How much will the borrower rebate be?
Rebates depend on the purchase price of the home, and they are subject to lender approval based on investor and legal requirements. The buyer rebate will be up to 0.6% of the home purchase price, subject to applicable terms and conditions viewable at realty.blend.com/rebate-terms.
Are there instances when the rebate is less than 0.6%?
The loan officer may determine a reduction is necessary in certain circumstances based on legal requirements and other restrictions. Borrowers can contact their loan officer with questions regarding the rebate amount or view additional information at realty.blend.com/rebate-terms.
When will the borrower receive their rebate?
The rebate will generally be issued at closing. It may also be issued within 30 to 45 days after the transaction has closed, depending on the circumstances of the transaction and if the lender approves the delay.
What does the borrower need to do to receive their rebate?
Every transaction is unique and may require various actions from the borrower to process the rebate. The borrower, agent, loan officer, and concierge will collaborate throughout the transaction to facilitate a timely payment, and the borrower can reach out to firstname.lastname@example.org with any questions.
Are there any restrictions to the rebate?
The borrower must utilize Blend Realty or a Blend Realty network agent to complete the real estate purchase transaction. The buyer’s agent commission must be greater than 2% of the purchase price. The rebate is valid only on the initial purchase transaction and must be completed within two (2) years from the time the borrower accepts the terms and conditions. The rebate offer is not available where prohibited by state law. The following states are not eligible: Alaska, Alabama, Iowa, Kansas, Louisiana, Missouri, Mississippi, Oklahoma, Oregon, Michigan, and Tennessee. Please see complete rebate terms at realty.blend.com/rebate-terms for details regarding eligibility.
Is there a maximum rebate amount?
No. Since there is no limit to the home purchase price, there is also no limit to the rebate amount.
Can the borrower still receive the rebate if they switch lenders?
The consumer rebate and the financing transaction are two separate transactions. Homebuyers may still receive the rebate if they use another lender.
How is the borrower matched with a real estate agent?
The borrower is matched with a top-rated real estate agent in the buyer’s local market. The borrower’s unique needs such as location, price range, and property type are also taken into consideration when determining the fit with an agent’s expertise.
Is the rebate a taxable event?
According to IRS guidance, a commission rebate represents an adjustment to the home purchase price and consequently is not considered taxable income. However, Blend Realty recommends that homebuyers consult an accountant or tax professional about their rebate tax liability as every situation is unique.