Dear Members, I do not have a buyer's broker and am looking at condos in the $600K to $700K range in midtown. I went to an open house two months ago, and looked at a unit. I made an offer which was turned down due to trying to strike too low a price. In any case, the selling broker of that unit that I did NOT get recently wrote me and said that he would like to be my buyer broker and mentioned... [more]
Dear Members,
I do not have a buyer's broker and am looking at condos in the $600K to $700K range in midtown. I went to an open house two months ago, and looked at a unit. I made an offer which was turned down due to trying to strike too low a price. In any case, the selling broker of that unit that I did NOT get recently wrote me and said that he would like to be my buyer broker and mentioned that there WAS a possibility that he could rebate me $6K if I ended up buying a property through him. So, he would make 3% of $600K = $18K gross and he would then turn around and write me a check for $6K. While he did not commit to doing it or saying that he could absolutely do it, I was intrigued. So, what I want to know is:
(a) Is this legal?
(b) Have realtors done this before?
Thanks.
Bob.
[less]
not that specific property that you made an offer on?
Ignored comment.
Unhide
Response by bobnay
about 14 years ago
Posts: 74
Member since: Oct 2011
To FreebirdNYC - Thanks for the link. So, it is legal! When I mentioned it to a realtor I knew, he thought that it could be illegal and could lead to revocation of the realtor license.
To Brooks2: Not that specific property since it sold to another buyer, but to any others I might ask for assistance on.
Are there any other realtors besides Burkhardt Group that do such deals for buyers?
Thanks
Ignored comment.
Unhide
Response by KeithB
about 14 years ago
Posts: 976
Member since: Aug 2009
I think it is good to include a link to the Department of Justice's web site which gets into the "legality" of rebates.
yes and yes. http://www.theburkhardtgroup.com/services-and-fees-c14358.html
not that specific property that you made an offer on?
To FreebirdNYC - Thanks for the link. So, it is legal! When I mentioned it to a realtor I knew, he thought that it could be illegal and could lead to revocation of the realtor license.
To Brooks2: Not that specific property since it sold to another buyer, but to any others I might ask for assistance on.
Are there any other realtors besides Burkhardt Group that do such deals for buyers?
Thanks
I think it is good to include a link to the Department of Justice's web site which gets into the "legality" of rebates.
http://www.justice.gov/atr/public/real_estate/rebates.html
Keith Burkhardt
The Burkhardt Group