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No… but don’t you want cash back?
Absolutely nothing.
We earn money from the commission the seller pays. In virtually all deals in New York, a buyer’s broker earns a commission that ranges from 2.5% to 3% of the property’s purchase price. And because we’ve created a smarter and more efficient home buying experience, we’ll cut you a check at closing for up to 2% of your new home’s purchase price.
Absolutely nothing.
We earn money from the commission the seller pays. In virtually all deals in New York, a buyer’s broker earns a commission that ranges from 2.5% to 3% of the property’s purchase price. And because we’ve created a smarter and more efficient home buying experience, we’ll cut you a check at closing for up to 2% of your new home’s purchase price.
Nope!
We’ve created a smarter way to buy real estate in New York. Because we work more efficiently than traditional brokerages, we’re able to rebate the savings to our clients. We give up to 2% of home purchase price cash back — no strings attached.
In New York, buyers’ brokers typically earn a commission between 2.5% and 3% of the property’s purchase price. That means when a buyer’s broker sells a $1.5 million apartment, that broker will typically collect a commission between $37,500 and $45,000. We think that’s too much, so we created BRN to provide a better value to our clients.
No. Unfortunately, a buyer without a broker is unable to collect any commission.
Before sellers list their property for sale, they sign a listing agreement which obligates them to pay a set brokerage commission, typically 5% or 6% of the purchase price to be split equally between the buying and selling brokers who work on the deal. So if you’re not a licensed broker, the seller has no obligation to — and won’t — pay you any commission.
That means if a buyer comes to the deal without a broker, only the selling broker will receive a commission — and the buyer loses out on the opportunity to save a lot of money by receiving a commission rebate.
We’ll cut you a check for your rebate at the closing table. It’s that simple.
According to the IRS, commission rebates are not taxable and are instead considered an adjustment to the home’s purchase price.
The IRS stated that “a payment or credit at closing from [a real estate broker] represents an adjustment to the purchase price of the home and generally is not includible in a purchaser’s gross income.”That said, we encourage all of our clients to check with their tax advisors as individual circumstances may vary.
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