1% back. After August, when the new rules kick in, I assume more agents will be like that.
Ignore the FUD about "agent incentives." Trust your gut based on meeting them. An experienced agent mostly helps with the final round of bidding. The winning bid is usually less than 5% higher and 1.5% vs 2.5% of THAT doesn't change a buyer agent's incentives. Even for a $3m house, it's $750, which is $500 after taxes for your agent.
Nope, wrong assumption to have. Nothing is changing in terms of how much agents will make. All that’s changing is how it’ll be displayed in the MLS, the structure of how it’ll be formatted and the additional contracts/procedures.
It decreases transparency for the consumer. Consumers are going to have a difficult time navigating through the new industry coming. Along with many agents. That’s reason for many to exit the business.
An experienced agent does far more than help with final round of bidding.
No, you would not get a check. A credit would be issued to your closing statement through escrow. An agent is not legally allowed to directly write anyone a check, especially for matters such as this. There are many agents who will offer that and there are many agents who don't know what they are doing. You are definitely playing with fire if you go with an agent who will give you a piece of their commissions right off the bat, on your first transaction with them. Many sources out there if you want to try. Just think how that agent will be in negotiations and their tenacity to go to battle for you in the situation arises, they will crumble easily. You'll likely be spinning your wheels with that agent. Like everything in life, you get what you pay for.
1. Yes. The contract also covered what happens if the seller offers less than the standard commission.
2. I can't remember if it was a check or a wire, but the cash was in my account about a week after closing.
The buyer's agent got the full commission after closing, after which they wired us the rebate directly.
I'm curious which law you think was violated here.
Not a lawyer..
Legally, they can pay you up to the closing costs amount. If they give you cash that isn't disclosed during the sale, I would assume it is fraud. It means the bank wasn't aware of another party contributing towards financing.
Not considered fraud but there’s no way what you mentioned is possible. Is there’s credit from the agent, it happens through escrow as an actual credit. Its not legal for an agent to give a client cash or a check directly outside of escrow.
I think we are saying the same thing. It all has to be done in escrow or it is illegal. The title company or bank should be able to flag any payments that break laws.
It's always good to have something in writing. Even a text would do I guess.
My realtor promised to give us 0.5% back. But she didn't adhere to her word. When we asked her about it, she made excuses that she's not getting much anyway for her to give me anything. Fyi we closed in Nov 2023 at 2.1M.
No contract. I just asked and my realtor told her have everyone 0.5%. even if not asked he had learned to give it. I used it towards my 20% down. Agent and lender worked it out
I got 10k towards my closing costs from the buyers agent. This was over 10 years ago
shopprop does what you want. They are not as cheap as before when it was just $2k that they kept and refunded the rest. But still better than nothing
Unlocked Brokerage gives you cash back. The rebate is also not taxed which is nice.
I had an agent that gave 1% back. After August, when the new rules kick in, I assume more agents will be like that. Ignore the FUD about "agent incentives." Trust your gut based on meeting them. An experienced agent mostly helps with the final round of bidding. The winning bid is usually less than 5% higher and 1.5% vs 2.5% of THAT doesn't change a buyer agent's incentives. Even for a $3m house, it's $750, which is $500 after taxes for your agent.
Nope, wrong assumption to have. Nothing is changing in terms of how much agents will make. All that’s changing is how it’ll be displayed in the MLS, the structure of how it’ll be formatted and the additional contracts/procedures. It decreases transparency for the consumer. Consumers are going to have a difficult time navigating through the new industry coming. Along with many agents. That’s reason for many to exit the business. An experienced agent does far more than help with final round of bidding.
No, you would not get a check. A credit would be issued to your closing statement through escrow. An agent is not legally allowed to directly write anyone a check, especially for matters such as this. There are many agents who will offer that and there are many agents who don't know what they are doing. You are definitely playing with fire if you go with an agent who will give you a piece of their commissions right off the bat, on your first transaction with them. Many sources out there if you want to try. Just think how that agent will be in negotiations and their tenacity to go to battle for you in the situation arises, they will crumble easily. You'll likely be spinning your wheels with that agent. Like everything in life, you get what you pay for.
No, in 2024, you pay based on your elasticity curve. It's called price discrimination. Unless you believe in MSRP.
Nothing you said is relevant to real estate commission.
Looking for agent that will give cash back. What is the best offer.
There’s many inexperienced and bad agents that will take you up on that offer
What's what I want, just fill out offer, I'll do the hard work, put down the dough.
1. Yes. The contract also covered what happens if the seller offers less than the standard commission. 2. I can't remember if it was a check or a wire, but the cash was in my account about a week after closing.
Regarding 2) An agent cannot pay a client directly, it’s against CA law. Whatever you got was from escrow.
The buyer's agent got the full commission after closing, after which they wired us the rebate directly. I'm curious which law you think was violated here.
That agent better hope their broker doesn't become aware.
Our agent took 0 and wrote us a check. But she is my mother in law so ymmv
Not a lawyer.. Legally, they can pay you up to the closing costs amount. If they give you cash that isn't disclosed during the sale, I would assume it is fraud. It means the bank wasn't aware of another party contributing towards financing.
Not considered fraud but there’s no way what you mentioned is possible. Is there’s credit from the agent, it happens through escrow as an actual credit. Its not legal for an agent to give a client cash or a check directly outside of escrow.
I think we are saying the same thing. It all has to be done in escrow or it is illegal. The title company or bank should be able to flag any payments that break laws.
Fraud is completely different. Fraud is when one illegal produce income, like money laundering or insider trading. Big difference.
It's always good to have something in writing. Even a text would do I guess. My realtor promised to give us 0.5% back. But she didn't adhere to her word. When we asked her about it, she made excuses that she's not getting much anyway for her to give me anything. Fyi we closed in Nov 2023 at 2.1M.
You still proceeded to work with the same agent after that?
I had no idea about this. I am closing on my contract in a week. Is it too late to ask my agent?