Serving NJ Home Buyers and Sellers with Outstanding Skills & Big Savings
- BUYERS: BROKER OFFERS 1% REBATE FOR UNLIMITED SHOWING AND FULL SERVICE
- SELLERS: BROKER LISTS YOUR HOUSE, FULL SERVICE, FOR DISCOUNTED AGENT FEES
- From 2011-2018, I have done close to 300 transactions
- I COVER NORTH/CENTRAL NJ
- Is the Rebate Taxable?
"...A payment or credit at closing from [E-Brokers] represents an adjustment to the purchase price of the home", the IRS ruled, “and generally is not includible in a purchaser’s gross income.” The IRS cited its own history of letting car-buyers keep rebates, and of providing relief to home-buyers. March 2007, Blog By Redfin
- Can I Lose the Rebate?
Yes, we will not be able to represent you until you have signed a Buyer Rebate Agreement (you may cancel this agreement anytime). The Buyer Rebate Agreement will protect and guarantee the rebate at closing and our services during the entire transaction. Once you sign a Buyer Rebate Agreement with us, you must disclose, let other parties know you are being represented. If you are asked if you have an agent, the most appropriate response is "YES, I/we have an agent at this time". Never mis-represent yourself to a realtor and/or homeowner or trick him/her into showing you the property, then switch agencies, it’s unethical. We will not be able to represent you if that occurs and you will lose out on the rebate.
After you sign the agreement, we will represent you as your buyers’ agent, We will provide you with business cards, and you can use them to show agents and/or give them out at public open houses to inform other parties you’re being represented. If when driving thru neighborhoods you see a home of interest, call us for availability. Only if we are not available and if the home owner(s) are outside, introduce yourself to them and provide them with our business card, ask them to give it to their agent, so an appointment can be made. Always ask them when is the next open house scheduled. You do NOT need to tell listing agent or seller that you are getting a Rebate, but you must disclose you are represented. We strongly advise you NOT to knock on peoples doors. We also advise that you sign in with Realmart contact information at any open houses, and leave our business card to the showing agent.
- If we deal directly with the listing agent, wouldn't they be willing to give us rebates? Or wouldn't the seller get a discount if we dealt with the listing agent or talked to the seller directly?
The buyer's agent's share of the commission is usually half of the total 5% commission. If you buy a house directly through the listing agent, all of that 2.5% will go to them, along with the other 2.5% they are probably getting for listing the property (total of 5%). Even if you deal directly with the seller, the standard 5% listing contract states the listing agent still gets the full commission. No discounts for the seller finding the buyer, even if the buyer is his brother and the agent did absolutely nothing other than sign the listing agreement. The standard 5% Exclusive Right to Sell Listing Agreement is 100% biased toward the realtors. The other factor is that almost all the big brokers don't allow their agents to do the kind of discounts. And even if they were allowed, it still wouldn't work because after the agent split the 3% with their broker, there wouldn't even be enough left to give you substantial rebates anyway. You probably don't know that most agents must share 50% of their commission with their broker at the big name companies. Even if they agreed to work for free, they won't be able to give you 1% rebate.
Another important factor, do NOT ask listing agent to provide you with a rebate, it compromises your negotiation when the sellers know you have a rebate. Let us get your the best price first, only after contract is signed, shall you disclose your cash rebate to all parties.