Buyers Rebate Program Under Consideration For New Jersey
It is illegal for agents and buyers looking to get a rebate or some cash back at the end of a real estate deal in New Jersey. But legislation being introduced in the State Senate may change all that.
It’s illegal right now, but pending legislation would allow Realtors and real estate brokers to pay home-buyers a portion of their commissions at the close of a deal.
New Jersey is one of 11 states that don’t allow the incentive, said Sen. Nicholas P. Scutari (D-Union), one of the bill’s sponsors. It would be up to the individual real estate agent to decide whether to pay the client.
“We’re trying to help the real estate market and to allow real estate agents and brokers to make deals happen,” Scutari said. via NJ.com
Companies such as ZipRealty have built their business model around the money back on closing model. The real estate cartel has fought this model but the time has come to allow it in the marketplace.
The companies that are offering it may offer lesser services and that is okay if lesser services are what’s needed. For those needing full service, there is a place for the traditional agent.
Right now the traditional agents are winning as the marketplace is a tough nut to crack. But as time goes by and the market turns around these discount agencies should do very well.
It sounds like it really depends on consumer confidence then. I feel like if people do start spending their money ...
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A house of beautiful architecture and well built so turned upside down. How sad. My condolences to the owner. 
