THIS SOUNDS TOO GOOD TO BE TRUE. WHAT'S THE CATCH?
There is no catch. You save thousands on your new home and we get to work with a customer who would have bought a new home without us.
WHAT IS A NEW HOME REBATE / CASHBACK?
A new home rebate is typically a percentage of the sales price (either base price of home or price of home plus options) that you can apply towards closing costs at settlement, or receive a check after settlement.
WHAT IS CONSIDERED A NEW HOME?
We consider any home that is sold by a builder to be a new home, including homes built from the ground up, Quick Move-In Homes, and the Builder’s Model Home.
IS THE 2% CASHBACK AMOUNT NEGOTIABLE? CAN I GET MORE THAN 2%?
We offer the best new home cash back rebate in Virginia, so our rebate is not negotiable. The maximum rebate to our buyers is 2%.
DOES THIS WORK FOR RESALE HOMES?
IS THERE A MINIMUM PURCHASE PRICE REQUIRED TO RECEIVE MY CASHBACK?
No, however our minimum compensation is 1% of the sales price, or $3,000, whichever is greater.
ARE THERE ANY FEES I HAVE TO PAY TO RECEIVE MY CASHBACK?
No. There is never a cost for buyer representation. We also do not charge a transaction fee (up to $500) to our buyers, unlike most real estate companies. We have zero fees. No hidden costs or charges.
HOW MUCH MONEY CAN I EXPECT TO SAVE?
On a typical transaction, we are paid a 3% commission and we give you a 2% rebate. A $500,000 new home purchase would save you $10,000. ($500,000 x 2% = $10,000).
HOW DO YOU CALCULATE MY CASHBACK?
Your 2% rebate assumes the builder (seller) is paying a 3% commission. Most builders pay a 3% commission on the base price of the home. If the base price is $500,000, but you select $50,000 in options, the final price of your home at settlement is $550,000. The builder pays us $15,000 (base price x 3%) and we rebate you $10,000.
HOW AND WHEN WILL I RECEIVE MY CASHBACK?
Most of our clients elect to use the cash back at settlement towards closing costs, however we can also issue you a check 7-10 business days after settlement.
WHAT IF MY CASHBACK IS MORE THAN MY CLOSING COSTS?
Because our rebate is so large, it's very common for us to issue a check to many of our customers after settlement. Subject to lender approval, any remaining balance of your rebate (in excess of closing costs) will be refunded to you by check within 7-10 days after closing.
DO I HAVE TO PAY TAXES ON MY CASHBACK?
Because we are not CPAs, it is illegal for us to give you tax advice. If you have questions or concerns regarding the tax implications of a new home rebate, please consult your tax professional before signing up.
WILL YOU ISSUE ME A 1099 TAX FORM?
We do not issue 1099 tax forms to our customers due to the IRS ruling # 200721013 that “a payment or credit at closing represents an adjustment to the purchase price of the home and generally is not included in a purchaser’s gross income. Nor does the taxpayer have an obligation to report for those amounts under any other section of the Code.”
ARE NEW HOME REBATES LEGAL IN VIRGINIA?
Rebates ARE LEGAL in Virginia but illegal in 9 states. Most real estate companies do not offer rebates because it is not part of their business model. Many real estate companies do not allow their agents to offer rebates because it is against their company policy. There is a common misconception that rebates in general are not allowed or are illegal. As you can imagine, many of our competitors would like you to believe that new home rebates are illegal, when in fact they are not.
WHAT AREAS OF VIRGINIA DO YOU SERVICE?
Although we are based and directly service Northern Virginia, we can represent you on ANY new home for sale ANYWHERE in the Commonwealth of Virginia where a commission of at least 3% is being paid by the Builder (Seller). If you are not in Northern Virginia and your Builder requires us to accompany you on your first visit to their model home/sales center and/or to contract signing (or if you would like us to), we will charge you an up-front fee of $500. **If you need one of our agents to meet you in person outside of Northern Virginia, please give us as much advance notice so we can do our best to accommodate your request.
WHY SHOULD I USE A REALTOR® TO BUY A NEW HOME?
You will pay the same price for your new home whether you use a Realtor or not. The sales agent at the model works for the builder. A Realtor works for you. Should you go it alone, or use a traditional agent, you will forfeit thousands of dollars at settlement.
I'M ALREADY WORKING WITH A REALTOR. CAN I WORK WITH YOU INSTEAD?
If you have signed an Exclusive Buyer Representation Agreement or any other Broker-Buyer agreement with another real estate agent, we cannot represent you until you first cancel that agreement in writing with that agent and provide us written evidence. In addition, if you have already registered with a Builder under another agent, the Builder will likely not allow you to change agents.
HOW DO YOU GET PAID?
The Builder (Seller) pays us to bring them a Buyer for the property. Our payment is in the form of a commission (typically 3% of the base price of the property).
HOW MUCH DO YOU CHARGE FOR YOUR BUYER REPRESENTATION SERVICES?
Our services are free – there is no charge to you. We are paid by the Builder (Seller).
IF I ALREADY VISITED A COMMUNITY AND/OR STARTED WORKING WITH THE BUILDER, CAN I STILL RECEIVE A CASH BACK REBATE?
It depends on how far along in the sales process you are and whether the Builder requires you to register us as your REALTOR® on your first visit. We are happy to contact the sales agent you were working with and find out if it’s not too late for us to represent you in your new home purchase.
CAN WE VISIT NEW HOME COMMUNITIES ON OUR OWN WITHOUT YOU?
Absolutely, but to ensure you are eligible for our rebate, contact us first. Many communities and builders require us to accompany you in person on your first visit or at contract signing. If you do visit new home communities without us, be sure to let the Builder know you are working with a REALTOR® and write our contact information on the Builder’s registration form: Paul Thistle, Broker, Take 2 Real Estate. 703-626-5607
IS THIS A GOVERNMENT PROGRAM?
No. Your rebate comes from us, however there are government programs that offer rebates or cash assistance, and are typically only available to first time buyers or are income/geographically restricted.
newhomerebate.com is wholly owned and managed by Take 2 Real Estate LLC, a Virginia Licensed Real Estate Brokerage (License 0226-020958). newhomerebate.com is not owned by or affiliated with any builder or community.