Questions & Answers
Like It Realty has saved its Sellers over $6 Million in Real Estate Commissions. We are now excited to offer a Money Saving opportunity to our buyers.
This is 100% legal in 40 states including Florida. The Florida Statutes regarding real estate rebates (61J2-10.028 Kickbacks or Rebates) state that all parties need to be fully disclosed, upfront, that you are taking a rebate from your real estate broker.
Here is an article from the Department of Justice explaining Buyer Rebates: https://www.justice.gov/atr/rebates-make-buying-home-less-expensive
Calculate your potential buyer rebate here: https://www.justice.gov/atr/rebate-calculator
- You can get cash (a check payable to you) at closing from the closing company.
- You can apply the rebate toward your real estate prepaids or mortgage closing costs.
- You can use the rebate to reduce your purchase price as well! This is done outside of the ALTA/HUD we negotiate the Seller to reduce the commission and purchase price down accordingly.
- On a new construction sale you can use the rebate toward an upgrade you didn’t think you could afford such as a pool, granite countertops etc.
- If you are paying cash you will have a HUD settlement statement and the rebate will appear in Section 200.
- If you’re borrowing money to purchase the property, you will have an ALTA, and the rebate will be stated in section L.
We have access to many MLS’, however, for our Buyer Rebate program we sometimes use MLS Advantage. The Florida Realtor’s MLS Advantage allows participating boards and members to share available MLS listings across the state of Florida.
While we can’t give legal or financial advice. Clients have reported to us that the Internal Revenue Service (IRS) may deem real estate commission rebates as “NOT TAXABLE INCOME” because they are viewed as an “adjustment to the purchase price” and thus may not be considered as part of the “purchaser’s gross income”. We encourage you to consult your legal and financial counsel. Clients have also provided us this IRS ruling which we encourage you to show your financial counsel or CPA: http://www.irs.gov/pub/irs-wd/0721013.pdf
Yes, of course! Please call our office to find out which builders participate and we will help you by completing a Buyer Registration Form which will register you and allow you to explore new home communities on your own and still be eligible for a Buyer Rebate.
Searching for Your Home:
- Every home in the REALTOR MLS (Multiple Listing Service) qualifies for our real estate cash rebate program. Search Realtor.com to find the home you want by yourself, on your own time.
- We can provide you a daily automated email of properties from the Realtor Multiple Listing Service (MLS) that match your search criteria you provide us– our system will automatically e-mail you new listings as soon as the listings hit the market. In order to know just what you are looking for, please fill out THIS FORM. Please take your time answering the questions on the form here so we can tailor your personal property search to fit your needs.
- Are you looking for a newly built home? Call us to be provided a list of new home builders who participate in our buyer rebate program.
Traditional realtors typically get compensated 3% when they are working with a client who is buying a home. This compensates them for their time, effort and expenses related to driving clients around for showings. Because we are rebating a large amount of our commission to you, we charge a small home viewing fee to our Buyer Rebate clients. When you have found a property that you are interested in viewing. This viewing fee is based on where you are looking to purchase a home.
Real Estate Services for Viewing a Property:
- Within 25 miles from our office, $50 Showing Fee
- Over 25 miles but under 100 miles from our office, $125 Showing Fee
- For each additional mile from our office, over 100 miles, it’s $125 plus $1.25 per mile
At some point it may be more economical to ask the listing agent if they will let you in for a nominal fee, while still insisting you are being represented by Like It Realty.
Important Showing Instructions:
- We MUST be the first agent to show you the inside of the property!
- You can always check out the house and the local neighborhood via a “drive by”, however, if you want to see the inside of the house you need to let the listing agent know you are working with Like It Realty.
- If another real estate company shows you the property, you will NOT quality for the cash rebate.
Once you have identified a property that you would like to put an offer on, our licensed and insured broker will work with you to confirm it is still available, review the terms of the sale and submit the offer on your behalf. We will work with you through the negotiation & contract process and help answer any questions that you may have.