How to Get a Buyer Agent Commission Rebate in NYC [2020] | Hauseit®


Congratulations on getting this far! Most home buyers in NYC are not even aware
that they can save money and reduce their buyer closing costs by legally receiving a
buyer agent commission rebate. Getting a buyer agent commission rebate in
NYC is as simple as finding a buyer’s broker who will agree to credit you back a portion
of the commission they receive from the seller at closing. This is easier said than done, as most buyer
agents in the city are used to giving their buyer clients a $25 bottle of wine as a closing
gift as opposed to a four or five figure rebate check which comes out of their commission! To make matters worse, many of the rebate
brokers in NYC are plagued by quality or reputational issues which may reduce your likelihood of
a successful transaction or harm your leverage in a negotiation. These drawbacks may outweigh any benefits
associated with receiving a buyer agent commission rebate in the first place. After all, what’s the point of getting a
rebate if you end up overpaying or fail to close altogether? To make matters worse, many traditional real
estate agents in NYC continue to peddle misinformation that rebates are illegal even though New York’s
Attorney General wrote an open letter to the industry explicitly stating that rebates are
both legal and encouraged in NY. In short, the vast majority of buyer agents
you’ll speak with in NYC will either deny that rebates are legal or refuse to offer
you one. If you’re fortunate enough to find a buyer
broker who is open to offering you a rebate, they’ll probably try to offer you a fraction
of a percent back as opposed to a rebate of up to 2% offered through Hauseit’s Buyer
Closing Credit Program. At Hauseit, we pair you with an experienced,
local partner buyer agent who will not only provide you with great advice but who has
already agreed to discreetly write you a maximum rebate check at closing. Best of all, our partner brokers are not discount
brokers which means that they never openly discount their services. As a result, you’ll never have to worry
about a seller or listing agent treating you differently just because you’re receiving
a rebate. You can request a Hauseit Buyer Closing Credit
by visiting www.hauseit.com You may also be interested in estimating your
buyer closing costs in NYC using Hauseit’s interactive closing cost calculator available
at www.hauseit.com. Are Buyers at a Disadvantage by Working with
a NYC Rebate Broker? The majority of the ‘rebate’ brokers in
NYC are discount brokerages which openly advertise reduced commission services online. Most NYC home buyers are worried about the
stigma of working with a discount broker and the possible harm it may cause them during
the purchase process. Truth be told, this is a real cause for concern. A traditional listing agent who looks up a
buyer agent’s profile online and sees that it’s someone who primarily provides discount
services and rebates may understandably have some negative bias towards that buyer agent. This could result in the buyer being treated
differently during the course of a negotiation and possibly being deprioritized against other
buyers. It’s even possible that the seller may negotiate
differently knowing that a buyer is in line to receive a discount at closing which no
other buyers who have submitted offers will be receiving. As you can see, using the wrong rebate broker
may cause more harm than good!

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