Frequently Asked Questions
Buying can be complicated. Don't hesitate to ask a question...
- Who is Premier Plus Properties, LLC home of the FlexFeePlus.com Program?
- How does Premier Plus Properties, LLC Home of the FlexFeePlus.com afford to give up a percentage of their commission and others don't?
- Isn't this just discount real estate?
- Are rebates legal?
- Most builders and sellers offer to pay closing costs. Can I combine this with my Rebate?
- Can I just get the Seller/Builder to discount their house by 3% if I am not working with a Realtor®?
- Will every Seller or new Builder work with a Realtor®?
- Can I work with Premier Plus Properties, LLC if I am currently working with another real estate agent?
- I am currently under a buyer's representation with another real estate company.Can I still get a Cash Back Rebate from Premier Plus Properties LLC?
- What areas do you serve?
- I want to purchase property a few counties away from where you are located. Can I still use your rebate program?
- Why do I need a Pre-Approval Letter/Commitment Letter from lender, or need to show Proof of Funds before an Agent from Premier Plus Properties, LLC will set up appointments to view the interior of homes with me?
- If you work on commission, why would you try to lower the price of a house for the buyer?
- Can I get the Rebate on a short sale transaction?
- Can I buy commercial or investment property through the program?
- What if I find a piece of land or a vacant lot that I want to purchase?
- How do I know I will receive my rebate?
- How much is the Cash Rebate?
- How is the rebate paid?
- Is my cash rebate taxable?
- I still don't get it - do I really not have to pay to use you?
- If I contact Premier Plus Properties, LLC, am I obligated to use the FlexFeePlus.com program?
- Why should I use this program?
- What else should I know if I am considering getting started?
- Who should I contact to get started or if I have additional questions?
- What is the $395.00 transaction fee?
Q: Who is Premier Plus Properties, LLC home of the FlexFeePlus.com Program?
A: We are members of the Greater Louisville Association of Realtors, the Heart of Kentucky Association of Realtors, the Kentucky Real Estate Commission and the National Association of Realtors and adhere to those organizations' Code of Ethics.
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Q: How does Premier Plus Properties, LLC Home of the FlexFeePlus.com afford to give up a percentage of their commission and others don't?
A: Because of our rebate program, Premier Plus Properties, LLC home of FlexFeePlus.com do a higher volume of transactions. Today's savvy online home-buyers are much more hands on throughout the entire real estate transaction. The Internet has clearly changed the dynamics to searching for homes, streamlining work, saving you and us time and money. Our savvy buyers can do much of the initial legwork on their own, thus freeing up the agents' field time. Because we have very low overhead, we don't pay managers, staff, franchise fees, expensive office buildings (We work under the Home Office Concept), corporate headquarters, huge advertising costs and a host of other expenses, we pass the cost savings on to you, the buyer. Our expertise involves drafting contracts, preparing necessary paperwork and all aspects of negotiations (price, repairs, seller concessions, etc). Because we spend less time driving around and opening doors, we can concentrate on what we specialize in... getting the best price and terms for the Buyer! This affords us the opportunity to service more clients and to rebate such a large portion of our commission.
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Q: Isn't this just discount real estate?
A: No, you will get full-service, expert representation every step of the way. We're not cutting any corners. To the contrary, we deliver more value than our full-priced competitors. The difference is, we know that a better deal is part of delivering better service. If you take advantage of this program, you'll be on your way to saving thousands of dollars on the purchase of your next home. You'll have a fierce professional real estate agent whose interests are not in conflict with yours - so you could pay a lot less for your home. And you'll reap the benefits of all the preparation work you would be doing anyway. You have lots of $$$$$$ to gain and nothing to lose.
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Q: Are rebates legal?
A: You may have some Realtors tell you that rebates are not allowed. What they mean to say is that their company does not allow them to issue rebates or lower their commissions (even though real estate commission is 100% negotiable). Rebates/Refunds are 100% allowed in Kentucky. The Department of Justice supports and fights for rebates. and HUD supports and has a process in place for the rebate.
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Q: Most builders and sellers offer to pay closing costs. Can I combine this with my Rebate?
A: YES! You can combine these funds to give you even more flexibility in buying upgrades for your new home or to do anything you choose. The only caveat is that a Realtor® from Premier Plus Properties, LLC home of FlexFeePlus.com MUST be present with you when you first visit the development, otherwise you will be considered a direct customer of the developer and Premier Plus Properties, LLC will not be able to assist you with the transaction and provide you a rebate. If you are considering a new housing development, definitely contact Premier Plus Properties, LLC FIRST so you don't lose the opportunity for a rebate!
Also, sellers of resale properties may offer to pay closing costs or other concessions in which case your rebate is in addition to those funds.
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Q: Can I just get the Seller/Builder to discount their house by 3% if I am not working with a Realtor®?
A: How would you know you're actually getting 3% off? How do you know what the real Market Value should be on the house you want to buy? Focusing on the 3% Realtor® commission could wind up costing you thousands of dollars more, and without representation financial mistakes are often made. These are mistakes you won't know about until you try and sell. A market savvy Realtor® on the other hand could negotiate a 5% to 15% price reduction on the same house based upon factors you may not be aware of, or suggest other home choice possibilities that represent savings that are more in line with your expectations. Overpaying for your house in the Kentucky Real Estate Market or overlooking floor plans configuration and energy considerations could be a sure way of LOSING MONEY when it comes time to SELL.
Not only that, the National Fair Housing Laws ensure that commissions paid the real estate agents and real estate brokerage firms by home builders in Kentucky have no effect on the purchase price of new homes or condos in Kentucky. Thus, the purchase prices of new homes or condos as well as pre-construction homes and condos are unaffected when you are represented by a real estate agent.
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Q: Will every Seller or new Builder work with a Realtor®?
A: The overwhelming majority of Sellers and New Home Builders work with Realtors® or licensed Real Estate Agents and pay them the standard marketing or sales commission of 3%. In very rare circumstances some For Sale Buyer Owners and some small builders may not work with Realtors®.
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Q: Can I work with Premier Plus Properties, LLC if I am currently working with another real estate agent?
A: It depends. If you do not have an active or verbal buyer's representation agreement with another broker/agent, then Premier Plus Properties, LLC may be able to represent you in the transaction. However, if you have previously toured the subject property with another broker/agent at anytime, or in the case of new construction, if the Buyer has previously registered with the home builder. Premier Plus Properties, LLC may not be able to represent you in the transaction for that property and as a result, cannot offer you a rebate.
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Q: I am currently under a buyer's representation with another real estate company.Can I still get a Cash Back Rebate from Premier Plus Properties LLC?
A: Unfortunately, once you have singed a buyer's representation agreement, you are under contract to work with that real estate brokerage firm and may not work with Premier Plus Properties, LLC until such an agreement expires. We are only able to offer the Cash Back Rebate to clients who work with a Premier Plus Properties, LLC, Home of FlexFeePlus.com
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Q: What areas do you serve?
A: We are located in Hardin County. We serve the Fort knox area, Vine Grove, Radcliff, and Elizabethtown, Kentucky. We serve the greater Louisville area. We also serve LaRue County, and Meade County.
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Q: I want to purchase property a few counties away from where you are located. Can I still use your rebate program?
A: The majority of our business is done throughout the Central Kentucky area. However, we are licensed to conduct real estate transactions throughout the entire state of Kentucky. If we can't knowledgeably service the area in which you are located, we will partner with and refer you to a Realtor® in your local area to assist you with your real estate transaction. No Rebate will be offered to clients who require a referral since a referral fee paid by Premier Plus Properties, LLC must be offered to the brokerage firm we refer you to in order for them to agree to take you on as a client. PLEASE NOTE: In many cases we have been able to work around this. There may be ways to facilitate the transaction if you are purchasing a home outside of our immediate area without sacrificing your rebate. For example, in a case where the property is located 'out-of-area' we can still offer Rebates only with builders and sellers who do not require a Realtor to be present on first visit. You MUST register Premier Plus Properties as your Realtor on your first visit. Failure to register us as your Realtor on your first visit may result in lost Rebate. In you are looking at property outside of the Central Kentucky area, please call us to discuss the details of your purchase and the options available to you.
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Q: Why do I need a Pre-Approval Letter/Commitment Letter from lender, or need to show Proof of Funds before an Agent from Premier Plus Properties, LLC will set up appointments to view the interior of homes with me?
A: Premier Plus Properties, LLC, Home of the FlexFeePlus.com will only work with serious Buyers. Being pre-approved shows us as well as the seller that you are serious about buying because you've taken the necessary steps to show that you are capable of financing the house you want. Listing Agents and sellers are more likely to accommodate Pre-Approved buyers who show strong interest in their listing for sale. Also, in order to submit a strong offer, most listings agents will require your pre-approval letter to be submitted with your offer. Sellers typically do not take offers seriously without a pre-approval letter.
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Q: If you work on commission, why would you try to lower the price of a house for the buyer?
A: For Example, if Premier Plus Properties, LLC negotiated $12,000 off a $350,000 asking price of your home and you end up paying $338,000, we would only earn approximately $360 less in commission. Your best interest and endorsement of our services are worth much more than this. We also have a legal obligation to represent our client's best interest, above our own!
Based on above scenario:
$350,000 x 3% commission = $10,500 - $395.00 (transaction fee) = $10,105.00 with a rebate of $5052.50 to Buyer based on 50% Cash Back Rebate.
$338,000 x 3% commission = $10,140 - $395.00 (transaction fee) = $9745.00 with a rebate of $487.25 to Buyer based on a 50% Cash Back Rebate.
Note: Commission are not set by law. All commissions are negotiable. Any comparisons to percentage commission, such as 6- 8% are for illustration and comparison purposes only.
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Q: Can I get the Rebate on a short sale transaction?
A: Unfortunately real estate agents are barred from giving a rebate on a short sale transaction since the lender for the existing mortgage on the property is taking a loss and does not permit either the Buyer or the Seller to receive a benefit from the transaction. The existence of a rebate must be fully disclosed to all parties involved in the transaction. This rule applies to all real estate brokerages and not just Premier Plus Properties. If you are interested in purchasing a short sale please contact us to discuss your options.
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Q: Can I buy commercial or investment property through the program?
A: Yes
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Q: What if I find a piece of land or a vacant lot that I want to purchase?
A: Most pieces of property are eligible for the cash back rebate. Please contact Premier Plus Properties, LLC if you have questions about a particular piece of property. We would be happy to assist you in your property purchase.
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Q: How do I know I will receive my rebate?
A: When you decide to work with Premier Plus Properties, LLC , we will give you a rebate agreement. It describes our agreement in detail and how you will receive your rebate at closing. The Rebate amount is calculated based on the purchase price of the home. Therefore, once you locate a home, we will provide you with a statement giving you the exact dollar amount of the rebate you can expect to receive upon the successful closing of your property.
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Q: How much is the Cash Rebate?
A: Premier Plus Properties, LLC will rebate as much as 1.5% of the purchase price (up to 50% of our commission) back to the Buyer upon the successful closing of your home.
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Q: How is the rebate paid?
A: The rebate can be paid in two ways: 1) as a "broker credit" on the HUD-1 settlement statement - to reduce the amount of cash the buyer needs to provide to cover closing costs; or 2) as a cash rebate paid directly to the buyer after closing. The rebate must be disclosed to all parties and must appear on the closing statement.
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Q: Is my cash rebate taxable?
A: Tax provisions are subject to change and Premier Plus Properties, LLC can not provide tax advice. Therefore, please seek professional advice regarding the tax consequences of a rebate. Our general understanding is that a rebate creates a reduction in basis of the new home purchased, and is not taxable income.
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Q: I still don't get it - do I really not have to pay to use you?
A: We know it's hard for people to believe us, but all the following things are true (and we'll prove it to you):
1. You are literally throwing money away if you don't use Premier Plus Properties, LLC, home of FlexFeePlus.com to buy your next home.
2. You'll pay the EXACT same price or possibly more for your next home if you buy it without us. However the BIG difference is that you won't get a rebate if you don't use us.
3. Not only will you miss out on the rebate, you also will miss out on having someone "on your side" to represent you.
Why are all these things true? It's simpler than it sounds. The seller of a home (whether new construction or resale) has to pay the listing agent a commission, usually 6%. The listing agent splits half (3%) of that commission with the Buyer's agent.
If you don't have a Premier Plus Properties, LLC, home of the FlexFeePlus.com agent, the listing agent keeps the entire 6%, meaning the seller still pays it to someone, just not you! If you view homes with us representing you, then 2 things happen: #1, we get paid part of the commission, and we give some of it back to you. #2, we represent your interests in the transaction, so you have someone on your side. Remember, the listing agent legally represents the seller, not you.
So don't fall into the trap of thinking that you can get a better deal by not using a Realtor® because all you'll be doing is making the listing agent more money! The seller still pays the same commission to someone, but it all goes to the listing agent. Use a Premier Plus Properties, LLC agent and have some of that commission go into your pocket instead of the listing agent's pocket!
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Q: If I contact Premier Plus Properties, LLC, am I obligated to use the FlexFeePlus.com program?
A: No. We will be happy to explain the program without any obligation on your part.
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Q: Why should I use this program?
A: The question should be "Why wouldn't you use this program?" You are doing most of the field work up front, work that you would do anyway, so we are paying you for that initiative. This is a very easy program, so please call or email us with any question, big or small. We are here to work for you and we don't want you to be confused or feel lost.
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Q: What else should I know if I am considering getting started?
A: To make this work, we need you to do your part. We will need you to make some carefully considered committments that will make our relationship work.
1. You should be committed to making a move - soon. If you're just thinking about it, we'll be delighted to explore your options with you, but in order to get the maximum benefit from our rebate program it may not be wise to go into an agreement with us until you are seriously ready to look and ready to buy once you find what you are looking for.
2. If you will be financing your purchase, you will need to be pre-approved (proof of funds if you're paying cash). This will ensure that our efforts are supporting qualified ready and able buyers.
3. Shop on-line for houses all you want - but don't contact the agents directly and don't go looking (inside) homes without us. Our preferred web site is www.FlexFeePlus.com, or BuyKentuckyRealty.com however please feel free to use any site you wish. Just make sure you contact us FIRST should you locate a property of interest.
4. Don't make sign calls, visit new home subdivisions, call on newspaper ads, magazine ads, etc. and don't go to open houses or acquire the help of another real estate firm without talking to us first.
WHY? Certain things you do can cost you your right to choose your represenation - and we can't rebate a commission we aren't permitted to earn - so don't talk to any seller's agents (a.k.a. the listing agent - the one on the sign) unless we're there beside you or we make the call on your behalf. Our program is simple and has and will continue to benefit 99% of the Buyers who contact us. By calling us FIRST, this will help ensure the protection of your REBATE! You can speak with an agent who can answer questions, help you estimate your rebate, and discuss what you're looking for in your next home.
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Q: Who should I contact to get started or if I have additional questions?
A: Call Realtor® Lindsey R. Johnson with Premier Plus Properties at 1-800-679-3827 ext. 2, or call (270) 360-1065 or fill out the form on this site's "Contact Us" page.
Q: What is the $395.00 transaction fee?
A: The $395.00 transaction fee is deducted (take off the top) from all gross commission receive by Premier Plus Properties, LLC. It's basically a shared expense between the buyer and the buyer's agent. The $395.00 transaction fee allows us to compensate our team that work tirelessly and effortlessly on preparing your file for closing. You see, the work doesn't stop once your offer to purchase has been excepted. It's just the beginning. Our team gathers and prepares all documents as required by Federal law and the Kentucky Real Estate Commission (KREC). Our team also works with your lender to establish a closing date, schedule appointments for Home Inspection, Termites Inspection, VA & FHA Inspection, and any other inspections as required by your purchase agreement (contract). The teams goal is to make sure everything is done right, and runs smoothly. The final step in this process, once the closing date has taken place the Principal Broker re-checks the file making sure all of the required documents are in place before allowing your file to be transfered and maintain in storage for 5 years as required by KREC. The $395.00 is a small fee to pay considering that Premier Plus Properties, LLC pays out thousands of dollars in Rebates to our (buyers) clients.
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