Sale & Purchase Package Program
We are pleased to offer our Sale & Purchase Package Program for our clients that are simultaneously selling their primary residence and purchasing another home. This program offers a greatly reduced commission (often as low as $0) on the sale of your home when you are also purchasing another home at the same time (you have to live somewhere, right?).
Here's how it works (in a nutshell):
When we represent you for both the sale of your current home and for your new home purchase, we will deduct the amount of commission that we receive on your new purchase from the listing commission that you are charged on your current home sale. What this basically amounts to is that we are forfeiting the lesser of the commissions between your sale and purchase and passing that savings on to you.
So, what does this actually look like? Follow the 3 easy steps below for a quick way to estimate your savings on the commission.
Step 1:
Take the estimated sale price of the home you are selling and multiply by 2.75%. This is Calculation A.
Step 2:
Take the estimated purchase price of the home you will be buying and multiply by 2.75%. This is Calculation B.
Step 3:
The lesser of these 2 calculations is the amount you will save on commissions!! (As compared with other companies charging the same commission to list your home.)
Note: 1) The listing commission can not be reduced to less than $0. 2) This program is only available for primary residences and not for investment properties.3) The minimum total combined commission to New Millennium Realty is $7,000. (This is the reduced listing commission plus the purchase commission. If either your sale or purchase is at least $254,546, then you are already there.)
For those of you who want a more detailed calculation, here's the nerdy math (based on arbitrary values for the homes) for how we calculate commissions with this program:
(Keep in mind that there are 2 transactions happening - a Sale and a Purchase. We act as a listing agent on your sale and as a buyer's (or purchase) agent on your purchase.
Example 1:
New Millennium Realty is representing the client on both their home sale and new home purchase for simultaneous (same day) closings.
The client's current home sells for $300,000. The client is charged a 2.75% ($8,250) listing commission to list their home for sale.
The client's new home purchase is $375,000. New Millennium Realty receives a commission of 2.75% ($10,312.50) as the buyer's agent on this transaction.
We subtract the commission we earned on the purchase from the listing commission we charge to list your home.
$8,250 (Listing Comm.)
- $10,312.50 (Purchase Comm.)
= -$2,062.50 (Adj. Listing Comm.)
(Please note that the listing commission cannot be a negative number, so in this example it would be reduced to $0.)
The listing commission that the client pays to sell their home is now $0.
The client saved $8,250 by listing with New Millennium Realty!
Example 2:
New Millennium Realty is representing the client on both their home sale and new home purchase for simultaneous (same day) closings.
The client's current home sells for $300,000. The client is charged 2.75% ($8,250) commission by New Millennium Realty to list their home for sale (just like the previous example).
But in this example, the client is downsizing and their new home purchase is $250,000. New Millennium Realty receives a commission of 2.75% ($6,875) as the buyer's agent on this transaction.
We subtract the commission we earned on the purchase from the listing commission we charge to list your home.
$8,250 (Listing Comm.) - $6,875 (Purchase Comm.) = $1,375 (Adj. Listing Comm.)
The listing commission that the client pays to sell their home is now $1,375. The client saved $6,875 by listing with New Millennium Realty!
We know that these scenarios can be somewhat difficult to understand and we are happy to discuss your particular scenario in detail using figures that are more representative of your home value and your likely purchase price. We strive for complete transparency and want to you feel absolutely confident about the savings you will receive with New Millennium Realty.