How Buyers can Collect Several Thousand Dollars on Closing day – all for Doing Nothing
Copyright © 2014- 2023 AUTHOR: Paul R. Marino, REALTOR®, e-Pro®
Our Buyer Broker service is unlike any other Buyer Broker service you may be accustomed to. The distinction is, our Buyer Broker services work in conjunction with a rebate (CASH PAID TO YOU). This rebate is paid directly to you at closing, and will appear as a formal line item (Page 2 / Item H / Line 08) on the Closing Disclosure (CD) closing statement. This rebate applies to all kinds of buyers, whether this is your fifth home purchase, or your first.
Rebates paid to buyers are fully legal in Connecticut, Massachusetts, New Hampshire, Vermont, and Maine, and in fact, are fully endorsed by the US Dept. of Justice. The link here (connects you directly to the US Dept. of Justice website) provides a broad overview of the basics.
THE BUYER REBATE PROCESS WORKS IN THE FOLLOWING MANNER:
1) Landfall Properties, LLC provides exemplary Buyer Broker representation by having your CT, MA, NH, VT, or ME home purchase overseen by the consummate professional. Principal Broker Paul R. Marino brings three decades of experience to your home purchase, along with the following: a) 35 years Buyer Brokerage expertise; b) Ethics (not a single CT, MA, NH, VT, or ME state real estate board ethics violation in the past 35 years); c) Credentials (35 year member of the REALTOR® organization, and awarded the ePro® designation); d) Education: BS Economics, Lehigh University; MS Systems Management, University of Southern California; e) Licensed Principal Broker, f) Former Captain, USAF, Strategic Air Command.
2) Landfall Properties facilitates the rebate (you do nothing), and causes your name to appear on Page 2, Item H, Line 08 on the Closing Disclosure (CD), reflecting a credit to you (cash rebate) of 25% of the Buyer Broker commission. EXAMPLE: Assume you purchase a home in Greenwich, CT, Boston, MA, North Conway, NH, Rutland, VT, or Caribou, ME (or for that matter, a property in any city, town, village, hamlet, or minor crossroads in CT, MA, NH, VT, or ME). In our example, the purchase price is $350,000. The Buyer Broker commission is 3% of the purchase price, or .03 X $350,000 = $10,500. Thus, 25% of $10,500, or $2,625 will appear as a rebate to you, reflected on Page 2, Item H, Line 08, of the Closing Disclosure (CD) statement.
3) Landfall’s compensation for serving in the capacity of a Buyer Broker for your home sale will be reflected on the Closing Disclosure (CD) in plain view for all parties to see. Landfall Properties, LLC collects a commission of $7,875 (75% of $10,500), and you collect a cash rebate of $2,625 (25% of $10,500). WIN-WIN. This entire rebate process adds nothing to the purchase cost of your new property, and, in this example, puts $2,625 in your pocket.
4) By using the Buyer Brokerage services of Landfall Properties, LLC, you will have a single point of contact throughout the entire process. You will benefit from the full array of buyer brokerage expertise (i.e. targeting properties that fit your requirements, setting and confirming all showing appointments, tactical negotiating advice, management of all contract, addendum, and related paperwork, handling all “back and forth” minutiae between the Listing Broker and Buyer Broker, assistance with financing requirements, evaluation and response to home inspection, investigation into zoning issues, review and evaluation of home appraisal, review of all Closing Disclosure (CD) documentation in advance of the closing, and essentially handling every aspect of your purchase to ensure a smooth closing, and a pleasant home buying experience.) Feel confident that with 30 years in the business, the advice you receive will be exemplary.
5) The only service we will not provide is an accompanied tour of your prospective new home, which is unnecessary for several reasons: a) There will be a Listing Broker on site to take you through the property; b) Only you know what you want in a home; c) With Google street view, and the vast array of Internet based tools out there, there is precious little we can not tell you about a property without even crossing the threshold. Things like outstanding mortgage balance, liens against the property, real estate taxes, outstanding building permits, legal uses of the land (as defined by the town zoning ordinance), etc. Nothing escapes our ability to secure for you every conceivable detail about a property you are targeting. Can't you just do this for yourself? Of course you could, but why would you when someone is doing it all for you, and handing you a check for $2,625 to boot? Plus, let me ask you: Having worked the databases of the internet for three decades, do you think we're efficient at tracking down information? You bet we are.
6) When you do find “the one”, Landfall Properties strongly recommends you secure a home inspection to evaluate all systems, components, and cosmetics of the home. This is NOT the job of any Buyer Broker, since you require a specific level of systems expertise, provided by an impartial 3rd party, whose sole function is to “tell it like it is”. If any items of concern are identified with the physical structure, you are further counseled to secure expert advise from a person in the specific construction trade relevant to the potential deficiency (licensed electrician, licensed plumbing/heating contractor, licensed structural engineer, etc.). By following this procedure, you will feel secure knowing you have done everything possible to make an informed decision.
7) Your compensation for the simple act of touring the interior of the property (without a Buyer Broker at your side), is, in this instance, $2,625. As mentioned above, your home tour will be conducted by the Listing Broker. You don’t need another party on hand to exclaim: “Oh what a beautiful kitchen!” LOL. You know what you want as a buyer, and don’t need us to hold your hand. What you need is advice. Advice that is based on 35 years of experience with every sector of the real estate market (brokerage, appraisal, and home renovation).
