Rebate on New home purchases - Discuss
- Thread starter LAtoOC
- Start date
NEW -> Contingent Buyer Assistance Program
It's a reduction of cost basis, same as if the rebate went through escrow (both a non-taxable event to the buyer) since Redfin's rebates would be done outside of escrow at times. You can trust me on this, I worked with a former IRS lawyer when I got audited.
Work-load. Signing up at the new sales office takes 10 minutes and then you get a big check for essentially doing nothing. For resale there are so many other factors to getting the transaction completed. Everything can be negotiated though.
+1 Less work involved in a new home purchase for an agent than a resale home purchase, but I've had situations where I had to do a lot of hand holding for newbie new home buyers where there were issues with the home (repair items).
Oh man, I'm sorry to hear that. Unfortunately there will be scumbag realtors like this. Did the agent go MIA on your friend or did he just flat out refuse to provide them the rebate? If your friend has anything in writing (email, text, and/or agreement), they should go to the broker first and then the realtor association and then the department of real estate.
The IRS might have a bit of an issue with that kind of rebate. Also, agents that work under a broker who provide 100% commission splits have to pay a broker transaction fee (usually $1,000 and up).
usctrojancpa
Well-known member
test said:
It's a reduction of cost basis, same as if the rebate went through escrow (both a non-taxable event to the buyer) since Redfin's rebates would be done outside of escrow at times. You can trust me on this, I worked with a former IRS lawyer when I got audited.
irvinehomeowner
Well-known member
Is #RobinhoodRebate greater than #MaxRebate? 
woodburyowner
Well-known member
Mety said:
Work-load. Signing up at the new sales office takes 10 minutes and then you get a big check for essentially doing nothing. For resale there are so many other factors to getting the transaction completed. Everything can be negotiated though.
usctrojancpa
Well-known member
woodburyowner said:
+1 Less work involved in a new home purchase for an agent than a resale home purchase, but I've had situations where I had to do a lot of hand holding for newbie new home buyers where there were issues with the home (repair items).
Nightmare Scammers here in Irvine
@RickLopez Realtor Lied to my friend and walked off with $30K
After months promising he would pay the guy just took off
stay away from this guyhttps://www.yelp.com/biz/richard-lopez-coldwell-banker-platinum-properties-irvine
@RickLopez Realtor Lied to my friend and walked off with $30K
After months promising he would pay the guy just took off
stay away from this guyhttps://www.yelp.com/biz/richard-lopez-coldwell-banker-platinum-properties-irvine
usctrojancpa
Well-known member
think33r said:
Oh man, I'm sorry to hear that. Unfortunately there will be scumbag realtors like this. Did the agent go MIA on your friend or did he just flat out refuse to provide them the rebate? If your friend has anything in writing (email, text, and/or agreement), they should go to the broker first and then the realtor association and then the department of real estate.
Dr. CA Real Estate
New member
Offering Max Rebate and also up to $10k in referral bonus. Applies to new construction and resell properties.
usctrojancpa
Well-known member
Maserson said:
The IRS might have a bit of an issue with that kind of rebate. Also, agents that work under a broker who provide 100% commission splits have to pay a broker transaction fee (usually $1,000 and up).