Frequently asked questions
If you decide to apply your rebate towards your closing costs and rate buy down, your rebate will be applied at closing. If you opt to receive your rebate in “cash”, you will be mailed a check for your rebate amount within 1-4 weeks of closing.
RebateHoney works just like any other full service real estate company. There are no upfront or out of pocket fees and we collect our commission from the seller at closing. Best of all, you get 50% of that commission up to $7,000!
Most homes in Colorado will qualify for a RebateHoney commission rebate. To qualify, the sale price must be above $199,999 and there must be a buyer co-op commission offered by the seller of 2.5% or more. If the buyer commission rate is below 2.5%, it will be prorated at a standard 2.8% commission rate and you will be refunded the difference up to $7,000. For example, if the commission on a 500K home is 2.0%, you will receive $3,000 in commission rebates.
All commission rebates on financed homes must have a written approval from the lender unless otherwise specified. We work directly with approved lenders that allow commission rebates. Please email us at hello@rebatehoney.com for additional information.
If you decide that RebateHoney isn’t a great fit for you or you decide that purchasing a home at this time isn’t in the cards, simply let your agent know. There are no fees or binding contracts with RebateHoney. You can stop working with us anytime, for any reason.
How much you’ll get back in commission rebates depends on the sales price and commission percent offered. On a traditional real estate deal, you can expect to receive 50% of our commission (average commision 2.8% of the sale price) minus any applicable admin fees, processing fees, negotiation adjustments, or transaction coordinator fees. Your full commission rebate details will be available in your purchase contract.
To qualify, the sale price must be above $199,999 and there must be a buyer co-op commission offered by the seller of 2.5% or more. If the buyer commission rate is below 2.5%, RebateHoneys commission will be prorated at a standard 2.8% commission rate and you will be refunded the difference. For example, if the commission on a 500K home is 2.0%, you will receive $3,000 in commission rebates.
Due to lending laws and regulations, your rebate may not be used as a downpayment but it can be used to cover closing costs or as a way to recoup some of your cash after closing. Closing costs can add up to thousands of dollars so having this rebate helps you save that cost at closing.
In the event that your closing costs are covered by your rebate and there is a surplus, you can use the surplus to buy down your interest rate if you are financing or you can pocket the difference. The choice is yours!
