Author Topic: Rebate on New home purchases - Discuss  (Read 33831 times)

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Offline USCTrojanCPA

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Re: Rebate on New home purchases - Discuss
« Reply #135 on: April 05, 2017, 09:35:41 PM »
Yep! Bullllllllsh*t!

We used an Agent to purchase a new construction home. The Agent promised verbally that they'd give 50% back on any commission he earned. We thought it was fairly clear and since he was a friend of a friend, there would be no disagreements.

As we approached escrow, he started changing his tune. "I have to pay taxes on the whole chunk", "My broker takes a large cut", etc. I challenged him and said a rebate is not taxable to you and a simple phone call told me that the broker is a flat fee shop, and they take what amounts to less than 1% of his total commission. He ended up giving us what amounted to about 35% of his total commission, 6 weeks after COE. He claimed that IP delayed payment - but it was that he didn't have a complete file with his broker.

I told him that since he decided to change his story and play games, that we would never use him again and would not recommend. There are several quality Agents (such as USC) who are honest and know how this works.

Oh man, sorry to hear that...it's so annoying when agents like that make excuses.  I try to give all of my new home buyers their rebates within a week, if not days after they close even if I don't get paid out by my broker.  The escrow companies usually send me the checks within 2-3 business days after closing (I've only had delayed by a week because they sent the package with the check to the wrong address and it got returned) and my broker takes 24-48 hours to review my file and ACH me the commission.

His loss. Being a successful agent has a heavy dependency on referral business. All he had to do was admit his mistake and make things right. He didn't want to...no business acumen in my opinion.

You nailed it right there...most agents get so focused on what they'll make on the one transaction not realizing that the big money is made on repeat and referral business.  Heck, I have clients have had done 3-4 transactions with me and provided me 4-5 referrals in the past 8-10 years.  About 60% of my business today is repeat and referral business.
Often imitated....Never duplicated!

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Offline IrvineBug22

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Re: Rebate on New home purchases - Discuss
« Reply #136 on: April 10, 2017, 04:23:58 PM »

To get the broker co op, can I visit the models and not sign the form yhat sales folks ask ? Later if I like I can get a realtor to register us.

That's a little dangerous ESPECIALLY if they recognize you.  Some builders are VERY strict about the rule of the agent accompanying the buyers on the first PHYSICAL visit to the sale office.  Irvine Pacific sales folks are great at remembering who came in their sales offices even when they didn't provide a name.  Maybe roll in there with a hoodie and sunglasses looking like the unibomber.  Or some of my clients sent in their wifes to look at the homes and get pricing and then I registered just the husband alone.  haha
USC How does this work when you register just 1 of them?
« Last Edit: April 10, 2017, 05:30:30 PM by IrvineBug22 »

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Offline USCTrojanCPA

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Re: Rebate on New home purchases - Discuss
« Reply #137 on: April 10, 2017, 05:45:36 PM »

To get the broker co op, can I visit the models and not sign the form yhat sales folks ask ? Later if I like I can get a realtor to register us.

That's a little dangerous ESPECIALLY if they recognize you.  Some builders are VERY strict about the rule of the agent accompanying the buyers on the first PHYSICAL visit to the sale office.  Irvine Pacific sales folks are great at remembering who came in their sales offices even when they didn't provide a name.  Maybe roll in there with a hoodie and sunglasses looking like the unibomber.  Or some of my clients sent in their wifes to look at the homes and get pricing and then I registered just the husband alone.  haha
USC How does this work when you register just 1 of them?

Well, I'd had a few situations where either the husband or the wife went to go see the models homes.  In those situations, I went in with the other spouse to register and let them know that the husband or wife were out of town on business or visiting family overseas.  The key is for the person who went in first without the agent to not have given them their name or email address and not chatted the sales people up.  Worked fine so far as it was weeks/months after registering with just the one spouse that they would actually select a lot and go into contract (at which time both had to go in to the sales office to sign the contract).  Hope that helps. 
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Offline IrvineBug22

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Re: Rebate on New home purchases - Discuss
« Reply #138 on: April 10, 2017, 09:38:10 PM »
Thanks yea the one spouse went and looked around didn't say anything to anyone and then on the way out stopped asked 1 question and left. They didn't give any info.

Offline USCTrojanCPA

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Re: Rebate on New home purchases - Discuss
« Reply #139 on: April 10, 2017, 10:31:51 PM »
Thanks yea the one spouse went and looked around didn't say anything to anyone and then on the way out stopped asked 1 question and left. They didn't give any info.

Should be no problem then. 
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Offline lynalucard

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Re: Rebate on New home purchases - Discuss
« Reply #140 on: April 21, 2017, 12:23:33 AM »
The agent I fired registered me two months ago, can I register again with a new agent?

Offline USCTrojanCPA

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Re: Rebate on New home purchases - Discuss
« Reply #141 on: April 21, 2017, 02:50:48 PM »
The agent I fired registered me two months ago, can I register again with a new agent?

You absolutely can...all you would need is to bring in your new agent to register and then have the old agent's broker provide sign a form to the builder that they are releasing themselves as your agent (I've done this before twice). 
« Last Edit: April 21, 2017, 03:14:14 PM by USCTrojanCPA »
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Online eyephone

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Re: Rebate on New home purchases - Discuss
« Reply #142 on: April 21, 2017, 03:09:11 PM »
The agent I fired registered me two months ago, can I register again with a new agent?

I wonder how the conversation went. Did it go like this? I like you a lot and your a nice person, BUT your not the agent for me. Your fired!
(joking around)

Offline AW

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Re: Rebate on New home purchases - Discuss
« Reply #143 on: April 21, 2017, 04:19:28 PM »
The agent I fired registered me two months ago, can I register again with a new agent?

I wonder how the conversation went. Did it go like this? I like you a lot and your a nice person, BUT your not the agent for me. Your fired!
(joking around)
Lol.
Or went something like .....yadda yadda yadda.... 1099....

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Online eyephone

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Re: Rebate on New home purchases - Discuss
« Reply #144 on: April 21, 2017, 04:27:42 PM »
The agent I fired registered me two months ago, can I register again with a new agent?

I wonder how the conversation went. Did it go like this? I like you a lot and your a nice person, BUT your not the agent for me. Your fired!
(joking around)
Lol.
Or went something like .....yadda yadda yadda.... 1099....

Like this:
OP: (I need to call my agent to ask about the 1099 situation before we start the process)
OP: So are you going to give me a 1099 at the end of the year for the rebate you give me?
Agent: Yes
OP: Your not the agent for me. Ends the call

Lol

#whoknows

Waiting for the op to respond.
« Last Edit: April 21, 2017, 04:48:02 PM by eyephone »

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Offline USCTrojanCPA

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Re: Rebate on New home purchases - Discuss
« Reply #145 on: April 21, 2017, 04:50:48 PM »
Hahaha  Too funny guy.  But seriously, if any agent trying to 1099 for a rebate that they gave or will give you....JUST SAY NO!
Often imitated....Never duplicated!

 

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