U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate > Real Estate Professionals
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
 
Old 09-14-2013, 03:20 PM
 
116 posts, read 255,438 times
Reputation: 130

Advertisements

On the Redfin real estate Wikipedia page it stated that Redfin gives 50% of the buyer's agent commission back to the buyer. Doesn't the seller pay for the buyer's agent and the listing agent commissions at closing? Why isn't that rebated back to the seller? As a seller, if I am considering paying the buyer's closing costs, can I take that into consideration and offer a lesser % of closing costs or none at all? Does this reasoning make sense to you? Thanks!
Rate this post positively Quick reply to this message

 
Old 09-14-2013, 04:05 PM
 
Location: Salem, OR
15,279 posts, read 38,303,061 times
Reputation: 16605
It isn't rebated back to you because you aren't their client. You can take into account their rebate during negotiations if you want, but it is just better to focus on the net to you.
Rate this post positively Quick reply to this message
 
Old 09-14-2013, 05:07 PM
 
Location: Scottsdale, AZ
2,142 posts, read 4,843,554 times
Reputation: 3253
As a Seller you are obligated to pay the commission that you negotiated with your broker when you placed the home on the market. Your broker offered to share a portion this amount to a Buyers Agent if the BA brings a ready, willing and able buyer to purchase your home. The BA can do whatever he/she wants with their portion of the commission (pay their own bills, put it in the bank, throw a party or give it to their client).

The issue of the Seller (you) paying the Buyer's closing costs is separate from your listing agreement. That is a contractual negotiation between you and the buyer as part of the sale.

All costs, fees and payments are negotiable in any transaction. As long as they are disclosed.
Rate this post positively Quick reply to this message
 
Old 09-14-2013, 07:42 PM
 
Location: Cary, NC
41,269 posts, read 71,602,401 times
Reputation: 42895
Quote:
Originally Posted by Silverfall View Post
It isn't rebated back to you because you aren't their client. You can take into account their rebate during negotiations if you want, but it is just better to focus on the net to you.
"... focus on the net to you." Absolutely.
As long as the seller is getting the net proceeds they want, what does it matter where the rest of the money goes?

It is a bit of a semantic peculiarity to label a "rebate to buyer," (particularly for folks who proclaim that "Buyers agency is Free!") when a rebate by definition can only go to the source of the funds.
Rate this post positively Quick reply to this message
 
Old 09-14-2013, 09:12 PM
 
406 posts, read 586,820 times
Reputation: 265
if you as the seller hire redfin, then YOU get a rebate. otherwise it really isn't any of your business or concern
Rate this post positively Quick reply to this message
 
Old 09-15-2013, 10:57 AM
 
1,263 posts, read 3,159,759 times
Reputation: 1902
Quote:
Originally Posted by acgood View Post
if you as the seller hire redfin, then YOU get a rebate. otherwise it really isn't any of your business or concern
Good point!

Has anyone here ever bought/sold through Redfin?
Rate this post positively Quick reply to this message
 
Old 09-15-2013, 11:28 AM
 
Location: Just south of Denver since 1989
11,688 posts, read 32,852,571 times
Reputation: 8638
I thought the refund was 15% of the paid commission? So, the more money you pay on a house the more they get paid, and the more refund is given.

I would bet I could negotiate better price terms and inspection items and net the buyer more savings than the rebate amount.
Rate this post positively Quick reply to this message
 
Old 09-15-2013, 12:08 PM
 
Location: Austin
7,238 posts, read 20,751,666 times
Reputation: 9997
Quote:
Originally Posted by 2bindenver View Post
I thought the refund was 15% of the paid commission? So, the more money you pay on a house the more they get paid, and the more refund is given.

I would bet I could negotiate better price terms and inspection items and net the buyer more savings than the rebate amount.
The 15% is through a partner agent when there isn't a Redfin broker in the area, or if the price point is below the Redfin price point. Also, they do not give 50% with the Redfin broker anymore. They decided they needed more greedy money, so it's a different calculation in different areas. In my area, it's around 40% and not based on the final sales price. It's based on some calculation of the original asking price.
Rate this post positively Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


 
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:
Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate > Real Estate Professionals
Similar Threads

All times are GMT -6.

© 2005-2023, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top