| FAQ's for 1% Rebate Program |
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- How can I afford to do this?
If you do the leg work, I don't have to spend time or money showing you many different houses or introduce you to builders, because at this stage, you already have a builder. Since time is saved, I can pass a part of my commissions to you as a rebate.
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- How is this all free to me as a buyer?
I provide my Buyer's Agent services for Free to all of my clients. You will receive a 1% rebate out of my commissions which the seller/builder pays. You pay nothing and get a Realtor looking out for you and your best interests on your new home purchase.
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- Can I choose my builder?
Yes, you can choose your builder, but you must tell the builder I am your agent when you first visit the model home, and the builder must have me down as your agent on the contract for you to receive the 1% rebate.
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- Can I use my rebate to reduce the price I pay for my new home?
Yes, the rebate may be taken directly off the price of your home on the contract with the builder's approval.
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- Can I use my rebate toward closing costs or as a down payment?
Yes, you may and I recommend it; that way you get your money right at closing saving you out of pocket cash. It has to be approved by the mortgage company and they typically allow up to 3% total contributions.
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- Would I be getting 'real' cash at closing?
You will get the amount of rebate at closing to apply to your amount of funds you would need to close. So yes, basically you get real cash at closing. If you have a special case where you are getting transferred and you want to be paid outside of closing we can arrange that, however, it still must be approved by the lender and it may take up to 10 business days depending on funding by the title company; and, the rebate may be considered taxable income.
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- How will my rebate be taxed?
This question is best answered by a person's tax advisor. If the rebate can be applied to the purchase of the home at closing, then it may not be considered taxable income. If the rebate is given after the closing, then the money may be considered taxable income.
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- This seems too good to be true. Someone said it was illegal to offer rebates. Is this true? What's going on here?
It is legal; the State of Texas and the Texas Real Estate Commission allows me to give money back to a principle involved in the sale. As a buyer of the home you are the principle involved. You will see the rebate on the closing statement documented by the title company and fully disclosed to all parties involved.
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- I already registered with a new home builder. Can I still get a rebate?
That would be up to the builder because they are not obligated to compensate me if you visited them without contacting me first. I would suggest you tell the new home sales representative that you have an agent that you would like to represent you. If they do not allow me to represent you then you can either purchase that house without the rebate and my representation or find another builder or community.
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- How do you define 'new home'?
A New Home is a home under construction, a home to be built especially for you by a new home builder or an inventory home that has never been lived in.
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- Why don't all realtors offer rebates?
Many brokerage companies are not able to offer rebates due their profits and commission splits. This is because they have high overhead costs and are less efficient. Others cannot leverage technology and the Internet efficiently and therefore cannot service their clients adequately while reducing costs.
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- A real estate agent once told me, "You get what you pay for". Will you provide me with the same level of service as a traditional agent?
I am a licensed agent providing full service to my clients. After you do the leg work and find your new home, you get the same personal service I provide all of my clients. On top of the great service, you get a rebate!
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- What happens if I choose to use an agent, and then change my mind?
The rebate will be lost because the 3% Realtor Commission built into every home will not be used and the builder will keep the commission. If you decide not to purchase the home and cancel the deal, you might owe the builder money depending on the contract both parties signed but signing up for the rebate program has no bearing on this.
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- I have a home to sale, can you help me?
Yes! I will even help you here. I may even discount my listing side and you will get a full service Realtor and listing in the Multiple Listing Service (MLS). Contact me for details.
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- If I refer a friend how much do I get for a referral?
In this situation you will have to be satisfied with the many thanks you'll receive from your friends for saving them money. The State of Texas will only allow me to give a $50 Referral which I will gladly pay you on any referral that results in a closing on a home.
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