How do I get Cash Back when I buy a house?
When you buy a home from Crawford Realty, Inc. we will rebate part of our commission to you, the buyer. You will need to sign a Rebate Agreement form.
How much is my rebate?
Rebates depend on the initial legwork of the buyer. Most Texas MLS commissions to a buyer's agent is 3%. We offer 2% rebates in Texas on resale homes, land, and condo's, as long as the house is over $100,000.00. and a 3% commission is offered. If not, then we will negotiate the commission according to what is being offered.
If the commission offered is ever less than 3%, your rebate is correspondingly less. For example, if the commission is 2.5%, we still get 1% and you get 1.5%.
Can I get a rebate on a new home?
Yes. We will give 2.5% rebate on a newly Texas constructed home, as long as the builder is offering at least a 3% commission to the buyer's agent.
New Builder Homes
• They are the easiest to deal with!
• The salesman gets paid the same whether you have an agent or not.
• They don't object to paying a commission
Be sure and tell the Agent at the New Home site that you have an agent.
It's crazy not to use us and get the rebate! Just give the salesperson our name and contact information on your first visit to the model home. Let us know in advance so we can be ready when they call us.
Do I have to find the house myself?
No, we will work with you through the closing of the transaction. We can send you searches as soon as they are on the MLS. or give you names of new home builders.
How do I see the Houses that I am interested in?
You have several options in getting in to see a home:
Attending open houses is the easiest.
Calling the listing agent. Make sure you tell the listing agent that you are working with an agent (buyer’s agent) before entering the home. The reason is the agent opening the door and showing you the property is what is called the “procuring agent” and they are the ones that will be receiving the 3% commission, unless they know you have an agent. The selling agent could possibly get 6% in commissions (Buyer’s agent – 3% and selling agent 3%), unless they are notified that you are working with someone. Nothing should be signed with the listing agent unless you discuss with your agent.
How are rebates disclosed?
Rebates must be disclosed to the lender of the buyer before closing. It should be shown in the contract under special provisions as: "2% (or 2.5%, which ever applies) of Buyer Agent commission to be credited to Buyer."
When do I receive the rebate?
When the closing transaction of your home funds.
Can I use this rebate towards my closing costs?
Absolutely, or reduce your mortgage rate (if the lender allows it). We are here to help people purchase a home and save money.
Do I have to buy one of the houses Crawford Realty has listed?
No, as long as it is listed on the Multiple Listing Service (MLS) you will receive your rebate or if it is a new home being offered from a builder that offers a commission.
Is there anything else I should know as a buyer?
Yes, we ask that you receive a pre-approval letter or letter of commitment from a lender before making any offers on a home. Be sure it is a pre-approval letter and not a pre-qualification letter.
What is the difference between a pre-approval letter and a pre-qualifying letter?
A pre-qualifying letter only states that you have given the lender verbal information. A pre-approval letter means you have provided documentation verifying income etc.
Are Rebates taxable income?
Real estate commission rebates are not taxable income, but do reduce your home's basis. Rebates are not
reportable. A letter ruling by the IRS has issued that refunds by a real
estate broker of commissions are not taxable income.