Questions about the program:

Q. What’s the catch?
A. Truly – there is no “catch”. The program provides for a win situation for everyone involved. You are able to obtain a rebate on the sale or purchase of your home, the REAP counselor is able to generate more business for the program and the agent is provided with brand new business!

Q. Can I get a rebate if I am refinancing my home?
A. No. The program only works on a purchase or sale of the home – and only if you are working with a REAP counselor assigned real estate agent.

Q. Why are some states excluded?
A. Real estate transactions are regulated on a state-by-state basis, and paying a cash rebate is restricted by law in some states. If you are buying or selling a home in one of these states, you can still take advantage of our real estate expertise by asking for our assistance in finding you a top-notch agent nationwide.

Q. What states are excluded?
A. The laws change frequently and the REAP team continually monitors the real estate regulations of every state. Please call your REAP counselor to ask if your state is included.

Q. I receive two rebates if I buy and sell a home with a REAP recommended agent?
A. Yes! However you need to make sure that your REAP counselor knows that you will be buying and selling a home. If you use the same agent for both transactions, and have only registered one transaction, the other transaction may not be eligible.

Q. Can I use the REAP program for my vacation home or investment property?
A. Yes! You can use the REAP program for any residential purchase or sale that you are a principle party of the transaction for – as long as you are enrolled.

Q. How much do I have to pay in commission?
A. For the sale of a home (listing a home) you will need to negotiate a commission with the agent. REAP does not get involved in this negotiation – the commission is between your agent and you.

Questions about the real estate agents:

Q. Can I still receive the cash rebate if I am already working with a real estate agent?
A. If you are committed to a real estate firm by listing agreement, buyer broker agreement or ratified sales contract, you may have jeopardized your eligibility to receive a rebate. It is VERY IMPORTANT that all parties to the transaction are notified about the REAP in advance and have agreed to the terms. Since the cash rebate is generated from a referral fee paid by the REAP counselor assigned agent, your current agent would have to agree to pay a referral to Coldwell Banker Real Estate Services for you to receive the cash rebate.

Q. I’m not really working with a real estate agent yet, but I have been looking on the internet at different agents – am I still eligible?
A. Yes. As long as you are not in a committed relationship with any agent – you are eligible. In fact, if you are interested in an agent that you would like to interview and have not yet made contact with the agent – your REAP counselor may be able to arrange for that agent to work with you within the REAP program. Call your counselor right away!

Q. I have been assigned a real estate agent by my REAP counselor – but I don’t like them. Am I “stuck” working with them until I buy and/or sell?
A. Absolutely not! Call your REAP counselor right away and a new assignment will be made. Your REAP counselor is working on your behalf and wants you to be fully satisfied with the whole program.

Q. How are agents selected?
A. Your REAP counselor will ask you questions to determine your needs and preferences and will then begin the process of identifying agents that would be suitable. The process begins with determining real estate companies that have an excellent reputation and a high market share. The company must also have an established relocation department. This is important, because even if you are not relocating and maybe just moving across the city, the relocation trained agents are highly trained – and we want the best!

Once the company has been selected, the agents are then hand picked for each person. The agent must be enthusiastic, full time and have several years of real estate experience. The agents are selected on an individual basis – to meet the criteria of the family. For example, for families that want to live in a specific school zone – the agent absolutely must be familiar with this school zone to be considered.