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3% Buyer Cash Rebate FAQ (Frequently Asked Questions)
- Opening Note
- Getting Over the 3% Realtor® Commission
- How does your Rebate work?
- Can I just get the Builder to discount their New House by 3% if I am not working with a Realtor®?
- Will every New Builder work with a Realtor?
- How can you justify giving Rebates?
- Why can't I get a 1.5% New Home Rebate on an Existing home purchase?
- How is the Rebate paid?
- Who Gets a Rebate?
- When is the Rebate paid?
- Are there any restrictions on my use of the Rebate money?
- How about if I buy in other Texas locations. Will the Rebate apply?
- About Full Representation - Limited Service Cash Rebates
Opening Note - ARG for Unmatched Savings!
Right from the start ARG was fomed to provide the public with the highest level of Real Estate services for the lowest cost possible and we achieve this through buyer cash rebates which work to net the cost of your new home lower. As a real estate services consumer, you have a right to shop for competitive real estate services in an effort to save substantial amounts of money. Since industry price fixing efforts are against State and Federal Laws, you'll find ARG's consumer first approach most refreshing.
If you need to SELL your existing home first (before buying a new home) then ARG shifts their Texas Best Buyer Cash Rebate towards listing fee reductions allowing you to sell your home through ARG at a huge discount! ARG's "SellBuy Flexible Fee commission structure is designed to save you between 50% - 100% of the listing commission normally paid to sell your home through the MLS. And if you are on ARG's approved New Home Builder Move up program ARG will guarantee up front to sell your home COMMISSION FREE by waiving the ENTIRE 6% Listing Fee.
In nearly all cases ARG's Listing Discounts for our home sellers actually represents a higher total client savings when compared to our standard Cash Rebate, making ARG even more valuable if you have a home to sell. Please note that ARG's listing discounts for home sellers are always in lieu of any advertised buyer cash rebate. Cash Rebates apply to BUYERS only. So whether you need to sell first or are a buyer with no house to sell, ARG will save you money and guarantee your savings in writing!
Sample Listing Discount: Free Move Up
Sell your existing home for $275K and buy a new home for $350K and the typical Listing Fee Commission of approximately $16,500 is on us! That means you turn a $16,500 expense into the equity you keep. Now how cool is that? Form many area new home buyers having this 6% headstart is crucial to their ability to justify selling their existing homes and buying new.
ARG Rebates based upon GROSS Commission
With regards to Cash Rebates for buyers, ARG NEVER DISCOUNTS its business expenses BEFORE we determine your cash rebate amount. This means 1.5% means 1.5%, 2% means 2%, etc. We also guarantee your rebate in writing and are an "A" rated member of the Dallas Better Business Bureau so you know we stand behind our services and commitment to you! Visit the BBB link below at the bottom of this page to view our company report. Unlike others, ARG's BBB Logo is interactive with the local BBB so you can be assured we are who we say we are.
U.S. Department of Justice (DOJ) - "Rebates make buying a home less expensive." And are
protected by Anti-Trust Laws
IRS in a related Private Letter Ruling deems
Cash Rebates as NOT Income
for Income Tax Purposes
Please note, if in doubt concerning these matters please seek legal and or Expert Tax Advice
Getting Over the 3% Realtor® Commission
We have all heard of "Penny-Wise, Pound Foolish" and many home buyers actually employ this thinking only to discover after it is too late that they made several rather serious mistakes. If you can't get past the idea that a Realtor® can save you money on your New Home purchase and help you NOT make costly mistakes and that the commission being paid by the Home Builder is actually to a large degree a protection for you the home buyer then I truly wish you all the best.
From my own experience I have found that it is not uncommon for a buyer to pay up to $10K, $20K or more than what the builder would have negotiated for. Builders want profits and they will surely work with you, but in the end they ultimately represent the builder's financial interests before yours. Realtors on the other hand want to get the best deal for their clients. Smart Realtors know the market and provide advice that can save you a bundle.
Your Realtor's® commission does 2 IMPORTANT THINGS for you:
- Pays for and provides YOU with Buyer Representation from an experienced professional that represents you and your financial interests and that means doing some ground work to determine the proper offer.
- Gives the Builder a financially effective means to MARKET their New Homes to the Public. Paying a Realtor® is a lot cheaper that other forms of advertising which do not guarantee sales.
In addition, with ARG as your buyer agent you get up to 66% of the commission paid to your Realtor®! When you consider the mistakes that can be made without representation, it just makes sense to use ARG's services.
How does your Rebate work?
First you must be a Client of ARG to receive a Buyer Cash Rebate and if you are buying a NEW home you must inform the builder's sales rep that you are being represented by ARG and once you are contracted ARG must be listed as your buyer agent. Advertised rebates and actual rebates may be different depending on the extent and type of services provided to you. Reading about our services and Rebate offers online does not entitle you to a new home cash rebate from your new home builder if you are not an ARG Client. Furthermore builders are not permitted by law to "kick back" cash to new home buyers. Please contact ARG so we may review your specific needs and how our Realtor® services can help you save. If you decide to use our services we will email you a buyer agreement guaranteeing your rebate and our services. The best way to get started is by Registering with us.
In exchange for these generous cash rebates we simply ask that our clients be prepared to do some of the initial legwork themselves by previewing potential neighborhoods and homes by driving to these locations for an outside look. Since the internet has made it easy for the public to search for a home from the comfort of their home computer, the Realtor is no longer needed in this primary phase of the home search. Many times homes and neighborhoods can be eliminated or added to the short list bsed upon the initial impression obtained by driving by. The time savings this provides us at ARG enables us to provide the large cash rebates that we do.
When you add up the savings you get from ARG virtual real estate website, it is pretty impressive! When we say "No One Beats Our Rebates!" or Services, we mean it!
Standard Rebate Amounts:
Full Service Buyer Clients get HALF of our buyer agent commission on New Homes and 1% on existing homes listed in MLS based upon a 3% buyer agent commission. If a HIGHER Buyer's agent commission is offered, then you will receive HALF of this Higher Amount. Your rebate amount can also INCREASE further depending upon the amount of services you require from us (See Limited Service Rebates below). Rebates are based upon the Commission Sales Price of the home you buy. ARG Clients through ARG's preferred lender also receive competitive market interest rates plus Lender Paid Closing Costs up to 1% of your loan amount for both new or existing homes and ARG can help you find the lowest homeowners insurance rates in the DFW area.
Typical Rebates start at $1500 and go over $20,000 depending on the sales price of the home you buy. Keep in mind that our CASH BACK REBATES are in ADDITION to all seller/builder concessions or price reductions. Use our convenient online New Home listings, MLS and search all you want, but to get paid at closing you'll need list McKinney Home Rebate, your McKinney area Real Estate Partner!
Can I just get the Builder to discount their New House by 3% if I am not working with a Realtor®?
Sure in some cases that may seem to work, but how do you know you're actually getting 3% off? How do you know what the real 'Market Value' should be on the house you want to buy? Focusing on the 3% Realtor® Commission could wind up costing you thousands of dollars more, and without representation financial mistakes are often made. These are mistakes you won't know about until you try and sell.
A market savvy Realtor® on the other hand could negotiate a 5% to 15% price reduction on the same house based upon factors you may not be aware of, or suggest other home choice possibilities that represent savings that are more in line with your expectations. Overpaying for your house in the North Texas Real Estate Market or overlooking floor plan configuration and energy considerations could be a sure way of LOSING MONEY when it comes time to SELL.
Will every New Builder work with a Realtor®?
The overwhelming majority of New Home Builders work with Realtors® or licensed Real Estate Agents and pay the standard marketing or sales commission of 3%. In rare circumstances some small builders may not work with Realtors® and some builders require that the Real Estate Agent escort their client on their 1st visit.
How can you justify giving Rebates?
The Rebate works when the persons seeking to purchase a new home or pre-owned home is prepared to do some foot work for themselves AND the Buyer's Agent is paid the standard 3% Commission by the Seller or Builder. The advanced online search tools found on McKinney Home Rebate will allow you to gather necessary information concerning both New and Pre-owned Real Estate. These state of the art public search tools, Google Street View and Microsoft Virtual Earth viewing tools will greatly help you to quickly identify the homes you want from homes you don't want. This time savings is passed on to you in the form of a cash rebate savings.
Why can't I get a 1.5% New Home Rebate on an Existing Home Purchase?
Well you can under our Limited Service Full Representation client program (click here for details). Generally speaking our responsibilities, work and time requirements increase when we represent you in a purchase of an existing home and that is why we must limit the Cash Rebate to 1% of our 3% Commission. We are required to write the contract offer, enter negotiations, make counter offers, write addendums, amendments, and protect your financial position and interests in a time responsible manner. That means faxing these documents to all affected parties for signatures, insure timely performances of inspections, re-inspections and be available to allow inspectors into your new home as well as appraisers so as to give you all the time needed to evaluate findings BEFORE your earnest money is at jeopardy. As your agent I am often a 'go to" for your Lender, Insurance Agent and Title Company when they need urgent information to keep your Closing date on schedule. Essentially we keep you on target for your expected closing date while protecting your financial interests during the transaction process.
I think you will agree that helping you through a problem free purchase of an existing home is a job that needs to be done right and that is why it is necessary for me to limit cash rebates to 1% based upon a 3% Buyer Commission. If the Commission is less than 3% then the rebate would be eliminated at and below 2%. In certain circumstances ARG can Rebate up to 1.5%. Please click here to see Full Representation - Limited Service Rebates.
How is the Rebate paid?
The Rebate can be paid in cash via check or as a Closing Cost Credit to reduce money, other than down payment money you need to bring to Closing to settle your home purchase.
If you choose a cash settlement please beware that there may be tax consequences associated with your rebate. If you need tax advice please consult with your tax professional.
Who Gets a Cash Rebate?
Buyers who do not have a home to sell are eligible to receive a Cash Rebate. If you have a home to sell and ARG is listing your home on a reduced fee (FlexFee) Sell-Buy listing program then in exchange for the listing discount ARG would retain their entire buyer agent commission. Each contract is different and dependent upon the actual buyer commission paid to ARG there may be individual circumstances that allow a listing discount plus a small cash rebate. Please contact ARG for specific conditions that may apply for you.
When is the Rebate paid?
If the Rebate is used to offset Closing Costs or the money you need to bring to the closing table, then the rebate money is available to you at closing to reduce the amount of your obligation. If you elect to receive a cash payment you will receive your check in 1 to 5 business days after your closing. If you bring a cancelled personal check to the Title Company, they can often wire the cash to your bank account as soon as your Loan "Funds."
Are there any restrictions on my use of the Rebate money?
You may use the cash for any legal purpose. To buy Window Blinds, New Appliances or for any number of items a typical home buyer may need. You can even take a vacation if you like!
How about if I buy in other Texas locations. Will the Rebate apply?
YES! Just as long as you follow our simple guidelines we will be happy to represent you. ARG is licensed throughout the State of Texas.
About Limited Service Full Representation Cash Rebates
NEW HOMES - You can receive larger Cash Rebates of 66% of the Commission paid by the New Home Builder up to 3% unless higher amounts are offered via special promotions. A 3% Cash Rebate based upon the purchase of a $250,000 home means getting a check for $7,500! This ARG Rebate is in addition to all Builder discounts and concessions being offered plus dollars you can save in the negotiation process!
Limited Service Rebates ONLY apply when you do not have an existing home to sell first. If you have a home to sell please refer to ARG's Builder Move up program. Limited Service rebates will not apply after ARG begins working with you one on one in the field showing under our full service program guidelines.
Limited Realtor Services means we send you listing information, consult with you about various Builders, answer questions you may have and provide advice as needed and you do the legwork. We can help you negotiate price with the Builder once you have narrowed your selection down, help you obtain financing, find the lowest cost home owners insurance and advise you throughout the buying - inspection process. To receive your ARG Rebate you must be a client of ARG and you must INFORM the builder that you are being represented by ARG at your 1st visit. If the Builder requires your Realtor to be present call us and we will make arrangements to meet with you and the Builder. Please contact us, ahead of visiting New Home Builders, for our Broker License and Tax ID information that you will need to have to properly register us with the Home Builders you visit.
EXISTING HOMES - ARG will rebate up to 1.5% (Half of our Commission) on any MLS listed existing home priced $150K or more should you contract and buy any of the first 10 homes shown to you by us over the course of 3 showing appointments on 3 different days.
ARG provides no buyer cash rebates on pre-owned homes priced $180K or below.
Limited Service Cash Rebate amounts will be LOWER if the sales commission being offered is below 3% for existing homes and likewise LOWER for new homes should their advertised rebate amounts be lowered before you sign a purchase contract.
The professional team at Askins Realty Group, LLC will be happy to answer any questions you may have regarding area real estate, Buyer Cash Rebates and how we can offer special savings for you. Please email or call (972) 529-2394 Local Office.
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