Reply
Super Contributor
JeremyMiles
Posts: 256
Registered: ‎10-29-2007

Yay! Refund check arrives!

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

 

 Refund Check

 

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.  

 

Super Contributor
endlessfall
Posts: 320
Registered: ‎12-02-2008
0

Re: Yay! Refund check arrives!

Congrats.

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

Regular Contributor
tritesprite
Posts: 56
Registered: ‎03-04-2009
0

Re: Yay! Refund check arrives!

Out of curiosity, how long did it take to get to you after closing?
Redfin Senior Agent
Joyti
Posts: 48
Registered: ‎08-14-2007
0

Re: Yay! Refund check arrives!

Redfin rebate is mailed to the buyer within 7-10 business day after closing.
Joyti Goundar | Redfin Los Angeles Team Lead
See all my deals & reviews
Contributor
Shark
Posts: 15
Registered: ‎09-24-2008
0

Re: Yay! Refund check arrives!

Holy crap that's a lot of money for a refund.
Super Contributor
JeremyMiles
Posts: 256
Registered: ‎10-29-2007
0

Re: Yay! Refund check arrives!


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

Yep.  Cool, huh?



Super Contributor
JeremyMiles
Posts: 256
Registered: ‎10-29-2007
0

Re: Yay! Refund check arrives!


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

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).

 

 

Super Contributor
JeremyMiles
Posts: 256
Registered: ‎10-29-2007

Re: Yay! Refund check arrives!


endlessfall wrote:

Congrats.

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


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.

Regular Contributor
biella
Posts: 66
Registered: ‎08-15-2008
0

Re: Yay! Refund check arrives!


JeremyMiles wrote:

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

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?

Super Contributor
JeremyMiles
Posts: 256
Registered: ‎10-29-2007
0

Re: Yay! Refund check arrives!

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.