What is a home rebate and how does it work?
A home rebate is money gifted back to the client, which is deducted from the real estate agent’s traditional commission.
Our clients receive home rebates either at closing, as cashback (credit) towards qualified expenses, which saves them tons of hard-earned money!
Furthermore, a home rebate allows us the privilege of putting money back into our client’s pocket.
Our generous home buyer rebate program applies to all metro Atlanta homes, condos or townhomes, listed for sale with any real estate agent or new home builder, as long as our team is representing you as your buyer’s agent.
Consult with your lender for their guidelines on how your rebate can be applied.
Is the rebate amount negotiable?
We offer one of the most generous rebate programs in the city. For that reason, plus the excellent communication and negotiation skills we use to get our clients the best real estate deals, our rebate offers are non-negotiable.
We encourage potential clients to call other agents before contacting us. If you can find another real estate team that pays more, while having our level of experience, negotiation skills, and experience, we strongly encourage you to work with them.
Can I use the rebate to buy a second home or investment property?
Yes. Our rebate is offered on any home for sale (new or resale) where a 3% commission is offered to a buyer’s agent.
How and when will I receive my rebate?
Your rebate will be a credit at closing. However, in Georgia, new home buyers can actually receive cash or a gift at closing, as principal to a transaction, as long as it’s acceptable and allowed by your lender.
As per the Real Estate Settlement Procedures Act (RESPA), rebates are disclosed to all parties on the closing documents under the heading “Amounts Paid by or on Behalf of Borrower”). A credit at closing is as good as cash because it directly reduces the amount of money you have to bring and/or borrow to fund your closing.
There are many unavoidable closing costs and prepayments for buyers that your rebate can be used to cover. Some of these expenses could include: title insurance, loan origination fees, prepaid hazard insurance, prepaid property taxes, reimbursements of HOA annual fees prepaid by the seller for the remainder of the year, etc.
Do I have to sign an agreement to work with you as my buyer’s agent?
Yes. Exclusive Buyer’s Representation agreements are required by law in order for you to receive a home buyer rebate from us. We must represent you throughout the entire buying process up until closing.
Our buyer’s representation agreement states that we are representing you as your buyer’s agent, no matter what type of home you purchase. (New construction, resale, or For Sale By Owner). This provides protection to all parties by spelling out the terms of the rebate and the agency relationship in the transaction. If a client decides they do not wish to work with us for any reason, they can simply sign a cancellation form.
Is there a minimum sales price to receive the rebate?
Yes. We do require a minimum sales price of $300,000 with at least a 3% commission paid in order to offer a rebate. (FYI: the majority of homes listed for sale offer a 3% buyers agent commission). If the purchase price is less than $200,000, we can discuss making an adjustment to the rebate amount in order to benefit our clients and team.
I already have an agent, but I want to work with The Xclusive Lifestyle Group.
If you already have a signed Buyers Representation Agreement with another agent, we cannot provide representation or a rebate to you. However, if you can provide us with documentation showing that the agreement was canceled, we can discuss potentially representing you. Contact us for details.
I’ve already visited a new home community and started working with the on-site agent. Can I still receive the rebate?
Maybe, depending on how far along in the sales process you are and whether the builder requires us to register you before your first visit. To ensure that you receive your rebate, always notify us before visiting any new home community.
If you speak with or make contact with any listing agent/On-Site Sales Agent, or For Sale By Owner, you must inform them that you are represented by The Xclusive Lifestyle Group. You may need to contact the salesperson in that community and tell them you would prefer to have a buyer’s agent represent you. Contact us anytime to discuss your situation.
Can I visit new home communities on my own without my buyer’s agent present?
Yes, but you should notify us prior to visiting any new construction community so that we can get you registered and make sure the community understands you have professional buyer’s agent representation before you visit.
Is this a government program?
No. The rebate is provided by The Xclusive Lifestyle Group and is deducted from the real estate commission paid by the seller or home builder to us. Anyone is eligible to receive a home buyer rebate provided they comply with the terms and conditions set forth by the brokerage agreement, state law, and as long as it’s allowed by your mortgage lender.
Are foreclosures and short-sale properties eligible for the rebate?
Probably Yes, but likely at a reduced amount. Because of the tremendous amount of work and difficulty involved in these types of properties, contact us to discuss.
Is it legal to receive a rebate from a real estate agent?
Yes! In fact, it’s illegal not to allow rebates. That’s called “price fixing” and falls under the “anti-trust” provisions of federal law. State Real Estate Commissions around the country have been receiving a lot of scrutiny from the Federal Trade Commission (FTC) and the Department of Justice (DOJ) because of their policies restricting rebates in real estate. Rebates are now legal in at least 40 states.
Do you charge any fees or costs in order to receive the rebate?
No. There are absolutely no additional fees charged.