Draper—Real estate technology platform and broker Homie announced the launch of the Homie Buyer Rebate program Thursday. Buyers who sign Homie’s Buyer Broker Agreement qualify for any allowable rebate. Homie buyers can use rebate funds for closing costs and to buy down up to one full point on a home loan. Refund amounts vary depending upon the commission listed on the MLS and lender requirements.
Homie buyers search for properties on any real estate website (including homie.com), they schedule tours and draft offers using Homie software, and complete their transactions using Homie’s licensed real estate attorneys and experts. At closing, Homie collects and refunds any allowable Buyer Agent Commission (BAC), up to 3 percent of the final sales price. Homie buyers receive these services for free, no service fees are deducted from the buyers’ rebate.
Prior to the official launch of the program, Homie was already rebating buyers back any allowable BAC. Among the first Homie buyers to receive a rebate was Ms. Mendenhall. She bought a home for $279,000 and received a rebate of $7381, over 2.5 percent of the final sales price. She applied the rebate to her closing costs. Another Homie buyer, the Hoopers, received back a full 3 percent BAC upon closing.
“Homie eliminates the huge amount of time and money spent to find and win over new buyers,” said Homie CEO Johnny Hanna. “In fact, our technology has pretty much replaced much of what a buyer agent used to do. Gone are the days when an agent would drive a buyer around to prospective properties. Buyers today use their smart phones and iPads to find and tour their dream homes. Our system supports them in completing much of the transaction themselves and, in return, our hefty rebates practically eliminate closing costs for most buyers. This streamlined process means we can offer most buyers the power to buy a home without having to save up thousands for closing costs. We believe this kind of buyer savings will be a game-changer, creating an even greater need for industry transformation, which will, in turn continue to benefit consumers.”