You may be wondering…
How does the 50% commission work?
A buyer’s agent typically receives 2 - 3% of a home’s sale price directly from the seller. Instead of keeping that full commission (now defined by the National Association of Realtors as compensation), we give you back half. Note that our refund is dependent on lender approval, and that there may be restrictions with VA and FHA loans.
How do I get my refund?
There are two ways to get your commission refund: You can apply it to your closing costs as a credit, or have it mailed to you via check after closing on your new home. If you choose to go the first route and your refund is larger than your closing costs, we’ll send you a check for what’s left over.
Is the refund taxable?
Nope. According to the IRS, a refund represents an adjustment to a home’s purchase price and is therefore not taxable income for the recipient. We won’t send you a 1099 tax form for that reason. That being said, it’s always a good idea to consult your tax advisor about all financial aspects of buying a home, including your Open Listings refund.
So do I pay a commission fee?
Yes, you just won’t ever see the bill for it. The price of every home on the market includes a 5 or 6% markup to account for commission (now defined by the National Association of Realtors as compensation), which is split by your agent and the seller’s agent at close. It comes out of what you pay the seller, but it doesn’t actually cost them anything – they’ve already added it onto the value of their home.
Isn’t using an agent free when you buy?
This is a common misconception, but no. What’s really going on is that the commission fee is baked into the price of your home, and that cost is passed onto you when you buy.
What if I need advice?
We’ve got a team of homebuying experts & real estate agents on hand to help answer any questions you may have about homebuying, a specific property, or getting pre-approved. Just email us or call or text (630) 474 -5561
What if I want to see a home in person?
Can't make an open house? Call and we will coordinate a tour that fits within your schedule.
Can you help me find a lender?
We're proud to partner with some of the most experienced, well-reviewed, and dedicated mortgage lenders in Illinois and Michigan to help buyers get closer to their home goals. You're welcome to use your own lender, but if you need a recommendation, we're happy to help.