How to Reduce Your Buyer Closing Costs in NYC

We'll show you the easiest way to reduce your NYC buyer closing costs in this video.Show more

Save 2% When Buying in NYC: https://www.hauseit.com/buyer-closing-credit/

I’m Nick at Hauseit (https://hauseit.com). Give us a shout if you're looking to buy sell or rent in New York City, Long Island, Westchester, the Hudson Valley or here in South Florida. We can save you money when buying, selling or renting. So, check out our website https://hauseit.com to learn more or send us an email to team@hauseit.com.

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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 $2 million condo in Manhattan. Your typical buyer agent commission of 3% equates to a $60,000 commission paid to your buyer's agent. Now, a typical buyer's agent keeps all $60,000 of the $60,000 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 $60,000 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 $40,000 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.

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 genuinely not know what a rebate is, never offered one before or potentially think incorrectly that it's illegal, which it's not. iIt's completely legal in New York and 40 other states. Or the agent may nefariously actually lie and just say that you know rebates are not allowed or legal or some combination of all of the above. This is 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 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 conflict. 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 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 Hauseit, 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 agent commission is three and a half percent or four percent the rebate that you'd receive through the Hauseit Buyer Closing Credit service, will significantly exceed two percent of your purchase price.
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https://www.hauseit.com

Save money when buying, selling and renting real estate in New York and Florida with Hauseit (https://hauseit.com). Available in NYC, Long Island, the Hudson Valley and South Florida. Est 2014.

Hauseit Group LLC, Licensed Real Estate Corporation
Tel: (888) 494-8258 | https://www.hauseit.com
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