Are Buyer Rebates Legal In Westchester real estate?
Go Back To Previous PageThe 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. In most cases, your home will cost hundreds of thousands of
dollars, 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. Therefore, if you’re worried about finances, you’re not alone. Most new Westchester real estate home buyers are trying everything to reduce the cost of a home. After all, some pricing issues are more flexible than others. One of the things people try to pare down is the bulk of closing costs that people face when 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 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 is rare in New York state yet. Also, 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 agent
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 is A Buyer’s Rebate?
Traditional real estate brokers are stuck in the old way of doing things. Failing to modernize or pass 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 represents 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’ll 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. However, others want to do it to establish themselves as a
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 you can get back the money you spent on closing costs.
The truth is that buyer commission rebates are fully legal in all of New York state, and they became legal in 2015, and there’s no sign of this stopping any time soon. If you want to make sure you get the most out of your transaction, ask for a buyer’s rebate.
1) Do All Westchester Brokerages Offer Buyer Rebates?
Nope, many brokerages allowing their agents to split commissions with buyers don’t advertise it. This can make it hard to find a brokerage or real estate agent 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, and 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 sometimes
get even better service. The only difference is that you can keep some of the commission you paid to your agent. So, why wouldn’t you want to do that? It’s a great way to treat your wallet well!
