Terms and Conditions
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 Home are for homes purchased for $100k or more. If the seller/listing agent offers less than the customary 3% buy side commission, the rebate will be reduced by the same amount.
Resale rebates may not available where Home Discount Realty is the listing agent because of our seller friendly Flat Rate Listing Fee.
RESALE HOME PURCHASE
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.
NEW HOME PURCHASE FROM A BUILDER
If you are financing the purchase of a New Home from a builder, your 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 remaining credit may be used to pay for upgrades, lot premiums, appliance packages, reducing the price of the home or buying down points for a better interest rate.
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.