Our Rebate Makes Home Buying Less Expensive
Mahatma Gandhi says it best about our philosophy:
The best way to find yourself is to lose yourself in the service of others… ~Mahatma Gandhi
How Does The Cash Back Rebate Work?
Your broker is paid a commission by the home seller at closing. The amount of the commission varies from home to home but averages from 2% to 3% of the total price of the home. So for example: if you buy a home that is $300,000 and the seller is paying the broker 3% commission at closing. The amount of commission the broker would receive would be $9,000. If you used Orange Vista Homes to buy this house, we would give you 25% of the $9,000 back as a rebate, so you would get a $2,250 cash back rebate at closing.
How Is The Rebate Applied?
If you are using financing, you must consult with your lender and get approval first. You can have your rebate applied toward your closing cost or pre-paid expenses. If you are using FHA or VA for your financing, our rebate must be applied toward your closing costs. If you are paying cash, the rebate will be applied to the cost basis of the home. The rebate must be shown on your closing cost settlement statement or HUD-1 statement.
Are Rebates Legal?
Yes! Arizona has no ban on rebates. The United States Department of Justice actually approves of and encourages brokers to offer rewards and rebates to home buyers. According to a report done by the United States Department of Justice, rebates make buying real estate more affordable.
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Rebate amount is based on sales price of the home and commission percentage offered by listing brokerage. Rebate cannot exceed $24,000 per transaction. To receive the maximum $24,000 rebate, the purchase price of the home must be $3.2 million or more with a 3% co-broke. Our average home buyer rebate has been $2,100. Lender approval is required if financing. A signed buyer broker agreement with Orange Vista Homes is required for the home buyer rebate. The Home Buyer Rebate must be applied toward your closing cost or the cost basis of the home. No actual cash or check will be given.