972-468-1463 Call or Text for Info About Buyers Rebate & Flat Fee Listing
972-468-1463 Call or Text for Info About Buyers Rebate & Flat Fee Listing
Q: How do I get started or ask a question?
A: Email us: reid.team@verizon.net or call / text us: 972-836-8905
Q: What is The Cash Back Rebate?
A: Very simple, we pay you (the buyer) 50% of our real estate commission that is paid to us by the seller or builder. Example: Traditional commission is 3% of the sale price and you would receive 1.5% of the sale price. On a $400,000 home, your rebate would be $6,000. You never pay us any money.
Q: What’s the catch?
A: The catch is there is no catch! This is not a gimmick. If you let us help you purchase your next home, you will get the benefit of ethical, professional representation, while receiving 50% of our commission we receive from the seller or builder. Cash back rebate is always 50% of our commission.
Q: Will I get the same level of service as I would with a "traditional" real estate agent?
A: We give up part of our commission; we do not sacrifice our service. We provide great customer service and know-how in real estate transactions, including negotiating the deal. We are licensed REALTORS® in the state of Texas.
Q: Why do you give up your commission?
A: We have low overhead (no expensive ads, no large offices) and pass the savings to you.
Q: Is it legal to receive a Real Estate Rebate?
A: Yes, it is legal for a home buyer to receive a Real Estate Rebate. Section 535.147 (c) of the Rules of the Texas Real Estate Commission states: It is not a violation of this section for a licensee to pay a portion of the licensee’s fee or commission to a party in the transaction.
Q: Do I need to disclose the real estate rebate to my lender?
A: Yes, you will need to notify your lender of the rebate and get their approval. Lenders deal with rebates differently and we need to coordinate how to best account for the rebate at closing. We will work with you, your lender, and the escrow officer to coordinate the distribution of your rebate. Rebate must also be disclosed on closing statement.
Q: Is the rebate taxable income?
A: The IRS stated in private letter ruling # 200721013 that rebates are not treated as taxable income but rather a reduction to the price of the home. Since private letter rulings are only for the benefit of the party who petitions the ruling, there still could be a question about the treatment of the rebate. We suggest that you check with your tax adviser.
Q: How will I receive my Cash Back Rebate?
A: The rebate is credited to you to offset your closing costs.
Q: Can I purchase a new home with a builder and still receive a rebate?
A: Yes. With new home builders it is important to identify us to the builder as your buyer’s agent. If you fail to register us as your buyer’s agent, you could sacrifice your rebate. Identifying us as your real estate agent does not obligate you to work with us; however, it does make you eligible to receive 50% of our commission if you use our service.
Q: Can I work with The Reid Team if I am currently working with another real estate agent?
A: If you have not signed an exclusive buyer’s representation agreement with another agent, then we may be able to represent you in the transaction. If you have signed an exclusive agency agreement with another agent, you may not work with us until such an agreement expires. This web site is not a solicitation to clients with an agent.
Remember that we can show you any available property, regardless of the real estate agent or company listing the property.
Q: Do I have to pay the asking price in order to get the cash back rebate?
A: No, most of the transactions we negotiate on behalf of our buyer client’s have a sales price that is less than the asking price.
Q: Do I have to buy a home with a minimum purchase price to get the cash back rebate?
A: No, all home purchases qualify, no minimum purchase price.
Q: What if the property is for sale by owner?
A: We are able to provide a rebate to our buyers only in the cases where the seller is offering a commission to the real estate agent. For sale by owners will usually pay the 3% buyer agent commission.
Q: What areas do I have to Buy in to get a rebate from you?
A: Any property in Texas.
Q: Do you help investors buy homes?
A: Yes, we have been helping investor with purchasing properties for many years.
Q: Is there a limit to how much you will rebate a buyer?
A: No limit.
Q: Who pays you?
A: The seller pays the commission. The commission is split between the Seller's Agent and the Buyer's Agent. We in turn give you 50% of our commission we receive.
Q: What if I need to sell my current home?
A: We can help you sell your home and at a discount. We will list and sell your home for 4% not the traditional 6%. On a $400,000 house, that is a savings of $8,000.
Call or Text 972-468-1463
Chuck Reid TX Lic 0599783 w/ 5th Stream Realty
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