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How much should I tip a broker when I buy a condo?

Started by corcwalk
about 17 years ago
Posts: 3
Member since: Sep 2008
Discussion about
I'm going to close on a condo in 3 weeks. The broker told me that even though the seller pays the broker fee, it is customary in manhattan for the buyer to tip the broker around 0.5% of the condo cost in cash. This sounds like a lot given the condo costs $720k. Thoughts?
Response by NYNYer
about 17 years ago
Posts: 3
Member since: Sep 2008

lol, do you really expect to bait us into discussing that? are most of us really such losers that you think we'd actually even give you advice on that sillyness?

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Response by JuiceMan
about 17 years ago
Posts: 3578
Member since: Aug 2007

LMAO! corcwalk, if this post is for real, you should laugh at the broker as hard as you can and then tell him/her to kiss your ass.

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Response by West81st
about 17 years ago
Posts: 5564
Member since: Jan 2008

15% is standard. If the service is really exceptional, you might consider 20-25%.

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Response by BGaria
about 17 years ago
Posts: 131
Member since: Jul 2008

"15% is standard. If the service is really exceptional, you might consider 20-25%."

I would say 15% is about right... Make sure you give the broker low-denomination used bills. No 100's!!

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Response by SomeonewhoKnows
about 17 years ago
Posts: 157
Member since: Jul 2008

WOW - What thievery.

Don't give her a red cent. Report her to her boss.

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Response by inoeverything
about 17 years ago
Posts: 159
Member since: Jan 2007

Corcwalk: With x'mas only three months away, please give your broker 50% and the rest goes to Salvation Army, Aman.

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Response by bramstar
about 17 years ago
Posts: 1909
Member since: May 2008

I do hope you're not serious, corc. The seller is paying the broker's commission. That is her payment. Period.

If anything, SHE should be tipping YOU for making her a sale in this down-trodden, panic-ridden market.

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Response by drdrd
about 17 years ago
Posts: 1905
Member since: Apr 2007

IF this is serious, IF ..... should the broker be reported to REBNY?

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Response by julia
about 17 years ago
Posts: 2841
Member since: Feb 2007

I would suggest you buy the broker an apartment in the condo.

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Response by uptowngal
about 17 years ago
Posts: 631
Member since: Sep 2006

You're broker sounds like a nice person. I'll bet he/her also has a bridge to sell you. I hope Santa and the Tooth Fairy will know where to find you at your new place.

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Response by uptowngal
about 17 years ago
Posts: 631
Member since: Sep 2006

Oh, and if you dare refer this broker to ANYONE or speak to him/her again, you deserve to get duped out of $3600.

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Response by alanhart
about 17 years ago
Posts: 12397
Member since: Feb 2007

Maybe payment in kind -- your broker can live in the apartment rent-free for the first three years, then you can live there for the next 27 years. The beautiful part for you is that beyond that, you won't even have to make any mortgage payments.

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Response by tech_guy
about 17 years ago
Posts: 967
Member since: Aug 2008

You should be worried - if your broker is trying to dupe you out of more money now in such a transparent way, what else has he/she said in the past that was also a blatant lie?

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Response by stevejhx
about 17 years ago
Posts: 12656
Member since: Feb 2008

Hell, it's only $3,600. Cheaper than a Bar Mitzvah.

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Response by bramstar
about 17 years ago
Posts: 1909
Member since: May 2008

Brokers are getting desperate--I wouldn't be surprised if the OP's post is serious.

I keep getting calls and emails from a couple of brokers I've done business with in the past and they just don't seem to get the message that I'm NOT BUYING RIGHT NOW.

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Response by uptowngal
about 17 years ago
Posts: 631
Member since: Sep 2006

tech-guy, good point. I'll bet this broker has a history of lying. How unusual.

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Response by anonymous
about 17 years ago

...This cant be real. If it is real, send us the name and Broker company name so that we can report this to REBNY.

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Response by manhattanfox
about 17 years ago
Posts: 1275
Member since: Sep 2007

Get the solicitation on tape and play it for the boss and rebny and get them fired - take away the license - and have the firm waive the real estate fee and let that come back to your pocket. I have pruchased several homes and my brokers bought me dinner and sent me flowers!! Shame on them.

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Response by eric_cartman
about 17 years ago
Posts: 300
Member since: Jun 2007

you should ask the broker to give you 0.5% - you could have chosen from any of the thousands of out of job brokers out there - you chose him/her - he/she owes you

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Response by manhattanfox
about 17 years ago
Posts: 1275
Member since: Sep 2007

tipping aside -- they owe you for buying something that will quickly lose up to half it's value....

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Response by lo888
about 17 years ago
Posts: 566
Member since: Jul 2008

Give the money to me and I will pass it along...

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