REBATE FACTS: Questions & Answers
Are you offering full service buyer representation or something else? We ARE a full-service agency. Buyers who choose to receive a commission rebate through Wilmington Real Estate Options will receive full buyer support, including direct assistance and transactional guidance for everything from arranging viewing appointments to negotiating. Our agents are all specialists in the local residential real estate market and are eager to help you successfully complete your purchase. More specifically, our agents will assist with identifying and viewing suitable properties, negotiate and submit offers, attend inspections, negotiate any needed repairs, explain disclosures, constantly monitor the entire buying process to ensure you get to closing on time, and be at your side throughout the closing process.
Can I earn the commission rebate on new construction or homes from builders? Yes, absolutely. All major builders and developers welcome agents, and since there is never normally any discount for individuals purchasing the property directly without an agent, the rebate is the best way for the buyer to save on the purchase and get paid. Before visiting any new construction, please contact us so we may get you started and assign you an agent who has experience with the type of property you are interested in buying. Then, we will call the builder and pre-register you before you show up to tour the property. We will give you a copy of your Buyer’s Agency Agreement. Whenever you visit a new construction sales office, you should state that you are working with a buyer’s agent and have a copy of the agreement with you. Never visit a sales office for the new construction without allowing us to pre-register you or having your agency agreement on hand.
What is the catch and where is the misleading fine print? There is no catch. And there is no fine print. Here’s our REBATE REQUIREMENTS.
Does getting the commission rebate mean I need to find the home on my own? Absolutely not. Wilmington Real Estate Options offers full service buyer representation. We can help you find your perfect home, answer any questions, and submit your offer and facilitate the negotiations. We will be at your side from inspection to closing. If however, you prefer to do most of the work on your own, that’s fine as well. Just contact us right away so we may get you set up. Remember, if you show up at open houses or new home sales offices without contacting us first, you risk the chance of becoming a client of the seller’s agent or the builder. We only share our commissions and offer rebates to our clients.
What is the standard commission structure for residential real estate in the Wilmington area (New Hanover, Pender, Brunswick counties)? In Wilmington and surrounding areas, sellers and builders pay the commissions. Commissions are negotiable. And it’s not uncommon for brokers representing both the buyer and seller of high end properties to earn more money in one transaction than the average Wilmington worker earns in an entire year!
I have already identified a property I want to buy, but I have not contacted the seller or seller’s agent yet. Is it too late to get my commission rebate? You still have time! Please contact us as soon as possible so we may get you started and ensure that you will be eligible for a commission rebate upon closing. We never recommend you contact the listing agent unrepresented, because the listing agent may be a DUAL AGENT and simultaneously representing the best interests of both the buyer and seller at the same time. This sounds hard to believe and it is. You always want an agent who has no conflicts of interest with you and the seller. You want to be represented in full confidence by a Buyer’s Agent.
I visited an open house and registered with the listing agent. Is it too late for me to qualify for a commission rebate? You may still have time. Please contact us right away to discuss your specific situation. Many listing agents will allow you to hire a ‘buyer’s agent’ after the initial visit. The first step would be to contact the listing agent, mention that you are interested in working with a buyer’s agent for your own protection, and ask whether they will permit it.
Do I need Wilmington Real Estate Options to show up to every property viewing I attend? No. You are free to visit properties entirely on your own. All you need to do is contact us beforehand so we may assign you an agent. Then at any open house or property showing you go to, we ask that you identify yourself as being represented by the agent we assign to you.
What do I need to do if I want to use you to buy a home and earn a rebate? Contact us at your earliest convenience. We will answer all of your questions and get you set up with an agent who specializes in the area you are looking to buy. You can always expect us to be responsive and accommodating. We want to help you to succeed with your home purchase and give you a rebate for trusting us.
Can I meet my Wilmington Real Estate Options agent first? Yes. Please contact us to get started. Once we pair you with a local specialist, you will have a main point of contact as you navigate the rest of the way through the offer process.
As an Investor or Developer, do I also qualify for a commission rebate? Yes. You absolutely qualify for a commission rebate. We encourage you to contact us right away to get started with the process.
Are there any minimum requirements for the sale price and commission earned in order to work with a buyer? Yes. We will rebate up to 50% of our commission directly to you, the buyer, at closing. There is a minimum purchase price of $100,000 and a minimum buyer agent commission of 2.5% for us to be involved. However, with today’s real estate in the Wilmington area, practically all properties for sale qualify for our rebate service, as most offer commissions of 3% and are priced well above $100,000.
As a Buyer, is my commission rebate taxable? Keep in mind that we cannot offer specific tax or legal advice but in a past ruling the IRS determined that rebates were not taxable.
Therefore, a 1099 will likely not be issued to you in conjunction with the cash rebate you receive from us for purchasing a property. In many cases, especially in Wilmington, the size of your commission rebate can be a tremendous amount of money. The IRS ruling we made reference to can be found here.
I’m already working with an agent. Can I still receive a commission rebate if I work with you? No. If you are already being represented by an agent and you have signed an agency agreement, then it is too late for us to become involved to represent you and secure your commission rebate. If, however you have not signed an agency agreement, we encourage you to contact us and see if we may be of assistance.
What do I do at an open house if I want to earn the buyer’s commission rebate? Before attending any open house, you should contact us right away so we may assign you an agent. Then, whenever you sign in to an open house you should indicate that you are being represented by a buyer’s agent. Please note that it is unethical for another agent to attempt to represent you if you’ve already indicated that you are already represented. So just let us know if this ever happens.
Can I still search for properties and attend open houses on my own? Yes. We actually encourage that you do this, because nobody knows more about your own goals and interests than yourself. All you need to do is identify yourself as being represented by the agent we assign to you at any open houses or property tours.
How do I get started if there are no open houses scheduled for the property I want to buy? Our agents can show you any property you want to see. It’s like having your very own private open house! Simply contact us with a convenient date and time and we’ll make and appointment for you to view the home.
Are there any other fees or hidden charges that I need to pay the agent representing me? Absolutely not. Most Realtors work with home buyers free of charge. As a buyer, you get to choose your own Realtor and it costs you nothing.
Why does Wilmington Real Estate Options offer commission rebates to buyers? Wilmington Real Estate Options was formed on the belief that both buyers and sellers alike deserve to be able to take advantage of the development of technology to have a better and more efficient experience when buying and selling real estate. We offer commission rebates to buyers because by doing so we encourage greater competition in the real estate market which ultimately benefits buyers and sellers through lower transaction costs. We offer commissions rebates to sellers through a rebate of 1.5% off of our standard listing fee of 6% – all sellers get 4.5% full-service listings.