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Old 04-02-2007, 08:17 AM
 
1 posts, read 2,341 times
Reputation: 11

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I used a rebate agent in CO and NC. I need an agent as I will be moving to the Hartford area this summer (from NC).

Anyone know of any realty folks that offer rebates for buyers?

thx.
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Old 04-02-2007, 08:59 AM
 
Location: Cheshire, Conn.
2,102 posts, read 5,148,050 times
Reputation: 499
Quote:
Originally Posted by demo907 View Post
I used a rebate agent in CO and NC. I need an agent as I will be moving to the Hartford area this summer (from NC).

Anyone know of any realty folks that offer rebates for buyers?

thx.
Connecticut is a Buyer-Agency state and has been for almost 10 years. Discount brokerages/agents are somewhat common on the listing side. But I don't know of any on the selling (buying) side.

In our current market, Buyer Agents are showing many more properties to each buyer than in previous cycles. I doubt, with gas being $2.899/gallon, that any agent would be willing to credit the buyer.

NOTE: It is ILLEGAL in Connecticut for anyone to receive a commission or kick-back who is not a licensed real estate salesperson/broker. To work around this, you will need to modify your Buyer-Broker Agreement to say, "Maximum commission to be paid to Buyer Agent is 2.00% with proceeds of co-broke going back to Buyer." In areas outside of Western Connecticut, a 2.50% co-broke (amount being paid to Buyer Agents) is typical. The half percent (2.50 - 2.00) on a $300,000 would be $1500 that you'd get back.

If you're thinking about more in your pocket, I don't know if you'd find any agents willing to work for less than 2.00%. (I don't.)

For the record, you don't need an agent in Connecticut as a Buyer or a Seller! As a buyer, one way to see as many properties as possible without an agent is to attend Open Houses. Many agents will require you to sign-in. However, when asked if you're working with an agent, put "Unrepresented, representing self." You will need to fill out an "Unrepresented Persons" form. Be sure that the listing agent doesn't get the 2.5% for the Selling (Buying) side!!!
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Old 04-02-2007, 06:55 PM
 
41 posts, read 97,645 times
Reputation: 14
You get what you pay for.
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Old 06-29-2008, 04:32 PM
 
Location: Connecticut
4 posts, read 7,205 times
Reputation: 11
Default Connecticut Buyer's Incentives Are Legal and Allowed

DOJ/Antitrust: Real Estate Competition in Connecticut


Most agents in real estate companies can not afford to give a rebate because of their commission split. In most cases, when an agent signs an agreement to join a real estate company the broker has a commission rate that agents can not negotiate lower than. Of course, if you can negotiate higher, that is just fine with the company!

If agents do a lower than the company agreed upon commission percentage, then usually the agent has to pay the difference out of their own pocket. When an agent has a 50/50 split with their company, it is tough to negotiate commission, because they have already paid half their commission to the company.

Nowadays, companies will even charge an "administrative fee" to customers. If the customer does not wish to pay it, the agent is then responsible for the amount owed to the company, and it will come out of their commission check.

Then there is the company marketing fee. This is an additional fee on top of what the agent commission split is that they will owe to the company, "whether they represent the buyer or the seller".

This is all on top of the their time, energy and precious gas money that they have already spent.

I have called the State of Connecticut, and also the Department of Justice, giving money to homebuyers as an incentive in Connecticut is allowed.


DOJ/Antitrust: Rebates Make Buying a Home Less Expensive
Competition in Real Estate Brokerage Services

There are companies that give rebates in Connecticut. Moderator cut: ..

Last edited by Keeper; 06-29-2008 at 08:40 PM.. Reason: see your DMs.
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Old 06-30-2008, 08:10 PM
 
23 posts, read 52,781 times
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Quote:
Originally Posted by Rich Lee View Post
Connecticut is a Buyer-Agency state and has been for almost 10 years. Discount brokerages/agents are somewhat common on the listing side. But I don't know of any on the selling (buying) side.
.....
For the record, you don't need an agent in Connecticut as a Buyer or a Seller! As a buyer, one way to see as many properties as possible without an agent is to attend Open Houses. Many agents will require you to sign-in. However, when asked if you're working with an agent, put "Unrepresented, representing self." You will need to fill out an "Unrepresented Persons" form. Be sure that the listing agent doesn't get the 2.5% for the Selling (Buying) side!!!
I have a question: how do you force the listing agent to not get the 2.5% buyer's agent commission? We had this situation when we bought our last house. Since the 5% commission is signed with the seller, is there another paper that one could have the listing agent sign to write over a check for the 2.5% at closing?
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Old 06-30-2008, 08:21 PM
 
Location: Cheshire, Conn.
2,102 posts, read 5,148,050 times
Reputation: 499
Quote:
Originally Posted by mollyH View Post
I have a question: how do you force the listing agent to not get the 2.5% buyer's agent commission? We had this situation when we bought our last house. Since the 5% commission is signed with the seller, is there another paper that one could have the listing agent sign to write over a check for the 2.5% at closing?
It comes down to this: how were you introduced to the property? If you attended an Open House, you should've signed in as "Unrepresented person." If you were interested in the property, you could have had an attorney prepare a simple purchase-and-sale agreement. In this scenario, you introduced yourself to the property.

The problem is, you would never have known if the seller still paid the listing agent for both sides (which does happen in this situation).

You, technically, couldn't have received the buyer agent portion of the commission since commissions can only be paid to agents licensed in the state of Connecticut.

However, it could be included in the purchase-and-sale agreement as "seller concession to buyer in the amount of $x,xxx."

If you called the agent as a result of his/her ad or sign and discussed the property with him/her, (s)he would most likely be entitled to the commission. This situation is called "Implied agency."

Remember, in the state of Connecticut, neither party needs to have an agent.

Last edited by Rich Lee; 06-30-2008 at 08:35 PM..
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