commission rebate

Asked by Ernieshin, Greenway, VA Mon Oct 28, 2013

I heard it is legal to obtain a commission rebate, do you know any realtor in Fort Lee area offering such? Thank you

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Maria Tsabro…, Agent, Mountainside, NJ
Tue Feb 18, 2014
YES, the commission rebate is absolutely legal in NJ! gives you a detailed info on the rebate. We give up to 2% rebate to ALL our buyers and very proud to be able to offer that program!
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Raymond Whit…, Agent, Mesa, AZ
Sun Jan 5, 2014
Yes, and it has to be in simple writing explaining from start to finish how is works. Also there may be some tax implications to you as well, so research it completely before you decide that's what you want to do.
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Andrew Tisel…, Agent, Clifton, NJ
Tue Oct 29, 2013
Hi Ernie

Please contact me about the rebate.
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Mary Petti, Agent, Edison, NJ
Mon Oct 28, 2013
wow the rest of my initial post got cut off:

I found a web site that says:
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Mary Petti, Agent, Edison, NJ
Mon Oct 28, 2013
excuse the typo it is "rebate" not "frebate" (though that's quite the Freudian typo slip up )
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Mary Petti, Agent, Edison, NJ
Mon Oct 28, 2013
HI, If you are a buyer then yes the agency representing you can provide you with a "frebate" according to NJ law.

However there are three things you must be made aware of.

First, they must offer it and have you sign paperwork agreeing to the rebate, prior to your purchasing a home, as a matter of fact it must be in writing when you FIRST establish a relationship wioth that brokerage/agency/agent.
Second that rebate MAY have implications on your taxes, so it's best to look into the tax implications before you look for a company that proivides rebates or accepting one.
Third, is that lender qualifications for your loan MAY be affected by your receipt of a rebate.

I don't know of many companies (or ANY major brokerages for that matter) that are actually offering rebates. I guess you will have to call around to local agencies in the area you are considering buying to see if they offer them, or search online for one.

I will caution you that you get what you pay for. What you are doing, in essence, is taking money out ot the paycheck of the very person you hired to represent you and they will not work as hard for you, it's not worth the time and effoert quite frankly.

I found a web site that says the following:
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Annette Law…, Agent, Palm Harbor, FL
Mon Oct 28, 2013
Of course, there are many.
As you know, ALL professional fees are netotiable.
Just make certain to make your intention known when you have that intitail consultation with your agent. You willl be surprised how well that works.
However, stay away from situations where others hyjack the rebate to offset overcharges by others involved in the home buying process.

Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
0 votes
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