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NEW HOME REBATE QUESTIONS:
- WHAT IS A NEW HOME REBATE?
- HOW MUCH IS THE REBATE ON NEW CONSTRUCTION HOMES?
- WHAT STEPS ARE NEEDED BEFORE VISITING NEW HOME BUILDERS?
- CAN WE VISIT NEW HOMES WITHOUT YOU?
- DOES THE BUILDER GIVE ME THE SAME PRICE & INCENTIVES IF I REPRESENT MYSELF?
- WHAT IF MY REBATE EXCEEDS MY CLOSING COSTS?
- WHAT IF I ALREADY VISITED THE NEW HOME BUILDER?
RESALE HOME REBATE QUESTIONS:
- CAN’T I DEAL WITH THE NEW HOME LISTING AGENT DIRECTLY?
- WHAT ARE THE QUALIFICATIONS & REBATE AMOUNT FOR RESALE HOMES?
- WHAT ARE THE STEPS NEEDED TO MAKE SURE I RECEIVE MY RESALE HOME REBATE?
- WHERE DOES HOME REBATE NEVADA OPERATE?
- WHEN AND HOW WILL I RECEIVE MY REBATE?
- DO I NEED TO INFORM THE BUILDER AND LENDER THAT I’M RECEIVING A REBATE?
- WHERE CAN I RESEARCH NEW AND RESALE HOMES ONLINE?
- ARE WE A FULL SERVICE REAL ESTATE AGENCY?
- WHAT ABOUT REAL ESTATE COMPANIES THAT OFFER LARGE REBATES?
- “TERMS AND CONDITIONS”
NEW HOME REBATE QUESTIONS:
1. WHAT IS A NEW HOME REBATE?
Nevada is one of the states that legally allow home buyer rebates.
The new home rebate comes straight from the agent’s commission and does not prohibit any incentives from the area home builder. The Realtor representing you costs you nothing as the builder has allotted usually a sales commission of 3% to be paid to a buyer’s agent in their marketing fund. The sales associates may not inform you about any specific or exclusive offers, discounts, special packages or options that may not be in the builder’s best interest. If you are not represented by a Realtor, typically the sales associate gets paid a higher commission or the builder retains the difference.
When a new home is built or sold in Nevada, the realtor who represents the buyer typically makes a commission of 3% of the base price of the home. Home Discount Realty gives commission rebates on new homes any place in Nevada and rebates back to the buyer 1 ½% or 50% of the agent’s commission paid by the builder. This applies to any new construction home; through most all Nevada new home builders or contractors. The credit may either be applied to your final closing costs, used to pay for lot premiums, upgrades, appliance bundles, reducing the price of your new home, buying down points to get a better interest rate or with lender consent, cut you a check after closing. It’s your decision.
I will make sure you get all the incentives, rate buy downs and any other discounts on new construction. If there is a problem or major issue, I will be your advocate.
2. HOW MUCH IS THE REBATE ON NEW CONSTRUCTION HOMES?
The new home rebate is 1 ½% or 50% of my commission received from the Seller just about anywhere in Nevada and would be together with whatever exclusive promotional pricing, discounts, closing credits, free alternatives, improvements or any other incentives that the building contractor might be providing in the course of your purchase. The most interesting part is the fact that our services to assist you to buy a new home won’t cost you a penny!
Home Rebates are legal and permitted in Nevada by the Nevada Real Estate Commission including the Department of Justice – and can be utilized to take care of closing costs, pay for improvements, lot premiums, as well as to buy down the price of the home. We can as well cut you a check after closing with lender consent which you are allowed to use for whatever you desire!
Please call me so I can pre-register you with the builder. Pre-registration should eliminate any requirements by the builder for me to accompany you on your first visit
Once you meet with the building contractor you just need to make them aware that you’re using the services of a Realtor then provide them with my details which I provide to you. Please inform the home builder that you are receiving a new home rebate equal to 1 ½ % or 50% of my commission. We should begin working on implementing the rebate towards closing costs (the loan provider will certainly inform us just how much can be used towards closing costs, every single loan differs). Whatever sum is remaining we can utilize to buy down the cost of improvements, appliance packages, lot premiums or perhaps the price of the home. We can possibly cut you a check for the surplus with loan provider permission. It’s VITAL that we operate from the onset, together, to make certain that every single penny is utilized appropriately to your purchase. I am pleased to help out with these negotiations. “Terms and Condition Apply”
3. WHAT STEPS ARE NEEDED BEFORE VISITING NEW HOME BUILDERS?
Before you contact any new home builders in Las Vegas, Henderson, North Las Vegas, Reno, Sparks or new home builders anywhere in Nevada, please contact me.
- Register at Homerebatenevada.com. Contact me FIRST before visiting any new home builders or models. I will contact the new home builder, pre-register you and sign all the necessary paperwork to represent you.
- Download New Home Builder Representation Form or Forms. (homerebatenevada.com)
Even though I pre-register you with the builder and or builders please download and print as many forms as needed for visiting new home builders.
- Present the new construction representative with the New Home Builder Representation Form and inform the representative you are working with a Realtor, Dan Krynzel with Home Discount Realty.
4. CAN WE VISIT NEW HOMES WITHOUT YOU?
Of course, but please register on homerebatenevada.com. Download the new home builder registration form under the Form tab heading. Before visiting the new home builder, please call me so I can PRE-REGISTER you with the home builder. Even though I pre-registered with the home builder please download and print as many new home registration forms as needed for visiting new home builders.
If a new construction associate requests you to sign in, clearly point out you are represented by a Realtor and provide the associate with my information. Please ask the new construction associate exactly what the builder needs in order to pay a realtor agent commission. For instance the associate may need me to personally sign up with you on your first visit or require me to accompany you during the time of contract signing. The new home builder at some point may have me sign documents electronically.
This new home rebate comes from realtor commission and does not conflict with any incentives offered by the new home builder to the buyer. This is basically funds that would certainly remain in the builder’s bank account if you weren’t using a realtor.
5. DOES THE BUILDER GIVE ME THE SAME PRICE & INCENTIVES IF I REPRESENT MYSELF?
By representing yourself, you would NOT get a discount on the price of the home and the home builder may not include any extra incentives. If you represent yourself the builders will pocket the realtor commission built into their marketing fund.
By using Home Discount Realty (homerebatenevada.com) as your realtor you can share in the commission received from the new home builder. The realtor representing you does not cost you anything and you will not lose any incentives offered by the new home builder. The realtor’s commission is built into the marketing program and does not affect the current price or offered incentives of the new home. Part of my job is to make sure that you are receiving all the builder incentives at the time of purchase. Usually, a builder will announce in advance any price changes or changes in incentive programs in advance.
6. WHAT IF MY REBATE EXCEEDS MY CLOSING COSTS?
How the new home rebate is applied will depend upon the builder incentives that are offered to the buyer. If the builder is offering all or part of your closing costs as a builder incentive, you may have excess credits.
Short answer: If you don’t have a solid plan, your loan provider could force you to forfeit part of your home rebate, and you wouldn’t like that neither do we. Your lender can deny excess credits, that is, the portion of your rebate which exceeds your closing costs. Being conscious of the risk of excess credits we will assist you in taking the required measures to avoid this outcome. It is your responsibility to let me know if you have excess credits as soon as possible.
Long answer: A buyer’s closing costs are substantial for standard PITI loans in Nevada with property taxes and insurance escrowed. You have to pay property taxes & insurance upfront, obtain a mortgagee title policy, pay up loan origination fees, and so on. Ask your loan provider for an estimate of your closing costs depending on your prospective closing date, but keep in mind that real closing costs won’t be known until the title company calculates pro-rata debits & credits right before closing.
In our experience in Nevada, buyer closing costs usually run approximately 3% which is actually more than your shared commission rebate on resale or new homes. Although, there are possibilities that excess credits still occur, mostly when buyers attempt to merge seller credits (a very common builder incentive) in the very same transaction with a buyer’s home rebate.
So, what to do if I am buying a new construction home and the new home builder includes part or all of my closing costs in the price of the new home?
Plan in advance and structure the deal from the start with a reduced price or perhaps other benefits as opposed to closing cost credits from the contractor (upgrades, lot premium, home appliance packages, and the likes). This way, the seller nets the same amount and you also get to make use of your entire rebate. Home rebate Nevada is delighted to help out with these negotiations, however we can assist you only if you understand the potential issue and bring it to our attention no later than the period when the contract is being negotiated with the builder.
If you find yourself approaching closing and your lender declares that you can’t make use of all your credits, there might still be some alternatives to boost your closing costs to your advantage. For instance, your lender might recommend applying the excess credit to “points” buying down a lesser interest rate. Another alternative would be to select a hazard insurance policy with a lot more bells & whistles (cost) than you actually need; and then after closing you can get rid of some of the bells and whistles you added previously from your insurance policy (it still has to meet up with your loan provider’s basic requirements) and the insurance company will pay back the difference in premium. But you absolutely need to discuss these techniques prior to closing, because they would most likely will have your loan to go into underwriting again, and this could delay closing thus subjecting you to consequences for not closing on time.
7. WHAT IF I ALREADY VISITED THE NEW HOME BUILDER?
You may have just made a very costly mistake! You could be ok because some new home builders are more flexible than others. . If you find yourself in this situation, contact me and I will reach out to the builder to see if they will pay a buyer’s agent commission before you go back again. REGISTER FIRST WITH HOME REBATE NEVADA.COM AND CALL ME BEFORE VISITING NEW HOMES.
RESALE HOME REBATE QUESTIONS:
8. CAN’T I DEAL WITH THE LISTING AGENT DIRECTLY?
Buyers who do extensive research on homes online may wind up conversing with listing agents. Well, good luck getting a 1.5% rebate from a listing agent!
Once you go to them without a buyer’s agent, they’re already envisioning how they’ll get the commission from both sides for themselves and not how they can give you a rebate! Numerous buyers have come to me after the frustration and disappointment of attempting to persuade a listing agent to give them a rebate. Commonly, these buyers think they can get the listing agent to reduce the listing commission since they “brought themselves” without a buyer’s agent. So, why doesn’t this approach work?
Here are some reasons why…
Listing Agents must get approval from their broker and also their clients before giving a rebate to a buyer, and regardless of the possibility that this approval is given, a typical listing agent has to pay 30% to 50% of their pre-rebate gross commissions to their sponsoring broker, so this essentially means that the agent with a national franchise organization may work for peanuts after paying their broker and giving you the 1.5% rebate we offer at Home Discount Realty. Of course, a listing agent might tell you what you want to hear.
The listing agent may have given the seller a discounted flat listing fee, which means the realtor makes very little money with giving any kind of rebate back to the buyer.
It’s not worth taking the risk of alienating the Agent with the Exclusive Rights to sell your dream home. Listing agents are sometimes irritated by buyers who request for a rebate, believing that their commission isn’t any of your concern. You might be thinking “well, I came by myself without an agent” however, they are feeling it was their marketing that made you come to them and of course, they paid for banners, photography, realtor fees, MLS expenses, and so on. Should you get on the listing agent bad side, then, they might even decline to pay a buyer’s agent commission on the grounds that they are the “procuring cause” of your offer, and you’ll lose the little opportunity for a rebate on the home.
The agent that shows you the property “FIRST” in most all cases is considered the “procuring cause” and supposed to receive the buyer’s agent commission. This is why we ask you to register first with Home Discount Realty before visiting any homes including new homes.
An unrepresented buyer that is a buyer without an agent, searching for a special arrangement will be the listing agent’s lowest priority. In a hot selling market such as Las Vegas, you absolutely require an agent who makes you a top priority.
9. WHAT ARE THE QUALIFICATIONS & REBATE AMOUNT FOR RESALE HOMES?
33% TO 50% Program Qualifications
- This program is for well prepared and low-maintenance buyers who are ready, willing and able to buy now.
- Buyers must be pre-approved before showing properties. (We can recommend our preferred lender)
- WE MUST SHOW YOU THE HOME FIRST.
- Buyers must have enough cash saved up for a down payment, closing costs and cash needed for an all cash deal. (There are loan programs to assist with down payment and closing costs).
- Buyers must be prepared. We will normally show up to 10 houses to receive 33% of the realtor commissions. (We will show more than 10+ properties but may change the rebate amount.) IF WE SHOW 3 OR LESS PROPERTIES, BUYER WILL RECEIVE 50% of the Realtor Commissions Received from the Listing Agent/Seller.
- Buyers can submit multiple offers but not low ball offers.
- Buyers who want to see two new houses that just came on the market even while they are under contract for another home could lower your rebate amount depending on the situation.
- This program is not for Buyers who value a fancy office experience, national brand name, and handholding, and are willing to pay thousands of dollars extra for these items.
10. WHAT ARE THE STEPS NEEDED TO MAKE SURE I RECEIVE MY RESALE HOME REBATE?
- Register on HomeRebateNevada.com
- For Resale Homes Get Preapproved (I can recommend my preferred lender)
- If you already know the homes you want to see, please send the listings and I will setup visits. If you are just starting I can do a Direct Search on the MLS (Multiple Listing Service) which lasts for 180 days and new listings are sent to you within 24 hours. I NEED TO SHOW YOU THE HOME FIRST TO BE ELIGIBLE FOR THE HOME REBATE!
- Speak with your lender and find out how much of the rebate can be credited toward closing costs on your particular loan. Most likely all of the rebate can be credited towards closing costs.
- If you still have funds remaining, ask your lender if you can use the overage towards buying down points on your loan. I CAN HELP YOU WITH THIS!
That’s really all you have to do. I handle the rest! It is very simple and straightforward.
11. WHERE DOES HOME REBATE NEVADA OPERATE?
NEW HOME REBATE NEVADA operates anywhere in the State of Nevada for NEW CONTRUCTION HOMES. If you are looking for new construction in Reno, new construction in Sparks, new construction in Carson City or new home builders anywhere in Nevada I can help you.
For resale or pre-owned homes, HOME DISCOUNT REALTY operates in the Las Vegas Valley which includes Las Vegas, North Las Vegas, Henderson and Boulder City. For other areas that Home Discount Realty operates in Nevada please call 000-000-0000 or 000-000-0000.
12. WHEN AND HOW WILL I RECEIVE MY REBATE?
Home Discount Realty (homerebatenevada.com) shares our commission with our clients in the form of a home rebate at closing via a Nevada Escrow and Title Company as a credit on the closing statement towards their buyer closing costs. A credit at closing is just like cash since it directly reduces the amount of cash needed at close of escrow.
13. DO I NEED TO INFORM THE BUILDER AND LENDER THAT I’M RECEIVING A REBATE?
If you are financing your home purchase in Nevada you need to notify your mortgage lender about your home rebate. You should begin working with your mortgage lender as well as the new home builder to insure you will receive the entire home rebate towards closing costs, upgrades, appliance packages, lot premiums or a reduction in interest rates or price of the home.
Buying a home in Henderson, Las Vegas or anywhere in Nevada please notify your lender about your new home rebate?
14. WHERE CAN I RESEARCH NEW AND RESALE HOMES ONLINE?
Search for new homes at NEW HOME SEARCH
You can research homes by real estate websites such as Realtor.com, ZipRealty, Zillow, Redfin, Trulia, Estately, Homes.com, etc. If you do not want real estate agents calling and sending you emails, I can do a direct search on the Multiple Listing Service here in the Las Vegas Valley which includes Las Vegas, North Las Vegas, Henderson, Boulder City and anywhere in Clark County. Direct MLS Search lasts for 180 days and new listings are sent to you within 24 hours. For additional home research outside of the Las Vegas Valley please call 702-781-8118 / 702-870-6000.
15. ARE WE A FULL SERVICE REAL ESTATE AGENCY?
We are a full service real estate company that provides all the essential Realtor services which includes showings, listings and contract negotiations from start to finish and belong to the Greater Las Vegas Association of Realtors.
If you are buying new construction in Las Vegas, Henderson or new construction in Reno or Sparks we can offer you a new home rebate. If you want pre-owned Henderson properties or pre-owned Las Vegas properties we have a home rebate for you. In fact we can offer you a home rebate just about anywhere in Nevada on new construction or resale homes. We want to be your realtor for life.
16. WHAT ABOUT REAL ESTATE COMPANIES THAT OFFER LARGE REBATES?
BUYER BEWARE! My definition of my home rebate is the sharing of the commission offered to the buyer’s agent by the New Home Builder or the Listing Agent. Here at Home Discount Realty there is “no purchase price limit” to the amount of rebate a buyer can receive. The rebate amount depends upon the price of the property and the commission percentage offered by the New Home Builder or the Listing Agent.
17. “TERMS AND CONDITIONS APPLY”
You must register on HomeRebateNevada.com to be eligible to receive your Home Rebate.
Our full 1.5% or 50% of the commission received from the New Home Builder and up to our split of 50% commission on Resale Homes are for homes purchased for $150k or more. If the New Home Builder or Listing Agent offers less than the customary 3% buy side commission, the rebate will be reduced by the same amount. THERE IS NO CEILING ON THE SELLING PRICE OF THE PROPERTY AND THE REBATE AMOUNT YOU CAN RECEIVE.
RESALE OR PRE-OWNED HOME EXAMPLE REBATES
|SELLING PRICE||TOTAL COMMISSION PAID @ 3%||COMMISSION REBATE TO BUYER @ 1% OR 33%||COMMISSION REBATE TO BUYER @ 1-1/2% OR 50%|
NEW HOME REBATE EXAMPLES
|SELLING PRICE||TOTAL COMMISSION PAID @ 3%||COMMISSION REBATE TO BUYER @ 1-1/2% or 50%|
- If you are financing, your lender must approve your new home rebate. SEE FAQ 6
- If you have signed a written agreement with another Realtor to represent you this offer is Void.
- You must register on Home Rebate Nevada before visiting any new home builders. I must PREREGISTER you before visiting any new home builders or accompany you on your first visit to the builder. If you have previously visited the builder this offer may be void. SEE FAQ 7
- The contract from the builder must show my name as the buyer’s agent. Before signing a builder contract, make sure my name is listed on the contract as the SELLING AGENT, SELLER BROKER OR BUYER’S AGENT.
- The home builder must agree to pay a commission to the selling agent (Buyer’s Agent). If the commission is reduced from 3%, than the new home rebate will be reduced proportionally.
- Buyer is required to sign a standard Buyer Representation form with an added special rebate provision which protects you by putting the rebate in writing.
If you are financing the purchase of a New Home from a builder, your new home rebate will be subject to the lenders’ approval. This means that the lender will allow rebates up to the amount of closing costs or up to the loan program caps. If you have any concerns regarding the cap on your loan, you should contact your lender to discuss the matter. If your lender does not permit part of the rebate, the credit may either be applied to your final closing costs, used to pay for lot premiums, upgrades, appliance bundles, reducing the price of your new home, buying down points to get a better interest rate or with lender consent, cut you a check after closing. It’s your decision. You may be able to avoid any reduction in your home rebate by planning ahead.
Please call me so I can pre-register you with the builder or builders. Pre-registration could eliminate any requirements by the builder for me to accompany you on your first visit. Download New Home Builder Representation Form or Forms. (homerebatenevada.com) Even though I pre-register you with the builder and or builders please download and print as many forms as needed for visiting new home builders.
New homes rebates in most cases, builders calculate commission off a “Base Price” excluding upgrades, lot premium, etc. If a Builder applies all or part of the rebate toward reducing the price, this can also reduce the realtor’s commission.
RESALE HOME REBATE ELIGIBILITY REQUIREMENTS
1. You must register on Home Rebate Nevada before visiting any resale or preowned homes.
2. Buyers must be pre-approved with a lender before visiting any resale or preowned homes. If paying cash, buyer must show proof of funds.
3. If you are financing, your lender must approve your home rebate.
4. If you have signed a written agreement with another Realtor to represent you this offer is Void.
5. I must accompany you on your first visit to any resale or preowned homes. If you have registered or just visited any open houses this could Void your home rebate.
6. If the commission is reduced from 3%, than the home rebate will be reduced proportionally.
7. Resale rebates may not be available where Home Discount Realty is the listing agent because of our Seller friendly 1 % Listing Fee.
8. Buyers must be well prepared. SEE FAQ 9 & 10
If you are financing your RESALE home purchase, your Rebate is dependent on your lender’s approval. Some lenders will accept rebates up to the amount of closing costs or up to loan program caps. If your lender disallows part of the rebate, and the rebate must be reduced, I still might be able to help you! Most of the time, however, you can avoid any reduction simply by planning ahead. Your lender can tell you more about their rules regarding rebates. We will normally show up to 10 houses to receive 33% of the realtor commissions. (We will show more than 10+ properties but may change the rebate amount.) IF WE SHOW 3 OR LESS PROPERTIES, BUYER WILL RECEIVE 50% of the Realtor Commissions Received from the Listing Agent/Seller. The home rebate is Void if the lender or new home builder disallows the home rebate. This offer is Void if no commission is received from the New Home builder or Listing Agent/Seller.