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![]() 50% New Construction Buyer Rebate* For new construction buyers, we offer similar savings to our 1% buyer representation fee with our new construction 50% buyer rebate. Our rebate may save you thousands on your new construction condo or home purchase. Developers use their own proprietary purchase contracts. In this situation, it may be easier to use a classic buyer rebate approach in order to offer savings to buyers. As mentioned on our Buy page: Since 2009, we have usually given half of the commission which we received from the seller, or seller's brokerage, to our buyer-clients at the end of the sale process as a 50% buyer rebate. With new real estate industry practices and contracts starting in mid-2024, a classic buyer rebate approach is no longer the simplest method to offer savings to buyers on most purchases. The main exception is new construction purchases. The table to the right gives you an approximate idea of how much you might receive as a buyer rebate. This is money you save, which you might otherwise have to bring to the "closing table". At closing we usually receive a commission from a developer, or developer's brokerage, commonly called the co-op fee or co-operating broker fee. This fee varies. Sometimes it is 3%, other times less. Our buyer rebate is based on the co-op fee we receive in escrow. This is our 50% new construction buyer rebate to you (the below guidelines apply). Your rebate is applied to your closing costs in escrow and can help you significantly with your purchase. This is how Hoku may help you save thousands on your Oahu new construction real estate purchase while providing the services you are looking for. Please contact us with any questions you have, or to start working together! Buyer Services: - Your Hoku agent will be by your side throughout the entire buying process beginning with the first search for properties for sale - and showing you properties - until you receive your new keys. Great customer service is our goal. - Help with arranging a financing pre-qualification letter, if needed. - Automatic daily email search results sent to you for properties matching your search criteria. - Scheduling and showing of properties of interest to you. - Comparable Market Analysis, CMA, to see what recently sold and what currently is available to help determine pricing strategy for the Oahu home or condo you decide to make an offer on. - Write and present your offer. - Effectively negotiate the purchase of your next home or condo. - Help with access for property inspector and appraiser. - Regular updates from your agent on the various steps in the escrow process. - Guide your purchase through escrow to a successful closing. Contact us: We'd like to hear what your buying plans are, what you're looking for, and discuss how we can help you both professionally and financially when you buy with Hoku. Mahalo *50% new construction buyer rebate guidelines: - Hoku Real Estate (Hoku) uses a written buyer representation agreement covering our fee and the terms of how it is paid in various scenarios. - This buyer representation agreement can be for a short or long period of time, and can cover the entire Hawaii real estate marketplace, or simply a single new construction project. - A buyer representation agreement needs to be signed by all parties prior to the first showing of a property to a buyer, including virtual showings. - In addition to the above buyer representation agreement, Hoku Real Estate (Hoku) uses a written form covering the new construction buyer rebate guidelines below. This form needs to be signed by the buyer and broker acknowledging these terms in order to receive our rebate at closing. - In order to receive our rebate, your purchase needs to be made with Hoku. - Buyer agrees to provide Hoku with a financing pre-qualification letter from their lender, loan officer or mortgage broker prior to the first showing of a property to a buyer, including virtual showings. - If you signed a Buyer Representation Agreement with another broker, then you may be locked into them and we can't be your broker. Buyer affirms that they don't have any currently valid Buyer Representation Agreement with any Hawaii real estate broker. - If you decide to buy a property because of the recent efforts of another broker, then we may not be able to represent you for that purchase. Buyer affirms that no other broker was the "procuring cause" of your decision to buy the property that you are currently buying with us. - For new construction properties, your Hoku agent must accompany buyer on first visit to the new construction sales office in order for Hoku to be able to represent you and offer you our buyer rebate. - Hoku offers a buyer rebate of 50% of the co-op fee we receive at closing. - Our buyer rebate must be disclosed to the buyer's lender on the escrow closing statement/closing disclosure and credited to buyer at time of closing. Lender approval is usually required for a buyer rebate, and if so, then rebate is subject to such approval. Our buyer rebate is not cash, it can only be applied to lender-approved closing costs shown on the closing statement. Any rebate done outside of closing may be considered loan fraud. Many buyers are able to use the full amount of the rebate we offer. In some instances, however, the buyer may not be able to do so. We can legally only rebate the amount a lender approves. It is the buyer's responsibility to work with their loan officer and lender to decide how to use the rebate we offer and confirm the amount approved by the lender. On cash purchases, the rebate can be applied towards the purchase price as well. - Hoku has a minimum commission fee of $4,000. If the co-op fee offered is less than $8,000, then $4,000 goes to Hoku and the remainder is offered as our buyer rebate. |
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