RALEIGH NEW HOME REALTY

In order to be eligible for the new home rebate, you have to establish a buyer agency agreement with Rodney McNabb & Raleigh New Home Realty as your Buyer’s Agent BEFORE your first trip to Raleigh new home communities. This process is very simple…just complete our Getting Started Form (to your right) and we’ll send the brief paperwork to you for endorsement that will establish this relationship.  This agreement ‘protects’ your new home rebate, and gives you the peace of mind in knowing that a licensed North Carolina real estate agent is providing guidance along the way, representing your best interests from contract to closing.  Most representation will be handled by e-mail, phone, and mail.

On your FIRST VISIT to Raleigh new home communities, simply list Rodney McNabb with Raleigh New Home Realty on the Guest Card as your real estate agent. Keep in mind that this offer may be void if you have previously visited the new home subdivision or development and registered with an on-site sales counselor or agent (unless the builder will waive their policy).

You will want to ensure that Rodney McNabb with Raleigh New Home Realty is listed as the Selling Broker (aka Buyer’s Agent) within the contract or on any addenda to the contract BEFORE you sign it. This will help ensure that we get paid, and you get your new home rebate!

Once the contract has been signed by the home builder, please provide a copy to us so we can follow through on the contract-to-closing process.

We do not charge you anything for this benefit!  With that being said, you should discuss any possible tax obligations with a tax professional.  Raleigh New Home Realty is not responsible for the reporting or payment of any federal or state taxes in relation to your rebate.

Yes, either spec homes or dirt-builds.

Yes, the pricing and incentives are the same whether you use a real estate agent or not. This is another misconception people have about new home rebates. The builder must offer someone with a real estate agent the same price they would offer someone without an agent. Otherwise, they would be breaking the law.  Also, how many real estate agents do you think would refer business to a home builder if they found out that their clients were paying higher pricing for doing so? None! Most home builders typically allocate 2.4% to 3% to pay a real estate agent on every new home they build. These funds come from their marketing budget. Therefore, if a home buyer is not represented by an agent, the money the home builder saves from not paying a real estate agent merely stays in their pocket. Wouldn’t you rather it be given back to you?

While our marketing is focused on the Greater Triangle Area area, this program may be utilized anywhere within the ENTIRE STATE OF NORTH CAROLINA.

If you don’t plan ahead, your lender could force you to forfeit part of your new home rebate, and neither we nor you want that.  Your lender can disallow excess credits — the portion of your rebate which exceeds your closing costs. Being aware of the possibility of excess credits will help you take the necessary steps to avoid this outcome. Doing so is your responsibility however, We are happy to assist you with this.

At closing you will need to prepay property taxes and insurance, purchase a mortgagee title policy, pay loan origination fees, etc. Ask your lender for an estimate of your closing costs based on your projected closing date, but be aware exact closing costs will not be known until the closing attorney calculates prorata debits and credits just before closing.

Sometimes, but not typically, closing costs can exceed the new home rebate. However, excess credits can still happen, usually when buyers try to combine seller credits (a common new home builder incentive) in the same transaction with a real estate agents new home rebate.  What to do?  Plan ahead and structure the deal from the outset with a lower price or other incentives instead of closing cost credits from the home builder (upgrades, lot premium, appliance packages, etc). That way the seller nets the same amount and you get to use your full new home rebate. Raleigh New Home Realty is glad to assist in these negotiations, but we can help you only if you are aware of the potential problem and bring it to our attention no later than the time the contract with the builder is negotiated.

If you find yourself near closing and your lender says you can’t use all your credits, there may still be some options to increase your closing costs to your advantage. For example, your lender may suggest applying the excess credit to “points,” buying down a lower interest rate. Another option may be to select a hazard insurance policy with more bells and whistles (and cost) than you really need; then after closing you can remove some of the bells and whistles from your insurance policy (it must still meet your lender’s minimum requirements) and the insurance company will refund the difference in premium. However, you would need to discuss these strategies well before closing, because they would probably require your loan to go back into underwriting, which could delay closing and potentially subject you to penalties for not closing on time.

In short, from the very beginning we work directly with the lender and the home builder and together we figure out how to apply the full rebate either to closing costs via the lender or via the home builder in the way of reductions of either upgrades or sale price.

They certainly are!  Check out this link to a US Department of Justice webpage outlining their opinion on this:  https://www.justice.gov/atr/rebates-make-buying-home-less-expensive

• You must not be represented by another real estate agent through a written agreement;
• You must register with an on-site sales counselor or agent and simply list Rodney McNabb w/Raleigh New Home Realty on the Guest Card as your real estate agent. This offer may be void if you have PREVIOUSLY visited the new home subdivision or development and registered with an on-site sales counselor or agent (unless the builder will waive their policy);
• The purchase contract for your new home (or any addenda) must reflect Rodney McNabb with Raleigh New Home Realty on it as the Selling Broker (aka Buyer’s Agent);
• The home builders that you are working with must agree to pay at least 3% of the sales price in commission to Rodney McNabb and Raleigh New Home Realty. If the commission is less than 3%, then your new home rebate amount will be reduced incrementally. (Ex: If the new home builder pays a 2 ½% commission (which is ½% less than 3%), then the new home rebate to you will be reduced by ½% (so 2% less ½% = 1 1/2% new home rebate to you); and
• The new home rebate must be approved by your lender and the home builder and must also be reflected on the Closing Disclosure (f/k/a Settlement Statement) at the time of closing.

The internet has drastically changed the way real estate is bought and sold. Today’s consumers have nearly limitless information at their fingertips and are more educated and informed about their areas of interest, including, schools, communities, home builders and even homes of interest. All of the research the buyer does saves the real estate agent time and money, so we pass those savings along to you by sharing our commission.When you buy a new construction home through a home builder, the home builder’s on-site sales team handles the showings and the paperwork. This reduces our time, so we are able to pass that savings on to you! Raleigh New Home Realty is here to help you with the details, make sure you are getting a good price, negotiate on your behalf if you want us to, and make sure that you are well represented and that your best interests are protected.Don’t you think you deserve a part in the commission, since you’ve done so much of the work? Of course! We know how expensive it can be moving into a new home. This is a win-win-win program. Our clients benefit from the new home rebate, we benefit from gaining your business and making a very small percentage on each transaction, and hopefully, you’ll tell EVERYONE you know about our awesome program! The home builder also benefits by selling homes!

Do you NEED one? No. But why not choose a Realtor with Raleigh New Home Realty that will give you a new home buyer rebate at closing?