Home Buying in Schaumburg>Question Details

Katie F,  in Lake in the Hills, IL

Looking for a Realtor that offers a rebate....

Asked by Katie F, Lake in the Hills, IL Tue Jan 3, 2012

Two questions:

1. Since I found a house on my own already - are there any real estate agents willing to rebate a portion of their commission if they made the offer?

2. I already talked to my mortgage broker - and he gave me a "max" number I could offer for the property. My second question is - if I found an agent who would rebate me some of the commission, could I count on using that money to "up" my offer if needed and incorporate it towards my down payment at closing. How would that work exactly and what would I need to do (or fill out)

Thanks for your help!

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Answers

8
Richard Hauser’s answer
Like Rich - I'm an Exclusive Buyer Broker. As he says, there are only a few of us in the Chicago area. My company rebates any advertised bonuses, and also rebates to you for saving us time - such as you can. The amount would depend on an assessment of your situation, the property, the other side etc. We also align our interests with yours, instead of the opposite.

Rather than focus on the amount of any rebate (which likely pales in comparison to negotiation expertise) - you may want to focus on who can be the best negotiator for you, based on their background, training, and expertise. I certainly don't pick a doctor by picking who is the cheapest. The difference in negotiation abilities between agents can be vast - to to tune of tens of thousands of dollars in difference.

I know because we proved it once. We had a buyer client that decided he didn't like the home inspection on a property, and he purchased something else. Later - when we looked to see what that property ended up selling for - it was for 20k higher than what we had negotiated with our client (it was a property in the 200's - meaning a 10% difference)

There's no substitute for a Certified Negotiation Expert!

Feel free to call me if you'd like to touch base - and I suggest that you touch base with Rich as well. If you read
"How to" books on purchasing property or articles by CNN Money, Kiplingers, Consumer Reports, Money Magazine, and others - you'll learn that Exclusive Buyer Brokerages are your best option when purchasing.

It is the difference between having a heart surgeon or a general practitioner when you need heart surgery. Specialists do good work - and save you money and pain. Feel free to call me at 847-566-7558 for more information.
0 votes Thank Flag Link Thu Jan 19, 2012
In 2008 I did the same thing as you, found my home and was 100% sure of it and was prepared to negotiate a contract. Realtors I talked to couldn't/wouldn't point me to a rebating buyer broker. I went ahead and chose an excellent realtor and when we closed she received a $30,000 commission check. Six months later I found I could have used a rebating buyer broker and received $6000 or so cash back at closing (via the HUD 1).

This and many other factors inspired me to obtain my managing broker real estate license and open my own unique botique firm, Exclusive Buyer Brokers LLC, in Lake Forest IL. We provide full service exclusively to savvy home buyers and we rebate 25% of seller-paid commissions to our buyer clients. We are proud to employ THE most consumer-focused business model among Chicago-area brokerages. This is our everyday and our only approach. Please see my website http://www.BuyerBrokerExclusive.com for a full description of my brokerage and my contact information.

If you wish to contact me and ask questions I'd be very happy to talk with you. Advice is free. You know there are a total of 4 brokerage firms in the Chicago area (I refer to us as "the good guys") offering full service and rebates. I'm sure this is what you're looking for and that you'd find a great fit with one of us if not with me.

And nope, I'm not pitching for a referral fee here, as we don't believe in horsetrading clients.

On your second question, the rebate would result in lowering the cost of purchase. Your down payment becomes a larger portion of resulting lower purchase price but the rebate does not count as part of your down payment.

Rich Brandel
Managing Broker/Owner
Exclusive Buyer Brokers LLC
Lake Forest IL
0 votes Thank Flag Link Sun Jan 8, 2012
You know you are trying to negotiate a commission rebate with a Realtor to assist you in making the offer,
negotiating the terms on your behalf and guide you through the entire process up to a successful closing.

Other agents gave you some indications below, I am just suggesting to you, if you are looking on this site to connect with a Realtor, who is ready and willing to rebate his or her commission, you may want to let them know, what the current asking price is for the property in question as well as if it is listed by a brokerage/Realtor or by owner..... A link to the property would also be helpful ---- if there is a Realtor willing to rebate their commission, remember they already share a percentage of their part of the commission with their brokerage...

Just an idea for you so that Realtors can actually make a decision and respond to you...
Good Luck to you...
Edith YourRealtor4Life! and Chicago and Northern Illinois Expert (incl. the upscale North Shore)
Working always in the very BEST interest of her clients, buyers, sellers and investors alike.
Edith Always goes the X-tra Mile with a Smile for her clients! & Edith Loves Referrals
To get to know Edith as a person and on add. pages on her website learn about how the
expertise and services of a Realtor are helpful ... go to http://www.tinyurl.com/MeetEdithHere
0 votes Thank Flag Link Wed Jan 4, 2012
Janet, rebating commission to a party of the transaction is absolutely legal in Illinois as long as it's on the HUD1.
0 votes Thank Flag Link Tue Jan 3, 2012
I would be glad to discuss this further with you one on one. Feel free to contact me directly.

Good Luck,
Linda Dressler, Broker, Realtor®
Schaumburg, IL
0 votes Thank Flag Link Tue Jan 3, 2012
I don't know if that's legal in your state. Not all states allow it. You found it but there is still lots of work involved in getting you to close.
0 votes Thank Flag Link Tue Jan 3, 2012
Just because you may have located a home does not necessarily mean the seller will agree to your price, nor that multiple offers may occur; if you are concerned you may be over your budget, search for properties within your means, rather than focusing on commission rebates; a mortgage outside your budgetary constraints can dramatically alter your overall living conditions, so be sure to factor micro and macro economic concerns into your mortgage amount deliberations.
0 votes Thank Flag Link Tue Jan 3, 2012
Well, since I gave you the idea, I think you should go with me. Please contact me so we can talk about it, and I'll make you my offer.

773-368-5614
815-388-9300
Anthony.Cavalea@gmail.com
0 votes Thank Flag Link Tue Jan 3, 2012
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