Buyer Rebate Questions

What is a Virginia "Home Buyer Rebate"?:  
A home buyer rebate is where your buyers agent gives back to you or "Rebates" part of their commission at closing when you buy a property using them

Why would a buyer's agent "Rebate" part of their commission to a buyer?:
It's an incentive for a buyer to do business with that buyer's agent. The result is more business for that buyer's agent and you, the buyer earing cash back at closing to buy a home. The perfect combination!

Are Home Buyer Rebates legal?:  
Yes. In 40 states, see: Article from The Department of Justice​.  

How do I verify I'm going to get my rebate?:  This is VERY IMPORTANT! Your very first contact must be with us as your buyer's agent. You CANNOT contact the listing agent on a home you are interested in! If you contact the listing agent for information or to see the home, you immediately become that listing agent's prospective buyer. That listing agent will have establshed you as their buyer prospect.  So, it is critical that you contact us as your agent first and tell us the property you are interested in. We will then contact the listing agent as YOUR BUYER'S AGENT.

What if I am working with another home buyer's agent?:  If you have another buyer agent and are not happy with them - you can request a release but be sure to check if they have a clause that if you buy another home in 90 days (or whatever amount) that you are still obligated to them. 

How does the process work?:  The mechanics.  You're searching for a home and find some homes you're interested in. You would contact us as your buyer's agent and email the list of homes you're interested in. We would then contact the listing agent and help schedule the showings. Open houses are the best way to see a home. If you stop by to see a builder home, be sure to register me as your agent so they know you have a buyer agent and their in-house agent doesn't sign you up as you being their buyer now.   When you wish to make the offer, we would draw up the offer, get it to you. You sign the offer then we get it to the listing agent and begin the negotiating process. When we come to terms then we are there to help you from start to finish just like a regular Realtor. You lose nothing using compared to any other buyer's agent. We are here to provide full Realtor services to you through closing!

More important points to remember:
 

  • You must have a Buyer Rebate Agreement with us before we can start the process. 
  • You will need to answer our standard questions so we can have a template offer ready for when you find the perfect home.  Timing is critical.  Homes sell fast so we need to be ready to submit and offer. 
  • You will need to provide us with a lender letter or proof of funds if paying by CASH.
  • Procuring cause: KNOW THIS!  Procuring cause  is the "Series of events that lead to the successful purchase of a home". In plain English it gets down to who deserves the commission on a deal. If you as a buyer contact a listing agent you could become their buyer. Even if you end up buying through us or another agent, that original listing agent could argue you are their buyer because you established contact with them first on the home being purchase. Google "procuring cause" for detailed information.  You cannot use our rebate program if you had someone else show you the home.