Posted on: 24th Jan, 2010 05:05 am
Hi,
I was wondering has anyone heard of Realtor Rebate from the Buyer's Agent in helping a buyer pay for closing costs in this manor?
I have done some checking and it seems almost every state allows a consumer to benefit from using a Buyer's Agent who offers Realtor Rebate to pay for closing costs.
What I hear is as long as it comes from the Selling Agent and is fully disclosed to all parties, is on the HUD, does not exceed the 3 or 6 percent allowed concessions, then it's allowed and millions have closed like this across America over the past 10yrs.
Please give me some feedback one this subject of Realtors rebating buyers to pay for closing cost
I was wondering has anyone heard of Realtor Rebate from the Buyer's Agent in helping a buyer pay for closing costs in this manor?
I have done some checking and it seems almost every state allows a consumer to benefit from using a Buyer's Agent who offers Realtor Rebate to pay for closing costs.
What I hear is as long as it comes from the Selling Agent and is fully disclosed to all parties, is on the HUD, does not exceed the 3 or 6 percent allowed concessions, then it's allowed and millions have closed like this across America over the past 10yrs.
Please give me some feedback one this subject of Realtors rebating buyers to pay for closing cost
Yes, these rebates are allowed. More and more real estate companies are offering these rebates to buyers.
These realtors are usually on 100% commission / not split with their broker which is key.
There are many agents offering this rebate in California, don't know about the other states
These realtors are usually on 100% commission / not split with their broker which is key.
There are many agents offering this rebate in California, don't know about the other states
Allowed is almost every state. My husband is a Realtor and offers this rebate to his buyers and it works out well. :D
LEGAL in most states. Great savings for consumers!
Real Estate Agents and Loan Officers can give consumers a portion or all of their commission, but we can't give any of our commission to each other. It's a RESPA violation and we'd be punished.
