BUYER REBATES OPEN UP THE NEW YORK REAL ESTATE MARKET TO NEW AND INNOVATIVE BUSINESS MODELS
The New York Attorney General encourages home buyers to work with agents to get a buyer rebate. Commission rebates help open up the real estate market to new and innovative business models.
Rebating by real estate brokers can greatly reduce the costs of buying and selling property and even facilitate new and innovative business models,” said Attorney General Schneiderman. “I urge the real estate community to embrace this opportunity to be more competitive, and improve the choices available to New York homeowners. I also encourage buyers and sellers alike to take advantage of your right to bargain with your broker for a lower commission.
Article source: https://ag.ny.gov/press-release/ag-schneiderman-urges-brokers-and-home-buyers-new-york-take-advantage-law-allowing
2 Comments
Nicholas Gonzales · March 17, 2018 at 8:02 pm
I am working with an agent to buy an apartment priced a little above 400K, but the agent never said anything about getting me a buyer rebate. Am I still able to get a rebate from him if I am currently in contract for the apartment?
Billy · March 18, 2018 at 10:38 pm
Nicholas, it may be difficult to request a buyer rebate if you are already in contract on the apartment. There isn’t a lot that the buyer agent would be willing to give up at this point because they are going to collect the split commissions as long as the deal goes to completion.
In the future, it is best to request a buyer rebate before you select a buyer agent to work with. This creates a win win situation where both of you are on the same page regarding commission rebates before working together.