I am looking to buy an apartment in New York City. Are there real estate brokers who offer cash back rebates?

David
Home Buyer
New York, NY

Answers (8)
Olof Tenghoff
Agent
New York, NY

Yes, Edge Residential does offer cash back to buyers, please see my answer earlier in this post
http://www.edgeresidential.com

Wed Oct 7 2009, 06:20
Keith@thebur...
Broker
New York, NY

Yes we offer rebates to buyers based on the level of service they require, rebates range from 33% to 67% of the commission we receive. Also rebates are considered an adjustment in price and therefore not taxable. As noted by another poster here the DOJ actually champions discount/rebate brokers as good news for consumers.

Feel free to contact me with any further questions, I began offering rebates about 2 years ago. It has been well received thus far.

http://theburkhardtgroup.com/services-and-fees-c14358.html

Best of luck!

Wed Oct 7 2009, 05:44
Jolie MussNYC/M...
Broker
Upper West Side, New...

FYI I would like to add an update here: Buyer's cash rebates in New York have been in practice and legal for for over a year now! Here is the info from the US department of Justice website:
http://www.usdoj.gov/atr/public/real_estate/newyork.htm
Please contact me by phone or email if you would like to know how you can get a buyer's rebate by purchasing a home through me or would like me to show you a listed home, I can show you any NYC listed homes and more. Also let me know if you have any other questions about rebates!

Mon May 25 2009, 08:13
Lorena Sancleme...
Agent
New York, NY

It is illegal for realtors to give rebates or kickbacks to customers.
However, if you're interested in finding out how to get a gift card or even cash back after purchasing a home in NY contact me at lorena@weichertmazzeo.com.
WEICHERT, REALTORS Mazzeo Agency

Tue Nov 25 2008, 12:00
Jolie MussNYC/M...
Broker
Upper West Side, New...

David,
My focus is representing buyers and giving them professional and personalized service, so they can obtain the best deal, while finding them the home that best suits their needs..
If offering a rebate to buyers is in fact legal I will offer that as well!
Please contact me so we can discuss all your options.
Jolie Muss
Licensed Manhattan Real Estate Broker & Brokerage
Located on the Upper West Side
212 721-3301 joliemuss@joliemuss.com

Web Reference: http://joliemuss.com
Tue Nov 25 2008, 09:35
Olof Tenghoff
Agent
New York, NY

Hi David,
Our company, Edge Residential, http://www.edgeresidential.com, offers 1% of the entire sales price as a refund to buyers. We have a solution that is entirely legal -and our agents are extremely good negotiators. That, together with our rebate, provides the smartest way to purchase a home in New York City. Please contact me if you want to know more.

Olof Tenghoff

Edge Residential
1440 Broadway, 23rd Floor
New York, NY 10018
Phone: 646-651-7486
email: ot@edgeresidential.com

Tue Nov 25 2008, 08:07
Jolie MussNYC/M...
Broker
Upper West Side, New...

David,
I'm not sure that a rebate is not allowed but I do know that you are not allowed to give anyone part of your commission unless thay are a broker, agent or attorney. Whether there are limits on the gift a buyer's broker is allowed to give, I am also not sure about but I would be glad to investigate. You would be best served by an exclusive buyer 's broker as a listing broker might only show you homes listed by their companies though this is not allowed by the National Association of Realtor's in other states (such as Arizona where I was licensed some years ago). Please feel free to contact me to represent you as I am a very skilled negotiator.
Jolie Muss Licensed Real Estate Broker& Brokerage joliemuss@joliemuss.com 212 721-3301

Web Reference: http://joliemuss.com
Thu Nov 20 2008, 08:19
Jenet Levy
Agent
New York, NY
FIRST ANSWER

Sorry, David, but that is not permitted by law, and an agent can lose their license. Real estate commissions can only go to licensed agents - giving them back to buyers or giving out "finder's fees" are kickbacks and not allowed. However, most agents give a closing gift. I always give a nice gift whether I was representing a seller or a buyer. But the best way a good agent can save you money is if they are a skilled negotiator. That would be the best way way to end up with more cash in the end. My negotiating skills were actually cited in a NY Times real estate section cover page article in August. I know I save my buyers a lot right off the top by negotiating a great purchase price for them. Even in new developments, where prices are supposedly not negotiable, the right agent can get you a deal. And in new developments, if you are represented by the right agent, they can probably negotiate on the transfer tax, which saves you a lot as well.

Tue Nov 18 2008, 17:45

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