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Old 08-16-2012, 05:34 PM
 
Location: NJ
17,573 posts, read 46,175,980 times
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Quote:
Originally Posted by Zippyman View Post
I'm saying you don't go all "Judge Judy" on someone who is gifting you their earned comission.
Getting an agreement for thousands of dollars in writing = going judge judy on someone. Got it.
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Old 08-16-2012, 08:26 PM
 
397 posts, read 614,228 times
Reputation: 210
Quote:
Originally Posted by bindas45 View Post
Greetings,

We are first time home buyers and our agent agreed to only take 1.5% of total 3% buyer agent commission and return the rest 1.5% to us towards closing cost.
He said he would submit a broker letter after we sign the contract. We donot have any written agreement though, only verbal

Please advise how this works.
1. Is it realistic, has anybody done this before?
2. Is there any time line to produce the broker letter as we have already signed the contract and builder can start building anytime in 2 weeks.

Many Thanks!!
Assuming he does pay, make sure the "rebate" goes on the HUD. You should not be taxed on this. Ask him if he plans to send you a 1099. If his answer is yes, get an accountant's advice. It will save you thousands of dollars..
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