1Is this real estate rebate for real? It sounds too good to be true!
It is for real! Lenny & Wes like to give back. We feel that the old 6% model of real estate is dying. We feel consumers deserve more options than the traditional 6% sale and why should the buying agent receive 3% when he can legally share that commission? Back in the old days, driving around a client and helping them find the perfect home on a Saturday was a very time-consuming process. We don't do that anymore, so it just makes sense for us to rebate what we earn since we are doing less. In addition, we may get to work with someone who might have bought a home through us.
2Are Commission Rebates Legal?
3What does the US Department of Justice actually say about Real Estate Rebates?
"Rebates can save consumers several thousand dollars in a single transaction. For example, if a broker offers to refund one-third of its commission to the homebuyer, the average buyer of a $300,000 home could save $2,500 to $3,000 (based on the 2.5% to 3% commission rates typically earned by the buyer’s broker)".
Calculate your potential buyer rebate here: https://www.justice.gov/atr/rebates-make-buying-home-less-expensive
4How can I take the rebate?
You can get cash (a check payable to you) at closing from the closing company.
You can apply the rebate toward your real estate prepaids or mortgage closing costs.
You can use the rebate to reduce your purchase price as well! This is done outside of the ALTA/HUD we negotiate the Seller to reduce the commission and purchase price down accordingly.
On a new construction sale you can use the rebate toward an upgrade you didn't think you could afford such as a pool, granite countertops etc.
5Where will you see the commission rebate?
If you are paying cash you will have a settlement statement and the rebate will appear in Section 200.
If you’re borrowing money to purchase the property, you will have an ALTA, and the rebate will be stated in section L.
6Can you access ALL Florida MLS areas?
We have access to many MLS’, however, for our Buyer Rebate program we sometimes use MLS Advantage.
The Florida Realtor’s MLS Advantage allows participating boards and members to share available MLS listings across the state of Florida.
7Are Real Estate Rebates Taxable?
While we can’t give legal or financial advice. Clients have reported to us that the Internal Revenue Service (IRS) may deem real estate commission rebates as “NOT TAXABLE INCOME” because they are viewed as an “adjustment to the purchase price” and thus may not be considered as part of the “purchaser’s gross income”.
We encourage you to consult your legal and financial counsel. Clients have also provided us this IRS ruling which we encourage you to show your financial counsel or CPA: http://www.irs.gov/pub/irs-wd/0721013.pdf
8Can I still get a Buyer Rebate on a Newly Built Home?
Yes, of course! Please call our office to find out which builders participate and we will help you by completing a Buyer Registration Form which will register you and allow you to explore new home communities on your own and still be eligible for a Buyer Rebate.
9How Do I Search for a Property?
Searching for Your Home:
Every home in the REALTOR MLS (Multiple Listing Service) qualifies for our real estate cash rebate program. Search Realtor.com to find the home you want by yourself, on your own time.
We can provide you a daily automated email of properties from the Realtor Multiple Listing Service (MLS) that match your search criteria you provide us-- our system will automatically e-mail you new listings as soon as the listings hit the market. In order to know just what you are looking for, please fill out THIS FORM . Please take your time answering the questions on the form here so we can tailor your personal property search to fit your needs.
Are you looking for a newly built home? Call us to be provided a list of new home builders who participate in our buyer rebate program. CLICK HERE TO FILL OUT FORM
10How do I View a Property?
Important Showing Instructions:
- We MUST be the first agent to show you the inside of the property!
- You can always check out the house and the local neighborhood via a “drive by”, however, if you want to see the inside of the house you need to let the listing agent know you are working with Like It Realty.
- If another real estate company shows you the property, you will NOT quality for the cash rebate.
11What Happens When I want to Make an Offer?
Once you have identified a property that you would like to put an offer on, our licensed and insured broker will work with you to confirm it is still available, review the terms of the sale and submit the offer on your behalf. We will work with you through the negotiation & contract process and help answer any questions that you may have.
12Will calling the listing agent directly get me a better deal or save me money?
Some Buyers believe if they contact the listing agent directly they will save the Seller money. However, if a buyer chooses not to enlist the help of a buyer’s agent, the full 6 percent (typical retail agent commission) goes to the seller’s agent. Some buyers insist they can also get a "DEAL" by going to a listing agent--this is simply not true as you are not saving the seller any commission--in fact, you may be complicating his sale. By working with the seller's agent directly, the agent is now in a dual agency relationship and you (and the seller) have to ask if there is going to be a conflict of interest. As you can see, Buyers don't typically get "deals" by not using a buying agent, but instead, risk their interests being hurt by not negotiating well, having conflicted representation or losing out on the deal entirely by complicating the offer. We cannot stress enough that transactions can go wrong quickly and a buyer agent's guidance can help prevent issues before they arise. Give us a call so we can give you up to 1.5%, of the purchase price (Buyer Rebate), when you buy a home through Like It Realty!
Sound too good to be true? It isn't - if you have questions, feel free to contact us to discuss.
13Will using a buyers agent cost me money?
Typically working with a buyers agent does not cost a buyer anything however, we have seen brokerages that do charge a small transaction fee ranging from $300-500 that will be charged to the buyer at closing.
Not only does Like It Realty NOT CHARGE A BUYER any fees when buying a home, in fact, we will pay your closing costs (up to 1.5% of the purchase price) credited to you at closing, which will reduce your out of pocket expense - SAVING YOU THOUSANDS!
Sound too good to be true? It isn't - if you have questions, feel free to contact us to discuss.
14Are there purchase price requirements?
There are no minimums however, in order for Like It Realty to share half of it's commission with you, Like It Realty must be able to earn at least $3,000 in commission. On average this can be earned on a $200,000 home paying a 3% commission to Like It Realty. We would take that $6,000 and share $3,000 with you minus any commissions or deductions Like It Realty is forced to pay third parties (for instance a showing fee to a listing agent who showed you the property).
15Are there any additional (or hidden) fees to pay?
Like It Realty does not earn any fees or commission from it's buyers. While there are no fees charged to Buyer, Like It Realty may deduct fees it is forced to pay third parties (for instance a showing fee to a listing agent who showed you the property) from Buyer's rebate.
16How much will this buyer rebate save me?
It's simple math. Example: If you, a family member or friend are considering the purchase of an Orlando home being offered in the MLS with a 3% commission, and the anticipated sales price is $500,000, the rebate would equal $7,500! ($500,000 x 1.5% = $7,500). Simple! Put it towards your closing costs, reduce the price of the property or get cash back at closing!
17What does cash back at closing mean? Will Like It Realty really send me a check?
Payments from a real estate broker to his or her client during or after closing is a rebate. Incentives may include closing-cost payments documented on your closing statement (this is the typical rebate) or you may receive a check at closing from Like It Realty.
18Like It Realty likes to save me money, but how is Like It Realty's service?
Being honest, most everyone that initially comes to us comes to us to save money, however, we have many, many repeat customers and they come back to us because of our service. We have experience agents, broker and we aren't "salesy" we don't have to talk you into saving money. Our main goal is your customer satisfaction--which is evidenced by our HUGE Google and Facebook 5 Star Reviews!
19What is the MAX rebate I can receive?
We do not have a cap on our rebate! We will rebate our commission no matter how high it is. Example: If you bought a $3 million dollar home through us, that was listed on the MLS with 3% commission, we would send you a check for $45,000!
20Where does the buyer rebate come from? Who pays for this rebate? (Hint: It's not you, the buyer!)
In the typical real estate transaction, the seller may pay a 6% commission to the listing agent, of which 3% goes to the seller’s listing broker and 3% goes to the buyer’s broker. Like It Realty would be your buyer broker so we would take our 3% and split it with you.
21What properties qualify for a Buyer Rebate?
All homes in the Realtor's MLS qualifies for a buyer rebate because the Realtors require all listings in the MLS to have an offer of compensation for buyer brokers (which we then share with you in the form of a rebate). However, if another agent shows you a home, chances are that home will not quality for a rebate! Be sure to set up a showing through Like It Realty so we can protect your rebate (otherwise, the listing agent may keep the entire 6%).