According to Fannie Mae guidelines and federal laws, all credits must be given on the settlement statement (not after closing). Failure to disclose the payment to the buyer on the settlement statement can constitute a “false statement to a lender” (a federal crime), and also a violation of the License Law and Commission rules.  You can  read what a state real estate commission wrote about this federal statute. As long as the rebate is listed on the HUD-1, it is perfectly fine in the majority of states, and most lenders do allow the rebate on the HUD-1.  However, if your lender will not allow the rebate on the HUD-1, then the only way for you to get the credit would be to have the seller lower the sales price by the amount of the rebate.  It is the buyer’s responsibility to ensure they have selected a lender who will allow the rebate on the HUD-1 statement.

The HUD-1 is a standard form produced by the Housing and Urban Development Authority. The HUD-1 is often referred to as the closing statement because it must be used at all closings and details the monies owed by the buyer to be paid to the seller. Our network of agents provide your rebate directly on the HUD-1 (so long as your lender allows it - see the next question), meaning you can bring less cash to closing.

Your lender will give you a pre-qualification letter after s/he has done a brief analysis of your financial situation. This may or may not include checking your credit. However, the letter will usually say it’s contingent on various factors, such as the verification of what you’ve told them. A pre-approval letter is more thorough, and will include a credit check. This letter is more likely to say that you’re approved for a home as long as your financial situation doesn’t change (i.e., you don’t buy a car while you’re trying to buy a house, etc.) Some sellers or builders will require a pre-approval letter, and few won’t.

No. RebateReps.com is a real estate firm offering rebates to buyers. Our network of agents represent the buyer while at the same time offering a rebate. (This means you save money! A lot of money… $2,000 to $10,000.) As we like to say, “Don’t make a $10,000 mistake!’

An agent in our network will offer you a rebate based on the ratio of the seller’s commission. He or she will work the details out with you before you begin your search, and will put it in writing.

Yes! We have a trained staff whose job is to match you with one of our RebateReps agents in your area.

No! There is no cost to the buyer to have a RebateReps agent represent you when buying a home. You pay more when you don’t have an agent because you forfeit your rebate!

Here’s how it works:

New Homes:The builder is charges a price for a newly constructed home. If you make an offer with a real estate agent at your side, the builder will pay your agent a commission (part of which we would give back to you). However, if you buy that same home without an agent, the builder will still charge you same price but you will not be eligible for a rebate. By law, the builder can only pay a commission to a licensed realtor. But you don’t have to believe it from us - go ahead and call a few homebuilders and ask them if they’ll pay the commission directly to you.

Resale homes:A real estate agent charges the seller 6% of the price of the home to list it. If a buyer shows up with a Real estate agent, then both agents split that 6%. However, if you show up and buy with no Realtor, the listing agent just keeps the whole 6%. The listing agent won’t give you a discount. If you use us (or a Real estate agent we find you), however, our network of agents will give part of the 3% back to you.

A new home is a newly constructed home sold by a builder. A resale home is an existing home sold by a private seller.

Yes! The rebate is put right on the HUD-1 closing statement, so you bring less cash to closing than you otherwise would have to. For example, let’s say you’re buying a $500,000 house. Your rebate would be $5,000. Now, if you were getting a 100% loan, you would just have to pay typical closing costs on your purchase, probably about $10,000 (these are loan fees, etc). BUT since you’re using a RebateReps agent, that $5,000 rebate gets credited towards your closing costs, so you only have to bring $5,000 to closing instead of $10,000! You just saved $5,000 real dollars!

Our office is located in Northern Virginia, just outside of Washington, D.C. However, we service clients nationwide via a network of trusted agents, all of whom are willing to share their commission with you.