Home Buyer FAQ

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Home Buying Rebate FAQ

Home Buying FAQ
 
Q. What is the Bloomkey Flat Fee Home Buying Program ?

purchase real estateA. Flat fee home buying is Bloomkey's way of compensating you for the time and effort you spend in finding a home. Traditionally, real estate agents got paid to provide you with information about homes for sale and for taxiing you around to look at homes. Now with practically all of the homes for sale available for viewing on the Internet, you can do much of the work yourself. And if you are willing to drive yourself to Open Houses and showings, then you're now entitled to a rebate of the majority of the selling agent's commission - Potentially thousands of dollars for you to use for your closing costs and settlement charges!

As you probably know, Selling Agents (otherwise known as "Buyer's Agents) are paid by the seller out the commission negotiated by the Listing Agent (the agent who has listed the property in the MLS). This commission is usually split 50/50 between the Listing Firm and the Selling Firm. So, if the total commission is 6%, 3% would go to the Listing Agent and 3% would go to the Buyer's Agent.

Bloomkey's Flat Fee Home Buyer Program allows you, the home buyer, to earn a large part of the Buyer's Agents commission for yourself in exchange for your doing some of the work of finding and buying a home.

Q. How does it work?

Click here to View the "How It Works" page

Or, simply complete the Online Registration Form to register for your savings or call toll-free 1-800-974-6657 to speak with a Bloomkey representative for more information.

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Q. Are rebates legal?

A. Yes, in most states, rebates are perfectly legal. In fact, it's illegal not to allow rebates. That's called "price fixing" and falls under the "anti-trust" provisions of federal law. In fact, Real Estate Commissions around the country have been receiving a lot of scrutiny from the Federal Trade Commission (FTC) and the Department of Justice (DOJ) because of their policies restricting rebates in real estate. A handful of states do not allow rebates: Alabama, Alaska, Iowa, Kansas, Louisiana, Mississippi, Missouri, New Jersey, New York, Oklahoma, Oregon and Wyoming. Kentucky and South Dakota have already rescinded their prohibitions against rebates. In states that allow a rebate to the Buyer (and when allowed by the Buyer's Lender), you can generally receive a credit at closing to use for your closing costs up to the amount indicated in our Buyer Flat Fee Schedule. In states where rebates or incentives are still not allowed you may still participate in other Bloomkey buyer savings programs.

Click here to see what the United States Department of Justice says about Home Buying Rebates.

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Q. I already have a buyer's agent. Can I still participate in the program?

propertyA. No. In order to participate in the Bloomkey Flat Fee Home Buying program, you cannot have a buyer's agent representation agreement with another real estate firm.

Bloomkey's HomeBuyer Connect - Your Connection to With Bloomkey's Flat Fee Home Buying Program you can save thousands of dollars on your home purchase.

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Q. I visited an Open House and registered with the Builder or Agent there. Can I still participate in the program?

house saleA. Probably not. However, sometimes a Builder or Listing Agent will allow you to hire a "Buyer's Agent" after your initial visit. Your first step is to call the Builder or Listing Agent as soon as possible and ask them if you can have a real estate agent represent you. If they say yes, we will assign an Bloomkey agent to you.

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Q. How much will I save?

new homesA. See our Flat Fee Buying Program Savings Chart for your savings. Additionally, as an Bloomkey customer you may receive discounts and rebates from Bloomkey's many affiliated service providers such at Charter One Mortgage and PODS Moving and Storage.

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Q. In which States is the Flat Fee Home Buying program available?

A. The Bloomkey Flat Fee Home Buying Program is currently available in select markets in California, Georgia, Maryland, North Carolina, Pennsylvania, South Carolina and Virginia. For home buyers in other States, Bloomkey offers other home buyer discounts and savings. For more information about the Home Buyer Connect program for other areas outside of the Flat Fee Home Buyer Program area, click here.

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Q. Can I use the Flat Fee Home Buying Program in conjunction with Bloomkey Flat Fee MLS Listing Programs ?

home rebatesA. Yes. You can buy and sell flat fee through Bloomkey to multiply your savings.

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Q. How Much Does the Bloomkey Flat Fee Home Buying program Cost?

A. Nothing. 0. Nada. Zip. The entire program is free to you as a home buyer. Bloomkey' s flat-fee is paid from the commission paid by the home seller.

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Q. How can I ensure my rebate through Bloomkey ?

search homesA. Use the guide, How to Buy a Home Online with Bloomkey for details on ensuring your rebate savings.

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Q. How can I preview properties for sale without an agent?

homes for saleA. There are several ways to preview properties for sale without having a buyer's agent open the door for you...

  • OPEN HOUSE - Attending a scheduled Open House is the easiest way to gain access to homes for sale. Seller and agents advertise Open Houses times and dates in the newspaper and in the Multiple Listing Service (MLS). In many areas, Bloomkey can provide you with a list of Open Houses. When attending an Open House, be sure to let the agent or seller know that you are working with Bloomkey as soon as possible.
  • NEW HOMES MODEL - Many new construction communities have staffed Model Homes for the public to preview. When attending a New Homes Community Model or Open House, be sure to register Bloomkey as your buyer's agent.
  • FLAT FEE SHOWING AGENT - Some agents are willing to show properties on a 'fee per showing' or hourly rate basis. Most real estate agents work on commission, so they often end up taxiing buyers around for weeks on end without ever making any money. Considering that there are over 1,000,000 people with real estate licenses in the United States and Canada, there are a number of licensed agents who are happy to earn a fee for letting you in the door. Let the real estate agent know that you will be using an Internet Broker, Bloomkey as your buyer's agent to write and negotiate the contract. You would like to contract with them to show property only and be available for letting you in the home for inspections and walk-through. Even if you pay a few hundred dollars for this service, you still save thousands with Bloomkey's Flat Fee Home Buyer program!
  • LISTING AGENT - Listing agents work for the seller. It is not reasonable to ask them to show you the property without their being compensated. This said, many listing agents are happy to let you into the property if it makes a sale since this is the only way they can be paid. Again, be sure to be up front and let them know you are working with Internet Broker, Bloomkey at the earliest possible time. They may be more than happy to let you into to the property if it helps make the sale.

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Q. How do I get started?

buyer savingsA. To register for your home buying savings, or just to find out more about the Home Buyer Connect program, simply complete the information request form by clicking the "Order Now" button below and completing the online form, or call our representatives toll-free: 1-800-974-6657

Order Now

 

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