How do rebates work in Nebraska

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April 12 2013 - Omaha
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Profile picture for Dunes ..

According to the Dept of Justice Anti-Trust Division
"Nebraska allows real estate brokers to provide rebates to consumers and to customize their real estate service offerings to meet their customers' needs"...What are the laws in your state?

Also according to them (DOJ)

How do rebates work?

"Some real estate brokers offer consumers cash refunds or non-cash incentives to encourage them to use that broker's services. Rebates are typically cash payments from the real estate broker to his or her client after closing. Incentives may include gift certificates, closing-cost payments, or free ancillary services such as home inspections or moving services."

How do rebates benefit consumers?

"Rebates can save consumers several thousand dollars in a single transaction. For example, if a broker offers to refund one-third of its commission to the homebuyer, the average buyer of a $300,000 home could save $2,500 to $3,000 (based on the 2.5% to 3% commission rates typically earned by the buyer's broker).

Incentives, such as gift certificates for a home inspection, merchandise at a nearby hardware store, or moving services, give consumers monetary benefits from the transaction that they otherwise would not have obtained.

Offering rebates and incentives is one way that real estate brokers can compete for consumers' business, leading to lower prices to consumers."...

Do refunds and incentives pose any risk to consumers?

"Some have argued that refunds and incentives can tempt consumers into closing on real estate transactions against their best interests. The Antitrust Division has found no evidence that refunds and incentives harm consumers. On the contrary, they can dramatically lower the price that consumers pay for brokerage services"

Rebates Make Buying a Home Less Expensive



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April 12 2013
 
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