- How/when do I receive my refund/rebate?
- Exactly how much will I receive?
- Will I be taxed by the IRS?
- Am I still eligible for additional closing costs and incentives from the seller?
- Why would you do this?
- Why do I need to get pre-approved to purchase a home?
- Where is this available?
- Can I sell a home with you as well?
- Is this even legal!?
- What is the difference between you and a traditional real estate agent?
1. How/when do I receive my refund/rebate?
At close of escrow.2.
2. Exactly how much will I receive?
It depends. Assuming the most common buyer’s agent commission of 3%, you will receive 1/3, or 1% of the total value of the home. If you are purchasing a home for more than $500,000, this amount is increased to HALF of the commission, typically 1.5% of the value of the home.
3. Will I be taxed by the IRS?
No! A ruling from 2007 stated that a commission refund to the buyer does not constitute income or require a 1099 form. (Thank you Redfin!)
4. Am I still eligible for additional closing costs and incentives from the seller?
Yes! Your bonus is in addition to everything that will be negotiated for your home.
5. Why would you do this?
I think this is the best marketing strategy; paying you for the research you are already doing. In addition – I am not signed up with a real estate ‘team’. Often times your real estate agent ends with less than half of the commission offered due to various methods employed by their brokerage. I want to cut the fat and allow consumers to be in control.
6. Why do I need to get pre-approved to purchase a home?
The start of every real estate transaction happens when you say, “Wow! I love this home!” When this happens, I need you ready to move and submit an offer. In order to submit an offer, seller’s agents generally require a proof of ability to purchase to accompany every offer contract. By completing this step before looking at home, you are ready to take advantage of any situation presented.
7. Where is this available?
I am located in Nevada, however, if you are interested in this service outside of the state where I am licensed, I have many friends in all parts of the USA. Rather than make them pay me a 40% referral fee, I will convince them to give you your rightful 1%. Test me 😀 (Not available in Alabama, Kansas, Louisiana, Missouri, Oklahoma, Oregon, or Tennessee)
8. Can I sell a home with you as well?
Yes! I will list your home for 1% and ensure that you get the most money in your pocket. Typically I will ask you to give the buyer’s agent 2-3%, but in the end, I can only guide you – the decisions are your own.
9. Is this even legal!?
YES! In most states… This is not legal in Alabama, Kansas, Louisiana, Missouri, Oklahoma, Oregon, or Tennessee.
10. What is the difference between you and a traditional real estate agent?
Traditionally – you contact a real estate agent and then the agent helps you look for homes. With us, you look for homes (online), and then we do the traditional stuff. Because of this difference, we share our commission with you. It is real estate for the modern age.