Rebate on New home purchases - Discuss
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NEW -> Contingent Buyer Assistance Program
i think you mean *dont* tell them right? they seem to not give the broker coop if its a family member. someone posted that THNC specifically wouldnt give the rebate to a purchasing couple because one of them was a broker.
also, even if you have checked out the houses before, unless you filled out a guest card with fully accurate info, there really is no way of them knowing if you came before or not. ie, send a PM to USCTrojanCPA or IrvineRealtor if you arent sure and want to try to still get the rebate
we took IrvineRealtor with us to Lambert Ranch and the whole process was really easy. now we just have to get the darn house but thats a different story
also, even if you have checked out the houses before, unless you filled out a guest card with fully accurate info, there really is no way of them knowing if you came before or not. ie, send a PM to USCTrojanCPA or IrvineRealtor if you arent sure and want to try to still get the rebate
we took IrvineRealtor with us to Lambert Ranch and the whole process was really easy. now we just have to get the darn house but thats a different story
irvinehomeowner
Well-known member
I'm too easy to remember.
And too big to sneak by the salespeople.
I think if you have your broker's information that should be enough... but many of them require the broker to actually be there on your first visit... bleh.
And too big to sneak by the salespeople.
I think if you have your broker's information that should be enough... but many of them require the broker to actually be there on your first visit... bleh.
Officially, its too late. Unofficially, people go back with their brokers all the time as the builders arent swiping IDs. Assuming you didnt sign anything or fill out a guest card or have a very long conversation with one of the sales reps when you visited the models, they would never know if the next time you went was your first time or not.
usctrojancpa
Well-known member
When you filled out the registration online, did you put in there that you were referred over to the development by your cousin (agent)? If not, then they might not allow your cousin to register you guys.Jenita143 said:
usctrojancpa
Well-known member
No, each development and location is separate. So if you filled out a registration card at Cortana, you can still register with an agent at Toscana in LA or any of the other Irvine Pacific developments including the ones in Stonegate. Hope that helps.SandVball said:So since we filled out the registration card at Laguna Altura that wipes out the rebate for all of StoneGate and LA? I knew we should have given fake info! >
usctrojancpa
Well-known member
The broker co-op is the new home version of a buyers agent's commission....agent gets a broker co-op for a new home transaction and the buyers agent commission for a re-sale home transaction. The rebate is just a refund of part of the broker co-op/buyers agent commission to the buyer.SandVball said:
irvinehomeowner
Well-known member
I do hate this "first visit" thing.
I am actively working with an agent and if I decide to visit a model home and my agent isn't with me, they should still honor the co-op if I bring him in with me the next time I visit.
I understand there is some "after the fact" issue... but it's not like these guys aren't making money on the sale regardless of the co-op.
I am actively working with an agent and if I decide to visit a model home and my agent isn't with me, they should still honor the co-op if I bring him in with me the next time I visit.
I understand there is some "after the fact" issue... but it's not like these guys aren't making money on the sale regardless of the co-op.
usctrojancpa
Well-known member
Irvine Pacific is super strict with that....they told me and my clients before....you cant register with them because I remember seeing them here before (even though they never filled anything out).irvinehomeowner said:
Thanks USC that makes sense. I thought that's a large commission check on a new home!
A saleslady in Placentia scolded us for asking if our Agent needed to be present to sign us in. She was going on about buyers shopping around to find an agent that would give some of it back. They only had one unit left anyhow so we walked out.
A saleslady in Placentia scolded us for asking if our Agent needed to be present to sign us in. She was going on about buyers shopping around to find an agent that would give some of it back. They only had one unit left anyhow so we walked out.
usctrojancpa
Well-known member
Typo....I correct it.SoCal said:
lucky760
New member
I really, really wish I'd read this before I got sunk. :-\
The wife and I went into an Irvine Pacific sales office. We wanted to go back two days later with our agent and he warned us repeatedly that we should wait a while so they might forget us, but we thought there's no way they would be that strict and told him it'd be alright.
We showed up with him and they absolutely refused to afford him the broker co-op. I even took it up to the Irvine Pacific corporate management and they still refused any kind of consideration.
As we need to buy in six months and have zero other options where we want to purchase, we just put down a deposit there and will be paying the $12,000 commission to our agent out of our own pockets because we have a Buyer Exclusive agreement with him in exchange for him taking zero commission on the sale of our previous home.
The whole experience has been a nightmare and I can't believe we have actually been reduced to paying that much money.
In short: Yes, do NOT go into any sales office unless your agent is with you the first time. (Also note that the co-op agreement they sign has to be renewed every 2 months or so otherwise it expires.)
The wife and I went into an Irvine Pacific sales office. We wanted to go back two days later with our agent and he warned us repeatedly that we should wait a while so they might forget us, but we thought there's no way they would be that strict and told him it'd be alright.
We showed up with him and they absolutely refused to afford him the broker co-op. I even took it up to the Irvine Pacific corporate management and they still refused any kind of consideration.
As we need to buy in six months and have zero other options where we want to purchase, we just put down a deposit there and will be paying the $12,000 commission to our agent out of our own pockets because we have a Buyer Exclusive agreement with him in exchange for him taking zero commission on the sale of our previous home.
The whole experience has been a nightmare and I can't believe we have actually been reduced to paying that much money.
In short: Yes, do NOT go into any sales office unless your agent is with you the first time. (Also note that the co-op agreement they sign has to be renewed every 2 months or so otherwise it expires.)
irvinehomeowner
Well-known member
I do hope that the commission you would have paid him on the sale of your previous home is more than the $12k you have to pay him now.
I'm not sure how enforceable that Buyer Exclusive agreement is but this is the first time I've heard of an arrangement like that when it comes to buying a new home (and if you had that agreement in place prior to your first visit to a new home tract, he should have gone with you then).
I'm not sure how enforceable that Buyer Exclusive agreement is but this is the first time I've heard of an arrangement like that when it comes to buying a new home (and if you had that agreement in place prior to your first visit to a new home tract, he should have gone with you then).
lucky760
New member
No, the commission he would have collected is ~$5,000 less. The Buyer Exclusive agreement is pretty air-tight and does state that he is entitled to a "full commission" on our next home purchase and that I am the one responsible for him receiving his commission.
We tried to work something else out with him (like monthly payments or a lower dollar amount), but he's a greedy shark (like all sales people), and since it's our own fault we went into the sales office after he repeatedly told us not to, we decided we'll just have to pay for our mistake if we want to live there (and we do very, very much).
Yes, he should have gone in with us the first time, and I'm sure he would have, but we just went in on a whim to check out the models without mentioning it to him.
We tried to work something else out with him (like monthly payments or a lower dollar amount), but he's a greedy shark (like all sales people), and since it's our own fault we went into the sales office after he repeatedly told us not to, we decided we'll just have to pay for our mistake if we want to live there (and we do very, very much).
Yes, he should have gone in with us the first time, and I'm sure he would have, but we just went in on a whim to check out the models without mentioning it to him.
socal78
Well-known member
Lucky,
What is Irvine Pacific offering to the agents? Are you saying they are paying out a "full" commission and not a referral fee? I would find that surprising.
Also, how does your agreement define a "full commission" - - 3%?
I guess what I'm wondering is - wouldn't you pay what the builder would pay and not a dollar more?
Why not overpay the office by the amount he would have gotten if he'd been with you on the first visit then have them cut him a check.
What is Irvine Pacific offering to the agents? Are you saying they are paying out a "full" commission and not a referral fee? I would find that surprising.
Also, how does your agreement define a "full commission" - - 3%?
I guess what I'm wondering is - wouldn't you pay what the builder would pay and not a dollar more?
Why not overpay the office by the amount he would have gotten if he'd been with you on the first visit then have them cut him a check.