how to reduce your buyer closing costs in new york city we'll demystify this
topic in the following video i'm Nick at Hauseit visit our website hauseit.com to
learn how to save money if you are looking to buy sell rent
or all of the above or some of the above in new york city long island the hudson
valley as well as miami and south florida so let's get started
so the easiest way to reduce your buyer closing costs in new york city is to
work with a buyer's agent who has agreed to offer you a buyer agent commission
rebate a buyer agent commission rebate means
or signifies that your agent has agreed to give you back a portion of the
commission that is paid to her or him by the seller upon closing
so take an example of say a two million dollar condo in manhattan your typical
buyer agent commission of three percent equates to a sixty thousand dollar
commission paid to your buyer's agent
now a typical buyer's agent keeps all sixty thousand dollars of the sixty
thousand dollar commission and shakes your hand at closing and you
never probably hear from her him ever again
an agent who's offering you a buyer agent commission rebate will not keep
the entire sixty thousand dollars that she or he is paid upon closing perhaps
as in the case with our program at Hauseit with our Hauseit Buyer Closing
Credit service we would actually give you back forty thousand dollars of that
commission in the form of credit upon closing this
would reduce the amount of money you have to bring to the closing table or in
the form of a check post closing so we're talking about a huge amount of
money that you can just automatically receive back on your purchase thereby
reducing your buyer closing costs or just lowering the outright costs of your
property depending on how you're looking at it but at the end of the day it is
such an easy way to save money the sad part is that most buyers have never
heard of a buyer agent commission rebate
and oftentimes we even get calls from people after they've closed and they're
like hey can i get my rebate unfortunately we say well you know it's
a bit too late now you've already closed the deal so you're way ahead of the
curve if you're watching this video part of the reason why most buyers have
not heard of buyer agent commission rebate particularly in new york city is
because the real estate industry is obviously not super enthusiastic about
the idea of basically working for two-thirds less than what they otherwise
would receive on a typical transaction so your average agent might either a
genuinely not know what a rebate is never offered one before the potentially
think incorrectly that it's illegal which it's not it's completely legal in
new york and 40 other states or c may nefariously actually lie and just say
that you know rebates are not allowed or legal or some combination of all of the
above so
in other words people are not necessarily
yelling and screaming about buy reaching commission rebates when they're hosting
their own open houses that's why you never hear of rebates and
that's also why it's very hard to get one because even if you find an agent
who understands what a rebate is you have to a have that really awkward
conversation with someone looking them directly in the eyes and say
hey can can you work with me and can you give me an 80 discount
it's a really tough opener you know a lot of agents are going to just blow you
off and you really don't want conflicts so it's really difficult to have that
discussion and even if you find an agent who may agree to a ribbon in principle
they might then say okay i'll give you a rebate of 500 bucks
on a 2 million purchase so then you have to now have a massive discussion and
awkward conversation about negotiating the actual size of the rebate so think
about all of the time you're going to have to sift through all these agents
find the agent that acknowledges that rebates exist that doesn't say that
they're illegal and then you have to find the one that's going to give you
the highest possible rebate it's a ton of work
but fortunately here at house that we make your life a lot easier through our
Hauseit Buyer Closing Credit program you essentially get connected with one
of our partner agents who has already agreed to offer you a traditional full
service experience while giving you the maximum feasible rebate here in new york
city which can be up to two-thirds i.e two percent of the purchase price and
also if you're buying a new development that two percent can actually be more
than two percent because of the fact that buyer agent commissions are
oftentimes more than three percent for certain new developments in the city so
if the buyer aging commission is 3.5% or 4% the
rebate that you'd receive through the Hauseit Buyer Closing Credit service
will significantly exceed 2% of your purchase price
so we hope you found this to be helpful give us a shout if you'd like to work
with us and save money team@hauseit.com or visit our website
hauseit.com i'm Nick at Hauseit we greatly appreciate your time on today's video
and we'll see you on the next one