Although Partner Agents and Users of our platform agree to the terms and conditions set-forth, OfferDash® cannot require Partner Agent activity past granting access to our website systems. All representation agreements and commission rebate terms must be confirmed in a separate written agreement between Partner Agents and Buyers or Sellers. The following is a guideline for providing an OfferDash® commission rebate according to the agreed-upon terms.
Property Owner Services + Fees
Property Owners may utilize the OfferDash® system, free of charge with no obligation. Owners can run an unlimited number of valuation reports and may receive offers from qualified buyers as well as a free consultation from a licensed real estate agent. If the Owner chooses to sell their property through OfferDash®, they will be provided with several listing paths. The Owner can either choose to receive a Cash Offer from OfferDash’s network of Investors, list their home on the MLS through a DIY Listing or through a full service listing with an OfferDash® Partner Agent.
Cash Offer Auction
Sellers who request an offer through OfferDash’s Cash Offer Auctions can do so without paying any listing fees. Approved Investor members pay all fees including escrow, title and any commissions payable.
Sellers who choose to use the OfferDash® platform to list a property for sale through a Full-Service Listing, are offered an exclusive listing agreement with a 1% listing success fee (min $3,500). This fee is only paid to the OfferDash® Partner Listing Agency upon closing under the following circumstances: (1) The Seller pays a $149 service fee to OfferDash® upon closing. (2) The Seller offers a minimum 2% commission to an outside Buyers Agency (3) The Seller pays a $500 transaction coordination fee upon closing. (4) The Seller is in compliance with this agreement and all OfferDash® policies.
Buyer Commission Rebates
OfferDash® Partner Agents utilizing the platform to connect with customers agree to rebate 50% of the commission the Buyers Agency receives under the following circumstances: (1) The Partner Agent actually received a commission in relation to the Buyer’s contract, (2) The Buyer is in compliance with this agreement and all OfferDash® policies, (3) The Buyer’s lender approves, (4) The rebate appears on the HUD statement (and applicable forms), (5) The rebate is in compliance with all state statutes, (6) The commission the Partner Agent earned is greater than $3,500, (7) The Buyer pays a $149 service fee to OfferDash® upon closing. (7) The Buyer pays a $500 transaction coordination fee upon closing. (8) The Partner Agent and Buyer paid all fees (if any) required by OfferDash.
The rebate applies to any home listed in the multiple listing service (MLS), new construction, and more. You do not have to buy a home listed by an OfferDash® Partner Agent to qualify.
Buyer refunds are designed to reward do-it-yourself buyers who visit open houses or do the majority of work finding the home they want to purchase on their own. In low inventory markets it can sometimes be difficult to find properties for sale and often working with a local agent to find homes to purchase can open up more opportunties. If a Buyer requests a tour through OfferDash, they will be connected with a local Partner Agent to show them the property. Due to increased costs involved for the Partner Agent to show properties, the minimum commission to the Partner Agent will be increased at a rate of $100/hour for showings.
The rebate is included on your settlement statement at closing as a credit from the Partner Brokerage. You may use the rebate to pay closing costs, pay down loan principal, pay prepaid expenses like homeowners insurance or pay down the interest rate with points. All rebates are subject to lender approval and state law. Speak to your lender at the earliest possible time regarding any rules or restrictions they have regarding commission refunds.
Additional Commission Rebate Terms
The rebate shall never exceed the amount of commission received by the Partner Agent less any service fees. The Partner Agent is not required to rebate any portion of the commission less than 1.5% of the sales price. The Partner Agent is not required to make any payments to a Buyer other than a commission rebate that meets the aforementioned requirements. Any commission credit not approved by the lender shall be credited back to the Partner Agent. All refunds must be stated in the closing statement. No refunds shall be provided outside of escrow.
The IRS has ruled that commission refunds are not taxable income. The refund is a reduction in the cost of the home you buy. That said, it is recommended that you contact a tax professional regarding any potential tax implications.
Commission refunds are legal in 40 states. See the U.S. Department of Justice (DOJ) website for additional details on if Home Rebates are legal in your state at: https://www.justice.gov/atr/rebates
Investor Services + Fees
Property Investors may utilize the OfferDash® system to find real estate investment opportunities from property owners willing to sell at an average of 25%+ under market. Investors can run an unlimited number of valuation reports and may submit offers to sellers direct through OfferDash.
Cash Offer Auction
Approved Investor Members who make offers on an instant offer auction may do so under the following circumstances: (1) The Investor pays a 5% commission as an acquisition fee to OfferDash® with a minimum $5,000 commission upon closing (2) The Investor is an Elite Investor member in good standing. (3) The Seller and Investor are in compliance with this agreement and all OfferDash® policies.
New Home + Bulk Sales
Investors who sell more than 2 homes per year can save on fees through our bulk sale program. Home builders can take advantage of our skilled network of new home sales agents experienced in launching the sale of your new community. Please contact our OfferDash® investment advisor for a free consultation and exclusive offering package.