How The Rebate** Program Works
For example, if you were to purchase a home for $300,000, the commission on that transaction would be $9,000. This is assuming the payable Buyer's Broker commission provided was 3%. (0.03 x $300,000 = $9,000). In most Real Estate transactions, the Buyer's Broker would keep the full $9,000 commission, minus the contracted brokerage split. At Rich Jenkins Real Estate™, I Rebate** 50% of the total commission earned on the Buyer's Agent side, after the brokerage split, back to my clients. This Rebate is up to a max cap of 1.5% of the purchase price and it is rebated at the time of closing. This is done within RESPA (Real Estate Settlement Procedures Act) guidelines. These funds, in many cases, must be used for closing costs associated with the Real Estate transaction and are disclosed on the Buyer's Settlement Statement at closing.
This Rebate program is very straightforward. If you choose Rich Jenkins Real Estate™ as your Real Estate company, you would receive a $4,500 Rebate** on that very same $300,000 home purchase transaction, after the current contracted brokerage split. And, it will be disclosed on the closing statement summary. I would receive the remaining $4,500 for my work in representing you. This Rebate works for both NEW and Pre-existing home purchases. Some exception may apply and include such property as land and lots, mobile, modular, or manufactured home builders, or private Sellers FBO (For Sale by Owner), who may offer no commissions to Real Estate Professionals.
So, if you use another Real Estate organization, you will typically receive nothing back. This would result in you losing thousands of dollars on your home purchase! Instead, allow me the opportunity to showcase how our organization can offer you experience, keep you informed, and offer you a well-planned out approach, while saving you Thousands for the Full Service offered.
**The Rebate Program is based on a 3% buyer agent commission. Buyer will be rebated 50% of the total commission earned by the Buyer's Agent, after Brokerage split, up to a max of 1.5% of purchase price cap, at the time of closing. The Rebate must be disclosed to the lender. In many cases, your lender or title insurance company may dictate how the money is to be applied on the closing settlement statement, either as a credit towards your closing costs, or towards your pre-paid expenses. A Rebate form will be provided once a contract to buy and sell real estate (residential) is accepted. Your rebate will be listed in the closing settlement sheets and on the closing disclosure (CD). In all cases the rebate will be subject to the lender's and title insurance company's final approval. All Rebate Programs apply to Colorado Buyers only; California Buyers are Excluded from this Program, UNLESS purchasing in Colorado. This rebate is for residential home purchases only and excludes bare land and bare lot purchases.