Realtor rebate check for new house

cghirvine

New member
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?
 
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.
 
cghirvine said:
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.
 
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
 
cghirvine said:
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. 
 
Beach2Hiddencanyonres said:
cghirvine said:
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.
 
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?
 
cghirvine said:
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)?
 
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  :mad:
 
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.
 
cghirvine said:
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  :mad:

That?s too bad?
Here, with people in the know is double that
 
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
 
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.
 
bluebig said:
What is a reasonable split % just out of curiosity?

Depends on a few things for me...amount of the broker coop (builders have been cutting their coops), how much time was spent showing resale homes and making offers on them, and if it is a new or repeat client.  Definitely around 50% is reasonable.
 
cghirvine said:
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

Give him 48 hours to make it right, if he doesn't then post his name on here so people can know who to stay away from because he doesn't keep his word.
 
cghirvine said:
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  :mad:

44.4% ??

Kris is really sending you some bad juju.  He could have at least made it 44.5%  ;)
 
USCTrojanCPA said:
bluebig said:
What is a reasonable split % just out of curiosity?

Depends on a few things for me...amount of the broker coop (builders have been cutting their coops), how much time was spent showing resale homes and making offers on them, and if it is a new or repeat client.  Definitely around 50% is reasonable.

Thanks - is that 50% from whatever amount or do you net anything out like taxes, some folks seem to try to back out taxes so ends up being lower.
 
bluebig said:
USCTrojanCPA said:
bluebig said:
What is a reasonable split % just out of curiosity?

Depends on a few things for me...amount of the broker coop (builders have been cutting their coops), how much time was spent showing resale homes and making offers on them, and if it is a new or repeat client.  Definitely around 50% is reasonable.

Thanks - is that 50% from whatever amount or do you net anything out like taxes, some folks seem to try to back out taxes so ends up being lower.

50% of the broker coop amount.  I don?t net out my taxes before the rebate is a tax deduction on my tax return. It?s not taxable to the buyer either, it?s a reduction of cost basis (the same way if the rebate was done through escrow).  Maybe if agents and their accountants understood how rebates are treated for tax purposes they wouldn?t make any deduction for taxes (I know Bc I?ve been audited by the IRS over my rebates and let?s just say I prevailed).
 
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