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Raleigh, Durham, Chapel Hill, Cary The Triangle Area
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Old 05-02-2010, 12:41 PM
 
96 posts, read 302,178 times
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Is it common for a Buyer Agent in the triangle to offer "part of [their] commission to you as a credit at closing via the HUD statements"?

An agent we came across mentioned that he will offer us half of the commission (~1.5%) as a credit toward closing. If one buys a 400K house, that would be a nice 5-6K credit.
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Old 05-02-2010, 01:28 PM
 
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We got half of the commission back from our buyer's agent. He had mentioned it to us at the beginning, but we had completely blanked over it ( the agent we had used for our first home had not done anything like that). It was a nice surprise to get a few thousand dollars credited towards closing.
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Old 05-02-2010, 01:48 PM
 
Location: Cary, NC
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It's not "common", but some discount agents do that. Some of them will only do it if you also list your existing home with them.
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Old 05-02-2010, 02:06 PM
 
Location: Midtown Raleigh
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We were offered something back (not quite 1.5%) because of a standing discount between the real estate agency where our buyer's agent works and the company where my husband works.
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Old 05-02-2010, 02:20 PM
 
Location: Wake Forest
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It does happen, but it has to be approved by your lender, along with that it must be approved on and appear on the HUD-1 closing statement. The lender usually requires a letter stating the compensation from the agent, and they will either approve the amount or not, depending on your loan, the lender, etc.

The only issues I have seen is when someone has closing costs that are less than the rebate, and then the amount of the rebate will change, as it cannot be more than the closing costs.

Leigh
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