What is the Real Estate Cash-Back Reward*?
The cash-back reward is offered as a credit on the home buyer or seller's closing statement. The cash reward is a 25% rebate of the real estate commission on the home buyer and or home seller's closed real estate transaction. It may not be used towards a down payment and is subject to lender approval, and the buyer or seller must be working with a Coldwell Banker Advantage Realtor® in order to receive it.
Specifically, the reward is calculated as follows:
Sales Price Buy/Sell Commission Rate 25% = Reward*
$250,000 2.4% 25% = $1,500*
*IMPORTANT: The program is available to eligible members nationwide; although cash-back rewards (also known as cash-back rebates) are prohibited in some states (**see list of prohibited states below). The cash-back reward is only offered to eligible members who have contacted the REAP Rewards Program (click here) prior to working with a Coldwell Banker Advantage Realtor®. The cash-back reward is only available with the purchase and/or sale of your home through the use of a program-introduced real estate agent. The cash-back reward is not available in certain transactions with restricted agent commissions (including many new construction, For Sale by Owner, or For Sale by iBuyer transactions). The cash-back reward is calculated only on the side of the transaction for which the eligible member registered with the program. The cash-back reward may not be used as a down payment and is subject to lender and seller approval. The cash-back reward for a home listing sale is based upon a minimum of a 6% real estate commission. If the real estate commission on a home listing sales is less than 6% then the cash-back reward will be discounted a pro-rata share from calculation shown on cash reward calculator. The cash-back reward is not available to employer sponsored relocations or transactions in Iowa or outside the United States. Not available if enrolled in any other cash-back program.
*Laws and regulations regarding cash-back rebates are changing all the time. Please contact us to discuss your particular situation.
**List of prohibited states: Alabama, Alaska, Iowa, Louisiana, Mississippi, Missouri, New Jersey (List Side), Oklahoma, Oregon, Kansas, Tennessee*