Los Angeles

[JeremyMiles]

I got my Redfin refund check today, and it's real!!!

 

Although, note to the nice folks at Redfin - you might recall that I've moved house (you had something to do with that), so you need to send it to my new address, not the old one.  

[endlessfall]

Congrats.

Your purchase must be huge to get that kind of refund!

[tritesprite]

Out of curiosity, how long did it take to get to you after closing?

[Joyti]

Redfin rebate is mailed to the buyer within 7-10 business day after closing.

[Shark]

Holy crap that's a lot of money for a refund.

[JeremyMiles]

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Shark wrote:
Holy crap that's a lot of money for a refund.

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Yep.  Cool, huh?

[JeremyMiles]

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tritesprite wrote:
Out of curiosity, how long did it take to get to you after closing?

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Closed on 11 March, check arrived March 30th.  (Probably would have arrived sooner if it hadn't needed to be forwarded from our old addres).

[JeremyMiles]

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endlessfall wrote:

Congrats.

Your purchase must be huge to get that kind of refund!

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A little math tells you that Refin refund half the commish they get, and they usually get 3%.  So it's around 1.5, and 9250.50/1.5 * 100 = 619700.   Which is a respectable amount, but not a staggeringly huge amount for LA, I guess.  Also, it was a foreclosure, and the bank weren't (quite) paying 3%, so the house was a little more.

[biella]

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JeremyMiles wrote:

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  Also, it was a foreclosure, and the bank weren't (quite) paying 3%, so the house was a little more.

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Does that mean if the bank doesn't want to pay the agent, the commission has to come out of the buyers pocket as part of the selling price?

[JeremyMiles]

No, the bank (or any seller, as I understand it) can specify what commission they will pay to the agents.  I'm not sure if the agents are obliged to split it equally.  Presumably if it's too low, the agents won't be willing to do the work.