We all love getting a refund. Getting a few bucks back always feels good. How would it feel to get thousands back? Well, great, of course. Did you know when buying a home, you can get a 50% buyer agent commission refund simply by using the right website?
Real estate agents typically get paid from the person selling a home. The listing agent gets a commission, then pays the buyer’s agent a percentage of their fee. So a 5% commission paid by the seller, typically gets split 50/50 with the agent bringing the buyer so the buyer agent will get a 2.5% commission on the sales price. With this refund, you will be given part of the agent’s commission.
You may be thinking as a home buyer that since the home seller is paying the commission, “why should I care?” You should care because there is a way to actually get a part of the buyer agent commission refunded to you at closing. You can get a buyer agent commission refund by using the website OpenListings.
How does it work?
1. Shop for homes.
Firstly, go to OpenListings’ website and shop for homes for sale in your area. Track your favorites to get instant updates on price changes or if it gets sold. At the time of this writing, OpenListings only services the states of California, Washington, and Texas in the United States.
2. Visit homes you like.
Arranging home tours can be a challenging process for agents and buyers alike. OpenListings streamlines the process so you can book a free tour online in seconds. They have a network of vetted showing agents to facilitate a tour without the pressure many agents put on buyers. You can take your time and actually enjoy the process.
3. Submit an offer online.
This is one of our favorite aspects of this technology. Not only can you submit an offer on a home by yourself, online, 24/7, you get smart pricing recommendations, so your offer won’t be a low ball offer and not too high. OpenListings pairs you with a top-rated buyer agent who knows your market and supports you through the process.
4. Close escrow and save money.
Once your offer gets accepted by the seller, your assigned buyer agent guides you through the escrow process until closing. Even though you are getting a refund back, you still get full service, which includes scheduling inspections, negotiation repairs, and credits, as well as sorting out unexpected issues that inevitably come up during escrow.
What will your refund be?
On a $500,000 home purchase, a 2.5% commission for the buyer agent is $12,500. A 50% commission would mean you get $6,250 at closing. Amazing, right? To compare, the refund by Refin is only $1,535 according to the OpenListings calculator. Calculate your potential refund here.
Get your buyer agent commission refund.
Read more about the process and get started at OpenListings and get your buyer agent commission refund. The home buying process has been historically very arduous and opaque. OpenListings has distilled a complex process and made it transparent to the customer. Best of all, you get to walk away with a fat refund at the close of escrow that you can use on any number of home improvement and remodeling projects.