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SAVE THOUSANDS OF DOLLARS WHEN YOU BUY WITH ME
I REBATE 50% of my Real Estate Commission to my Buyers
80% Buyer Rebate on Brand New Homes!
I must register you at the Community on your 1st visit
Buy a home with me and receive a cash rebate of HALF my commission. To qualify for this offer Buyers agree to tour homes themselves via Open Houses and Broker Tours. Let me know of a property that interests you and I will take things from there. Comparative Market Analysis, Negotiating your offer, All Inspections and Appraisals to Closing. Home sellers normally offer a buyer’s agent commission of 2.5% – 3.0% of the purchase price. Your rebate will be 1.25% – 1.5% of the purchase price*
How will I receive my California real estate commission rebate?
Credit on your closing statement – My rebate will be itemized on your HUD1 closing statement as a credit. Buyers can apply their rebate to closing costs, which include loan fees, property taxes and escrow-related fees. As my commission refund may exceed closing costs by thousands of dollars, I can issue my client a check for the excess. Your Lender will require that you have sufficient funds from your personal savings, Stocks or a Gift (documented with a Gift Letter) to cover your down payment, closing costs and reserves. A Broker Rebate typically cannot be used towards your down payment and you should confirm with you Lender if a Broker Rebate is allowed.
Check after the close of escrow – some clients prefer to receive their rebate outside of escrow. In this case I will mail your rebate check on the day of escrow closing.
Is a California real estate commission rebate taxable?
NO, real estate commission rebates are not considered taxable by the IRS. A rebate will reduce the cost basis of your home (the price you paid). For example: If you purchase a $1,000,000 home and I rebate you 1.5% ($15,000 assuming 3% commission) your cost basis would be $985,000. It represents an adjustment to the purchase price of the home and generally is not part of a purchaser's gross income. When you sell your home any profit would be based on that purchase price. I do not report a commission rebate to the IRS and I will not issue you a Form 1099. With all tax related concerns please verify with your Tax Attorney as individual situations may vary. See this article on the subject from Redfin: "IRS Rules That Redfin Does Not Have to Report Commission Refunds as Taxable Income"
Is a commission rebate legal?
100% YES, The United States Department of Justice has a webpage entitled "Rebates Make Buying a Home Less Expensive". Ten states have enacted laws that forbid brokers from offering refunds, thankfully, California allows me to share my commission with you.
(*subject to a minimum commission of $10,000 to Steve Atkinson, Broker)
Los Gatos Real Estate Information
The Los Gatos real estate market is upscale and diverse, boasting a wide range of properties of varied sizes, prices and character. Within downtown Los Gatos there are beautiful historic homes as well as larger custom homes set within the picturesque hills.
Condominiums and Townhomes throughout Los Gatos start below $250,000 and larger 4 bedrooms are in the $1,000,000 range. Single family three, four and five bedroom detached homes range in price from $650,000 to the mid $2,500,000 range. Larger estate style homes in Los Gatos of extreme luxury and with fantastic views can range in price from $2,500,000 up to 20,000,000. Land is also available to purchase within the area as are a limited number of new custom built homes.
Los Gatos Community Information
Los Gatos is located in the San Francisco Bay Area, close to San Jose and at the base of the Santa Cruz Mountains. The city literally means “The Cats” in Spanish - a name dating back to the 19th Century and referring to a time when cats could be found at the foothills of the city. A picturesque area with many Victorian era homes and buildings which can still be found today and that add to the charm and character of Los Gatos. Sunny and mild all year round, the city of Los Gatos is blessed with natural beauty and a great quality of life.
Almost 30,000 people make their homes in Los Gatos which is one of the oldest communities within the Santa Clara County. With its family oriented lifestyle and small town feel, Los Gatos is a desirable area to live. Los Gatos residents are able to embark on shopping, fine dining and entertainment of both arts and music within this safe and highly desirable neighborhood.
Our Los Gatos MAP Search is the easiest & best way to view, research, compare and save favorites. Sign up to receive email alerts of 'New Listings' the day they hit the market. Research recent closed comparable home sales. Our business is Los Gatos real estate. Our website gives knowledge and technology to help you navigate all Los Gatos homes for Sale. Research Local Markets, Neighborhoods, Schools and Real Estate trends on Los-Gatos-Home.com.
Want more Information? Like to view a home? Interested in Selling? (415) 613-8940 Steve@Houses.com
I BEAT Redfin's Buyer CASH Rebate. I have closed 800+ Bay Area Homes. I believe that Experience Counts!