Author Topic: Realtor rebate check for new house  (Read 1904 times)

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Offline cghirvine

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Realtor rebate check for new house
« on: November 22, 2021, 08:05:10 AM »
How long would it take for the buyer to receive the rebate check from his realtor? We closed more than 3 weeks but our realtor still has not give us our rebate check.
At first, he said it will take 2 weeks for him to get the check from builder, but now more than 3 weeks, is this normal?

Offline best_potsticker_in_town

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Re: Realtor rebate check for new house
« Reply #1 on: November 22, 2021, 10:13:32 AM »
It's usually pretty quick. Agents can get paid directly at closing through escrow (if the broker approves). Another scenario is escrow overnights a check to the broker and then they pay out the agent. Either way, it's pretty quick.

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Offline Beach2Hiddencanyonres

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Re: Realtor rebate check for new house
« Reply #2 on: November 22, 2021, 10:19:02 AM »
How long would it take for the buyer to receive the rebate check from his realtor? We closed more than 3 weeks but our realtor still has not give us our rebate check.
At first, he said it will take 2 weeks for him to get the check from builder, but now more than 3 weeks, is this normal?

I’ve had it take 2 weeks to  over a month before.

Offline USCTrojanCPA

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Re: Realtor rebate check for new house
« Reply #3 on: November 22, 2021, 11:21:44 AM »
I've provided my new home buyer their rebate checks within 1-2 DAYS, not weeks.  I don't need to wait for my broker to pay me which can take about a week after closing because I don't live commission check to commission check.  I even ask my buyers to deposit the checks ASAP because I don't write many checks so I want ones that I write to clear quickly.  haha
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Offline USCTrojanCPA

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Re: Realtor rebate check for new house
« Reply #4 on: November 22, 2021, 11:23:10 AM »
How long would it take for the buyer to receive the rebate check from his realtor? We closed more than 3 weeks but our realtor still has not give us our rebate check.
At first, he said it will take 2 weeks for him to get the check from builder, but now more than 3 weeks, is this normal?

That's total BS, the escrow company overnights the closing package and the commission check the next business day after closing so the agent's broker office should get it 2 business days after closing.  Not normal at all, your agent is lying to you and you should tell him so.  Unbelievable that there are still agents like this. 
Martin Mania, CPA
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Offline USCTrojanCPA

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Re: Realtor rebate check for new house
« Reply #5 on: November 22, 2021, 11:23:56 AM »
How long would it take for the buyer to receive the rebate check from his realtor? We closed more than 3 weeks but our realtor still has not give us our rebate check.
At first, he said it will take 2 weeks for him to get the check from builder, but now more than 3 weeks, is this normal?

I’ve had it take 2 weeks to  over a month before.

You need to find yourself another agent then because no way it should take that long.
Martin Mania, CPA
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Offline cghirvine

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Re: Realtor rebate check for new house
« Reply #6 on: November 22, 2021, 12:29:45 PM »
Thanks to this forum, he just came and signed a check to us but not 50% of Co-Op paid as we agreed, in the writing he wrote "... I will share 50% of the net Co-Op paid to me by Shea Homes". Now, he said it had to pay out to his broker first, and the rest is splitter between himself & buyer. Does it how it work?
« Last Edit: November 22, 2021, 12:42:43 PM by cghirvine »

Offline USCTrojanCPA

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Re: Realtor rebate check for new house
« Reply #7 on: November 22, 2021, 12:38:45 PM »
Thanks to this forum, he just came and signed a check to us but not 50% of Co-Op paid as we agreed. He said it had to pay out to his broker first, and the rest is splitter between himself & buyer. Does it how it work?


What % of the broker coop did he rebate you?  How much did his broker take (% wise)?
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Offline cghirvine

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Re: Realtor rebate check for new house
« Reply #8 on: November 22, 2021, 12:47:42 PM »
He signed a check of 44.4% of broker coop, and told us we can't deposit/cash for next couple days, it will be bounced  >:(

Offline btcETH

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Re: Realtor rebate check for new house
« Reply #9 on: November 22, 2021, 01:07:46 PM »
I feel you could reveal his name in this forum, then everyone knows whom to stay away in the future. Or you should let him know you will share his name in this forum, then he might give you more as promised.

Offline AW

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Re: Realtor rebate check for new house
« Reply #10 on: November 22, 2021, 01:10:53 PM »
He signed a check of 44.4% of broker coop, and told us we can't deposit/cash for next couple days, it will be bounced  >:(

That’s too bad…
Here, with people in the know is double that

Offline cghirvine

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Re: Realtor rebate check for new house
« Reply #11 on: November 22, 2021, 01:28:40 PM »
He's quite 'popular' in this forum. We hope he could make it right so we don't have to spell out his name or file a complaint
« Last Edit: November 22, 2021, 01:35:59 PM by cghirvine »

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Re: Realtor rebate check for new house
« Reply #12 on: November 22, 2021, 01:39:40 PM »
I guess the max rebate dream is over.  :(
lol

Offline bluebig

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Re: Realtor rebate check for new house
« Reply #13 on: November 22, 2021, 02:49:07 PM »
What is a reasonable split % just out of curiosity?

Offline USCTrojanCPA

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Re: Realtor rebate check for new house
« Reply #14 on: November 22, 2021, 02:51:48 PM »
I'm guessing that you are talking about Cetara where the broker coop was $45,000 and instead of giving you $22,500 your agent only gave you $20,000.
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