Frequently Asked Questions
There’s no catch! Our program rewards people for doing exactly what they are already doing…starting their NNN search on the Internet. We offer rebates to NNN buyers who come to us with a short list of NNN properties they are interested in. Most brokers do not offer this, instead preferring to keep their entire commission regardless of how much time they have to invest in a client. We see this rebate as a way of giving back to those buyers who assist us in shouldering the time-consuming task of finding the right NNN property for them.
Our program is geared toward the “do-it-yourself” segment of the market who takes on a very active role in the initial search. They just want a broker to assist with deciding the best terms to offer, negotiation, and/or unlock the 3% commission so they can get a 1.5% rebate.
Builders offer a 3% realtor commission that is built into the price of the home. This is a marketing expense the builder simply pockets if you choose to purchase without representation. Since the builder pays all our fee to represent you as a buyer, NONE of our services will cost you a penny. However, if your offer is not accepted or we are otherwise unsuccessful in assisting you in your new home purchase, you owe us nothing.
On a typical transaction, we are paid 3% and we give you a 2.25% rebate. The rebate on a home purchased for $400,000 would usually be $9,000 ($400,000 x 2.25% = $9,000). Please note: Some builders only pay commissions on the base price of the home, and do not pay commissions on the lot premium or upgrades. Also, the minimum fee for our service is 0.75%. So if the commission offered by the Builder is less than 3%, your rebate will be adjusted accordingly (for example: 1.75% rebate if the Builder is only paying 2.5% commission, 1.25% rebate if the Builder is only paying 2% commission, etc.). To find out the commission the Builder is paying in order to estimate your rebate, you can simply ask the Builder’s Sales Agent what commission they are paying, or we can check with them to find out for you.
Ideally, we will credit your entire amount owed on the closing statement.
We love a good negotiation. You can dictate the terms as you see fit, ask us for our expert opinion or a mix of both.
Most NNN property closings are performed using a method called an “escrow closing” versus a traditional “round table” closing in which all parties meet in person. An escrow closing is easy, reliable, cost-effective and much safer these days by virtue of avoiding physical contact. There are several ways to conduct such closings but the general process is that required closing documents are signed by all parties and deposited with a trusted escrow agent, such as the title company, funds are wired, and once all parties are satisfied, escrow is broken and documents are released to be recorded. Parties can be located in different locations and documents can be scanned, reviewed and approved with agreements (called undertakings). It is important to note that while electronic signatures can be viewed and approved by parties to the transaction, electronic filings are still not yet permitted or processed in all county offices, so it is imperative that the original documents are sent and make it to their ultimate destination.
Use our Submit Offer Form to start your bid. The information you provide is used to create a non-binding Letter of Intent (LOI). Once the LOI is agreed upon by both parties, it is used to create a binding Purchase Contract. May I Cancel? Yes. The LOI is non-binding and therefore, either party may cancel anytime, until the Purchase Contract is fully executed by both parties. Most Purchase Contract provide a buyer with a 15-30 day cancellation period (or Due Diligence Period). If you are getting a loan, you can expect a 30 day approval window too. You can expect to receive a full refund of your deposit when you choose to cancel subject to extraordinary circumstances.
Yes. Most contracts have a 15-30 day cancellation period. If you are getting a mortgage you can expect a 30 day approval window too. You can expect to receive a full refund of your deposit when you choose to cancel subject to extraordinary circumstances.
Commission credits, or rebates, are legal in 40 states, and the U.S. Department of Justice (DOJ) has even championed them. The DOJ has taken the position that providing these credits promotes healthy competition among agents.
Ten states don’t agree, and they do not permit commission credits or rebates in any shape or form as of 2021: Alabama, Alaska, Iowa, Kansas, Louisiana, Mississippi, Missouri, Oklahoma, Oregon, and Tennessee.
The Internal Revenue Service (IRS) has also gotten on board with commission credits. It has said that these credits don’t count as taxable income to the recipient. The IRS has ruled that they’re an adjustment to the cost basis a buyer has on their property.
Of course, this basis might contribute to capital gains taxes down the road in some circumstances when buyers ultimately sell. But if you take advantage of the IRS Section 1031, you will be able to take your proceeds and exchange them into another property, deferring your capital gains taxes until you decide to sell your new property.
Real estate commissions for NNN properties are typically 3% to 5% of the sales price. That commission is split between the buyer’s broker and the seller’s broker, so each broker earns 1.5% to 2.5% of the sales price. All of our featured properties available for sale provide commissions that are paid by the Seller.