- What type of buyer would benefit from the cash rebate program?
- How do I qualify for the cash rebate program?
- What real estate services will I receive under the Cash Rebate program?
- How much is the Cash Rebate?
- How is the Rebate paid?
- If I want the Cash Rebate paid after closing, how long will it be until I receive it?
- Do all new home builders work with realtors?
- Can I get a cash rebate for a preowned home?
- Is my cash rebate taxable?
The Cash Rebate program is for buyers who are willing to visit builder communities on their own, and only need limited services from a realtor. If the buyer also has a home to sell, they should review our programs listed under "Seller Services" before considering our Cash Rebate program.
How do I qualify for the cash rebate program?
In order to qualify for the cash rebate program, you must register Select Residential Brokerage as your realtor while visiting new home builders. Fill out the "Rebate Registration form", or contact our office at (972) 874-0500. We will give you the necessary information that the builder will require. You must be sure Select Residential Brokerage is included as the broker on the new home contract.
What real estate services will I receive under the Cash Rebate program?
Select Residential Brokerage will help you source homes, negotiate the sales price of your home, help you evaluate your inspection report, and assist you in the closing process. The buyer will be responsible for managing the construction process and communicating with the builder construction personnel.
How much is the Cash Rebate?
Select Residential Brokerage will rebate as much as 2/3 of the commission paid to them at the closing of the new home.
How is the Rebate paid?
The rebate can be paid in two ways: 1) as a "broker credit" on the settlement statement - to reduce the amount of cash the buyer needs to provide to cover closing costs; or 2) as a cash rebate paid directly to the buyer after closing.
If I want the Cash Rebate paid after closing, how long will it be until I receive it?
Select Residential Brokerage normally receives funds from the builder within 1 to 2 business days of the funding of the new home. Once we have verified that the funds have been received in our account, we will notify you to make arrangements for mailing of the check. You may also pick up the check at our office.
Do all new home builders work with realtors?
Most new home builders work with realtors, however they may have different requirements for registering realtors. Some builders require you to register your realtor on your first visit, while a few require them to escort you on your first visit. Be sure to understand their requirements before you begin working with the builder personnel. Contact our office if the realtor must escort you on your first visit.
Can I get a cash rebate for a preowned home?
The cash rebate program is designed for new construction homes, where the buyer is able to visit builder communities on their own. Because a preowned home purchase requires the realtor to be "in the field", the discounted service fee does not apply. There may be special circumstances where a rebate can be made for a preowned home purchase, such as a buyer who is interested in buying a friend's or neighbor's home, and the buyer is already familiar with the property. Please call the office if you have a special circumstance.
Is my cash rebate taxable?
Tax provisions are subject to change, and Select Residential Brokerage can not provide tax advice. Therefore, please seek professional advice regarding the tax consequences of a rebate. Our general understanding is that a rebate creates a reduction in basis of the new home purchased, and is not taxable as income.