Military on the Move & Hometown Heroes Program Frequently Asked Questions
I am proud to give back to our active duty, wounded warriors and retired military veterans through my partnership with Military on the Move. I also honored to extend my reward for service program to include ‘local heroes’ going above and beyond during these difficult times.
1. Who is eligible?
Active and retired military
2. How does it work?
This program offers a financial credit for a home sale or purchase to both buyer or seller clients. The program does not require you to use a specific mortgage company and the credit is based on the actual sales price of a home rather than on a fixed range. Program registration and military photo I.D. are required to participate.
3. What do clients receive?
Eligible participants can receive up to a 20% reduction of brokerage fees. A seller would see a reduction in their listing expense and a buyer would receive a credit against closing costs.
4. Who pays for it?
The money comes from the top of the action side of the commission. For example, if the seller is the eligible recipient and their property is selling for $300,000 at a (listing side) commission rate of 3%, the seller would typically owe $9,000 in commission to the listing agent. With this program, $9,000 less 20% means that the seller owes $7,200.
5. How do clients receive their benefit?
The ways in which clients can receive their reward money are as follows:
Seller reduces commission owed to brokerage and the commission appears on the CD as usual at the reduced rate.Buyer’s reward appears on the Closing Disclosure (CD) and depending on what the lender approves, that reward can be used toward closing costs which will be issued by the closing attorney at closing. No rewards can be received after closing. My relocation department calculates the reward and I will coordinate the reward with the closing attorney. Military clients and I will work together with the lender to receive approval at the time of application or very early in the process.
6. Is this only for residential transactions?
The program is primarily designed for residential transactions, but I also participate in offering this reward for commercial real estate transactions.
7. Can you receive any other discounts?
YES! Heights Title has generously offered a $65 discount their search and exam fee for participants of this program.