Frequently asked questions

When will I receive my rebate?

You will receive a rebate check NO LATER than 24 hours after the closing on your new home. In most cases you will receive the rebate at the closing.

A rebate on my house? I’ve never heard of such a thing. Should I consult my lawyer?

Not only is it legal in New York State, the practice of brokers providing rebates to buyers is actually encouraged by our state’s government. New York Attorney General Eric T. Schneiderman wrote this letter encouraging rebates as a method in which to promote better competition in the residential real estate industry.

Does the rebate go on my HUD form?

No, the rebate does not appear on the HUD form. It is paid separately, at/or post-closing.

I’ve been working with some of the more popular brokers in the area. They’ve never mentioned a rebate. Why not?

That’s probably because the business model for a traditional broker doesn’t allow them to pay out rebates and they are not incentivized to do so. Traditional brokers usually have substantial overhead on lavish office space, expensive phone systems, extensive use of printed marketing materials and other costs common with the traditional brokerage model. At NestEdge, we run lean. No lavish office space. No expensive phone systems. No cardboard printed mailers. We save that money…and pass the savings onto our clients.

I live in New York State, but outside of Westchester County. Can I still use your services?

In most cases, yes. Contact us!

I don’t need a broker. I just prefer to run with it myself. But I’d still like a rebate. What should I do?

At NestEdge, we are happy to be involved AS MUCH or AS LITTLE as you like. If you would like us to be at all showings, your inspection, deeply rooted in the negotiation and at the closing…we will do ALL OF THAT. If you prefer to run the show yourself and call us at the end, you can do that too. Just call us prior to locating your dream home and we’ll guide you on how to handle either scenario, or one in between.

Is my rebate Taxable?

The IRS determined in a private letter ruling that rebates granted to buyers from brokers are not taxable, instead, the rebate would decrease the cost basis for the home when it is eventually sold. For example, if a buyer receives a $10,000 rebate on an $800,000 purchase, the cost basis of the property at the time of sale would be $790,000 as opposed to $800,000. Although private letter rulings are only binding on the party to whom the ruling is issued, NestEdge operates pursuant to the IRS’s guidance in this ruling and does not issue clients a 1099 in connection with the rebate. We always advise clients to consult with a tax professional with respect to the tax implications of the rebate. The IRS ruling can be found here.

When will my rebate be calculated? How much will I get?

Your rebate is calculated and presented to you prior to you signing the contract. The rebate varies on a number of factors including how many homes we showed you and the collected commission amount. We can always estimate the rebate when you see a particular home. Just ask!!!

Are all properties and clients eligible for a rebate?

Clients directly referred from paid sources such as Zillow & Trulia, clients who see more than 25 properties with our agents and clients who have been engaged with NestEdge for 6 months prior to signing a contract are not eligible for a rebate. Rebates are also not offered on Land, Knock-downs, New Construction or clients completing a concurrent purchase & sale.

Will a seller give me a better deal on my own without a broker?

If a buyer is not represented by a broker, the selling broker would keep the entire commission (typically 6%). Further, the selling broker can not legally give you a discount due to your lack of representation. By using NestEdge, you are guaranteed to take home a portion of the broker’s commission.

I see that the sellers for the homes I am interested in are generally listed by major brokerage houses in my area. Will those brokers work with you?

We are a members of Hudson Gateway. As members, all brokerage houses are contractually obligated to work with us, and do so willingly.

I am looking to sell my home. Can NestEdge offer a rebate for selling my home also?

Absolutely. Contact us and we’ll explain the details.

According to New York Real Property Law section 442-h, what are your standardized operating procedures?

Prospective clients DO NOT need to show identification, Clients ARE NOT required to sign exclusive broker agreements and Pre-Approvals ARE required in order to view properties. Read the document here.