The Nest

NestApple's Real Estate Blog

Featuring real estate articles and information to help real estate buyers and sellers. The Nest features writings from Georges Benoliel and other real estate professionals. Georges is the Co-Founder of NestApple and has been working as an active real estate investor for over a decade.

Are Buyer Rebates Legal In Westchester real estate?

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The Westchester (NY) real estate market is booming. It’s often said that the most expensive purchase of your life will be your home. And, it’s usually true. Your home will cost hundreds of thousands ofrebate cash back - westchester county real estate dollars in most cases, and that’s just for the house alone. As a buyer of Westchester real estate, you also are expected to pay closing costs—often to the tune of several thousand dollars. If you’re worried about finances, you’re not alone. Most new Westchester real estate home buyers are trying everything in their power to reduce the cost of buying a home. After all, some pricing issues are going to be more flexible than others. One of the things that people try to pare down is the bulk of closing costs that people face when they are closing on a building. This concept became key in Westchester County (NY) real estate.

This comes to the world of buyers’ rebates, one of the easiest ways to shave off costs or at least get a little bit of your money back. 

 

What Is A Buyer Rebate? 

A buyer rebate is a real estate term to describe a rebate offered by brokerages and real estate agents to home buyers. This rebate allows the brokerage to give buyers a portion of the buyer agent’s commission back to the buyer. It’s a lot like a gift that says, “Thank you for choosing me!” 

1) How Do Buyer Rebates Work?

When a homebuyer buys a home, the buyer’s broker – who typically receives a 3% commission (half of the 6% commission paid by the seller) – gives a portion of that commission back to the homebuyer. The concept has not been widely adopted in New York state yet, and it is even rarer when buying in NYC suburbs like Westchester.

Buyer rebates work by having a predetermined percentage of the home’s commission given as a rebate. When you close on a home, the buyer’s agent2% cash back commission rebate will provide you with a check for the portion of the commission that you agreed on. You cannot get a buyer’s rebate without entirely buying the house, nor can you get it in advance. So while you still have to spend money on a broker, the good news is that you will get a check for that back.

2) How Much Will A Buyer’s Rebate Be?

Traditional real estate brokers are stuck in the old way of doing things. Failing to modernize or pass along savings to homebuyers and the few firms that provide rebates only give back a meager 0.5% to 1%. This doesn’t seem fair in an age of technology that brings costs down in every other industry.

This can vary from brokerage to brokerage. In most cases, it will be around 1 percent of a commission. However, it can be as high as 2 percent of your home price to as low as a flat fee of $500. It’s important to ask a broker how much the rebate is before you assume you’re going to get a lot of cash. 

3) Why Do Brokerages Offer real estate Buyer Commission Rebates?

Each brokerage has its reasons. Some want to show that they are grateful for the business. Others want to do it as a way to establish themselves as acommission rebate in real estate popular business in the area, while even more use rebates as a “leg up” to new realtors.  The reasons aren’t as important as knowing that you can save money while getting quality service. 

Are Buyer Rebates Legal In Westchester real estate?

There is some excellent news for people who want to score a bargain on commission fees. Buyer rebates are legal in Westchester county real estate, which means that you can get some of the money that you spent on closing costs back.  The truth is that buyer commission rebates are fully legal in all of New York state. They are legal since 2015, and there’s no sign of this stopping any time soon. If you want to make sure that you get the most of your transaction, ask for a buyer’s rebate. 

1) Do All Westchester Brokerages Offer Buyer Rebates?

Nope and many brokerages that allow their agents to split commissions with buyers don’t advertise it. This can make it hard to find a brokerage or real estate agent who’s willing to give you a rebate. If you want to get a rebate, by all means, it’s essential to work with a company like Nestapple. We are proud to offer buyer commission rebates and consider it necessary to keep the entire buyer experience as rewarding as possible. 

2) How Much Is Nestapple’s Buyer Commission Rebate In Westchester County real estate?

Nestapple is famous for having high buyer commission rebates in the Big Apple. Nestapple typically gets commissions between 2.5 to 3 percent. Our in-house policy is to pay you ⅔ of your commission back. This means that you can get up to 2 percent back on most transactions. This is a tremendous competitive advantage to win a bidding war in Westchester (NY) real estate market.

Is It A Good Idea To Get A Real Estate Agent Who Offers real estate Rebates in Westchester?

Of course! Real estate agents and brokerages such as NestApple that offer rebates give you the same service as those that don’t. You sometimeshow rebate works - westchester county real estate get even better service. The only difference is that you get to keep some of the commission that you paid to your agent. So, why wouldn’t you want to do that? It’s a great way to treat your wallet well!

Reach out…we’d love to work for you….and put money back in your pocket while doing it. Besides, we know the Westchester real estate market very well.


Georges Benoliel Founder of NestApple - NestApple NYC cashback rebate

Ossiana Tepfenhart