REBATES
FOR BUYERS
When you choose Crawford Realty, Inc. as your buyer’s agent in a real estate transaction, you have the opportunity for cash back on your home purchase in Texas. We will rebate a portion of our commission even on new homes! Rebates depend on the buyer's legwork. They are given as long as the sales price is above $100,000 and is lender approved. If not, then we will negotiate the commission according to what is being offered. All rebates are required on the HUD-1 (closing statement).
Are Rebates Legal?
Yes! This can be verified by the Texas Real Estate Commission website https://www.trec.texas.gov/can-license-holder-rebate-portion-his-commission-seller-what-about-buyer
How do I get Cash Back when I buy a house?
When you buy a home with Crawford Realty, Inc. we will rebate part of our commission to you the buyer.
Cash Back on Any Home.
We offer cash rebates on both new and resale homes. For a new home, you can receive a rebate of up to 2.5% of the sales price, contingent on the builder offering a 3% commission to the broker. For resale homes, we provide a rebate of 2% of the sales price. These rebates are subject to lender approval and apply for homes priced above $100,000. Rebates depend on the buyer's legwork. If not, then we will negotiate the commission according to what is being offered.
Can I get a rebate on a newly constructed home?
Yes, we offer rebates on new homes. A rebate of 2.5% is offered on a new home, contingent on the builder offering a 3% commission to the Broker. If the commission being offered is less, then we adjust the rebate accordingly. Rebates on new homes are offered throughout Texas.
New Home Rebate Process Be sure and tell the salesperson at the New Home site that you have an agent. Give the salesperson our name and contact information on your visit, so they can put this information into the contract. This must be completed before signing a contract. Be sure and inform us in advance so we can be aware of everything when they call us. The salesperson doesn’t mind if you have an agent.
It is important to be sure and tell your lender that you are getting a rebate, they must know of any contributions. Any cash rebate to a buyer must be made with the consent of the buyer’s lender.
How much is the rebate offered on a resale home?
On resales (homes and condos), we (the listing agent) will receive 1% of whatever the commission is offered. For example, if there is a 3% commission offered, we will rebate 2%. There are a lot of steps to buying a house and it is our job to make this as simple as possible. Rebates offered by Crawford Realty, Inc. on resales are only offered in Austin and surrounding areas.
What services are offered on a resale home?
We are basically full-service and help with all contracts, inspections, amendments, and questions.
What are some of the steps for purchasing a home?
Getting pre-approved by a lender, finding the right home, making an offer, the negotiations, inspections, insurance, homeowner warranties, and the closing steps.
Do I have to find the house myself?
No, You can go to our home page and click on the “search” tab to find homes in Austin and surrounding areas that are listed on the MLS. We can also send you listings as soon as they appear on the MLS and give you the names of new home builders.
flexible home viewing options:
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Attending open houses is the easiest.
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Call the listing agent, but 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 receive both the buyer’s and selling commission. Just be sure to mention that you’re working with a buyer’s agent to ensure proper commission distribution. Nothing should be signed with the listing agent unless you discuss it with your agent.
Can I use this rebate towards my closing costs?
Absolutely, or reduce your mortgage rate, and closing costs, whatever the lender allows.
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, and a commission is offered, or if it is a new home for sale 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.
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 been issued that refunds by a real estate broker of commissions are not taxable income.
When do I receive the rebate?
Your cash-back rebate is provided when the closing transaction of your home closes and funds.
Links for the Tax Appraisal Districts:
• Travis Central Appraisal District https://www.traviscad.org/
• Williamson Central Appraisal District https://www.wcad.org
• Hays Central Appraisal District https://www.hayscad.com
At Crawford Realty, Inc., we are committed to simplifying the home-buying process and helping you save money. Contact us today towards homeownership with cash back in your pocket at (512) 785-1095!