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Simply put \u2013 cash back at closing.\u00a0 But, there\u2019s a bit more to it than that.<\/p>\n
According to the United States Department of Justice, \u201ccommission rebates are usually\u00a0calculated<\/a>\u00a0as some fraction of the broker\u2019s commission and can result in thousands of dollars being returned to the consumer\u201d.<\/p>\n In other words: A buyer agent commission rebate is \u2013\u00a0money that your buyer agent will refund to you at closing<\/em>.<\/p>\n When a buyer purchases a home, a large part of the purchase price goes to pay off commissions to the agents involved.\u00a0 The buyer agent typically receives a commission equal to 3% of the home purchase price.\u00a0 A buyer agent commission rebate is a portion of the 3% commission that the buyer agent will rebate to the buyer at closing.<\/p>\n Buyer agents will rebate their commission to you for a number of reasons.\u00a0 They typically provide these rebates because they operate efficiently and pass those savings on to you as an incentive to\u00a0choose them over another agent.<\/p>\n Buying a home can be a complex, overwhelming, and exhausting process.\u00a0 However, the best\u00a0real estate buyers agents\u00a0now use technology to improve how efficiently they operate, streamline processes, and\u00a0improve the home buying experience.\u00a0 These efficiencies result in reduced operating expenses.\u00a0 And many of those agents are willing to pass those savings on to you in the form of a commission rebate.<\/p>\n These are the type of buyer agents you want to work with.<\/p>\n Legally, buyer agent commissions are\u00a0negotiable.\u00a0 When agents compete, you win. But, are there enough agents near me to compete?\u00a0 Spoiler alert: there is definitely not a shortage of agents. According to the National Association of Realtors: There are over\u00a01.3 million\u00a0REALTORS\u00ae in the US<\/a>.<\/p>\n Let\u2019s say you buy a home for $300,000. The seller would then pay 6%, or $18,000, to be split among the two agents involved in the transaction. Traditionally, this is 3% to the listing agent and 3% to the buyer\u2019s agent. With $9,000 newly in the buyer agent\u2019s pocket, the\u00a0buyer agent\u00a0would then rebate up to 33% of their commission (aka up to 1% of the home\u2019s purchase price) to you (the buyer) at closing.<\/p>\nWhy would a buyer agent rebate their money to me?<\/strong><\/h3>\n
How does a buyer agent commission rebate work?<\/b><\/h3>\n
How does a buyer agent commission rebate help me?<\/strong><\/h3>\n