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We are pleased to offer North Shore and More's Massachusetts North Shore Buyer Rebate Program to clients. The buyer rebate program is very simple. We give clients cash back when they work with us to buy a home or investment property. The North Shore and More Buyer Rebate Program helps clients offset some of the expenses that come with buying a home.
The North Shore and More Buyer Rebate Program offers clients a competitive advantage. It is especially important to come in with strong offers in today's market. Knowing there is a cash back rebate on the other end of a sale may be the difference between getting your home and losing out to a higher bidder. Rebates can be used to pay closing costs and other miscellaneous expenses.
Buyer Rebate Program FAQ's:
Are Buyer Rebates Legal?
Buyer Rebates are legal in Massachusetts and recognized as a method for brokers and agents to compete for business.
Why Does North Shore and More Offer Buyer Rebates?
North Shore and More offers buyer rebates to compete for business. We do our own marketing and lead generation as independent Massachusetts North Shore Real Estate Agents. Our Massachusetts North Shore Buyer Rebate Program is part of a business model which is focused on being flexible and providing exceptional service as an independent agents.
Some buyers and sellers would prefer to work with a larger brand name firm, and that's OK. There are many that would prefer to work with a group like us, who work independently and can create a more welcoming and personal experience. We strongly believe larger more traditional brokerages aren't as important as they once were. Agents and consumers have access to tool and resources in today's technology driven world that were formerly provided by larger corporate brokerages.
Why Don’t All Real Estate Brokers or Agents Offer Buyer Rebates?
Most agents don't offer rebates because it takes away from the bottom line. Larger brokerages have big overhead costs for administrative staff, marketing budgets, and paying for lavish corporate events. They rely on their brand presence and marketing to get sufficient buyer and seller traffic. Agents that work for these brokerages are giving up a cut of their commission (up to 50% in many cases) for these services. Agents working for traditional brokerages can't afford to pass savings to clients because of these fees. We can afford to pass rebates to to clients because we work independently.
What Is Required To Qualify For The Buyer Rebate Program?
All you have to do is register via this google form: Massachusetts North Shore Buyer Rebate Program Registration.
Your lender will also need to confirm that you are able to participate in the program. Most lenders will approve and facilitate rebates because they are legal, in high demand, and consumer friendly. However, it's important to discuss the rebate early in the mortgage approval and application process. If a lender has any restrictions or special requirements it is important to address them early. A real estate attorney will be able to assist with ensuring our North Shore MA Buyer Rebate Program works seamlessly with your lender.
Are Certain Types of Properties Excluded?
Yes. Rebates are not offered for short sales, foreclosed property sales, “For Sale By Owner” sales, mobile homes, certain investment/commercial property sales, and sales of undeveloped land.
Is a Buyer Rebate Taxable?
No, buyer rebates are considered a non-taxable event. The IRS has ruled that brokers are not required to report rebates as income or issue 1099's to buyers. Commission rebates are generally treated as a return of principal to the buyer which reduces the cost basis of the property. Think of it like this, the buyer rebate reduces the price you paid for the home.
How Is The Rebate Paid Out?
The Massachusetts North Shore Buyer Rebate Program is paid at closing and is required to be included in the HUD settlement statement. Generally, the rebate is provided as a credit to settlement costs first. If your rebate exceeds your settlement costs, we will facilitate payment for the difference after the closing and settlement and after the deed has been recorded and escrow funds paid.