Buyer Rebate | How It Works
When you use Madison Flat Fee Homes as your Buyer's Agent, we will refund you 50% of the commission that we earn in the transaction. This commission is being paid to us by the seller, through their Listing Broker. Most importantly, this refund is TAX FREE to you (the IRS has already issued a ruling on this).
Take a look at the chart below to view your potential rebate:
Here is how a typical home sale would work:
Take a look at the chart below to view your potential rebate:
Here is how a typical home sale would work:
1. Seller lists their property with a Realtor (this Realtor is the Seller's-Agent).
2. A separate Realtor, the Buyer's-Agent, brings a client to purchase the house.
3. For bringing this client to the Seller, the Buyer's-Agent earns 50% of the total commission which is being paid by the Seller.
4. You, as the Buyer receive NOTHING.
Here is an EXAMPLE of how our Cash Back Program© works:
Here is an EXAMPLE of how our Cash Back Program© works:
A) Sales Price of House $300,000 x 6% Commission = $18,000 total commission paid by Seller.
B) Seller's Realtor must pay 1/2 of this commission to Buyer's Realtor, so $18,000 x 50% = $9,000 to Buyer's Realtor.
C) We earn $9,000 commission. We then split that $9,000 with you as our Buyer-Client.
D) You receive $4,500 back !!
It is that simple; when you use MadisonFlatFeeHomes as your Buyer-Agent you will receive cash back. As a general rule of thumb, the refund you receive usually amounts to 1.5% of the Purchase Price.
HOW TO BEGIN...IT'S EASY...
STEP 1: Email noelle@madisonflatfeehomes.com or call our office to get started (608) 592-2100
STEP 2: At our initial meeting, we will sign a Buyer Agency Agreement, interview you to find out what type of property you want/need, give you our Buyer Package which includes all Property Listings based on your criteria.
Realtor® Association Guidelines
In order for our company to receive the Buyer-Agent Commission, our association rules state the we must be the first Point-of-Contact for each property (also known as "Procuring Cause"). This means that you cannot call the Seller's-Agent directly to talk with them about the property, then call us later and say that you want to buy the property with us as your agent. If you did call the Seller's-Agent directly, then that agent would be entitled to the entire listing commission. You would not get any refund.
Madison Flat Fee Homes must have on file a signed "Buyer Broker Agreement" for each of our buyer-clients. This agreement allows us to receive the Buyer-Agent commission in your transaction, as long as we were the first "point-of-contact".
Our buyer-clients must identify themselves as being represented by Madison Flat Fee Homes at any open house they attend.
Cash Back Program© Guidelines
Cash Back Program© Guidelines
Madison Flat Fee Homes must have on file a signed "Buyer Broker Agreement" for each of our buyer-clients.
Madison Flat Fee Homes buyer-clients must pre-screen properties on the Internet, and drive-by them before scheduling a showing.
Madison Flat Fee Homes buyer-clients must call us to schedule all showings.
To receive your refund, Madison Flat Fee Homes will show you a maximum of 10 properties. On your own, you may visit as many open houses as you like....just remember to identify yourself as being represented by Madison Flat Fee Homes.
ADDITIONAL DETAILS...
YOUR RESPONSIBILITIES
You must be ready to purchase within 60 days.
You must sign a Buyer Broker Agreement with Madison Flat Fee Homes for us to legally represent you as a buyer.
You must be Pre-Approved with a Mortgage Lender/Bank.
You will need to determine the type of property you want/need.
You will need to search the Internet to find properties that meet your criteria in the area you are looking. You will begin by setting up a free account on Realtor.com. This is the web site that contains every property currently listed in the MLS. On Realtor.com you can enter all the specific criteria for the property you are looking for...and when new properties get listed that meet your criteria, those listings will be automatically emailed to you. There are also many other web sites to assist you in this search. A list will be provided in your Buyer Package.
You will need to drive-by the properties that you are interested in to further qualify them.
Once you find a property you like, then call us to schedule the showing.
OUR RESPONSIBILITIES
OUR RESPONSIBILITIES
We will schedule all appointments to view your selected properties.
We will advise you as to current market selling prices.
We will complete your Offer To Purchase.
We will negotiate your offer with the seller's real estate agent (or directly with the seller if the property is listed "Flat Fee").
Upon agreement of Price and Terms for your purchase, we will obtain all the signatures necessary to finalize the documentation.
We will forward all documentation to your chosen Real Estate Attorney, who will complete the necessary steps for a successful closing.
How do you receive the refund?
1. You can be issued a check within 10 days after closing.
2. You can apply your refund to your closing costs, and if there is any excess you would receive a check within 10 days after closing.
REMEMBER: This refund is tax-free!!
Your refund is calculated based on the final sales price and the commission amount being offered by the seller. The commission we receive as Buyer-Agent is typically between 2%-3% of the sales price. Some sellers may be offering us less to bring a buyer to their house, and some may be offering more. Each individual listing must be checked for the actual commission being offered to a Buyer-Agent.
Final Note: You may NOT use your refund as part of your down payment.
