FREQUENTLY ASKED QUESTIONS
How is the Buyer and Listing Commission Determined?
Usually, the listing commission is equally divided between the seller’s agent and the buyer’s agent. For example a 5% listing commission will be divided as follows: 2.5% to the listing agent and 2.5% to the buyer’s agent.
How can Skymax Realty afford to give back the 50% Home Buyer Rebate?
We determined that with most home searches being done through the Internet, the Real Estate business needed to be adjusted. Our business model is based on the online technology available to the consumer and therefore, we save all the overhead costs associated with traditional Brokers, which in turn benefits all buyers and sellers. See Video Explainer
What is the Skymax Realty 50% Home Buyer Rebate
It is a portion of the Buyer’s Agent commission that is given back to the buyer. Skymax Realty gives back 50% of our buyer’s commission to the client. For example, if we receive a 2.5% buyer’s commission, we give back 1.25% to the buyer, which amounts to thousands of dollars given back to you.
Are Home Buyer Rebates legal in Massachusetts?
Yes, they are legal in Massachusetts. The United States Department of Justice has a website that specifically addresses real estate rebates. Click here to view the legal opinion.
Is Skymax Realty a Full Real Estate Service Broker?
Absolutely, we will assign a dedicated professional agent who will guide you and assist you, from beginning to end, with the purchase of your home. The agent will be with you giving you advice, during the showing of homes, the home inspection and will negotiate the ideal purchase price, as well as any adjustments resulting from the inspection. The agent will attend the closing with you. See full details here
How do I qualify for the 50% Home Buyers Rebate?
You must engage the professional services of a Skymax Realty buyer agent and work with the agent from the initial search to the final closing.
Can I qualify for the 50% Home Buyer Rebate if I am working with another Broker?
No, you must not be working with another Broker. However, if you don’t have a buyer’s contract with the other Broker, you may terminate your relationship and start a new search with Skymax Realty.
If I have a buyer’s contract with another Broker, can I work with Skymax Realty?
If you have a written exclusive buyer’s contract with another Broker, you must abide by the terms of the contract. However, once the contract is ended you are free to work with a professional Skymax Realty agent.
I saw a house with another Broker’s agent, can I put an offer using Skymax Realty?
Depends on the circumstances. If you have a buyer’s agent contract, then the answer is NO. If you are currently and actively working with another Broker, even without a buyer’s agent contract, then the answer is also NO. If you visited the house more than 30 days ago and you stopped working with the Broker for the same period of time, then the answer may be YES. Please check with our office in order for us to determine who is the procuring cause for the purchase.
Do I have to inform my Mortgage Broker about the Home Buyer Rebate?
YES. Most financial institutions require that you disclose the rebate amount, and they know how to address the rebate program without any problems. However, there are a small number of mortgage brokers that are not familiar with the program and are unsure on how to handle the rebate. We can discuss it with your loan officer, or we can put you in contact with mortgage brokers who are very experienced in dealing with the buyer’s rebate, so you receive the thousands of dollars of the rebate
Is the 50% Home Buyer Rebate Taxable?
NO. On November 30, 2006 the IRS issued the following statement: “Taxpayer does not have an information reporting obligation under section 6041 of the Code because, a payment or credit at closing represents an adjustment to the purchase price of the home and generally is not includible in a purchaser’s gross income”. However, you should always consult with your accountant for any tax implications. See the IRS Release Confirmation