New program launched for Bay State homebuyers
An agreement between Habitat for Humanity of Greater Boston and Sherborn-based HomeGift Realty Inc. will allow homebuyers and sellers to obtain cash rebates on real estate commissions under a new pilot program.
HomeGift Realty Inc. specializes in connecting real estate agents with non-profit supporters. The new program allows homebuyers and sellers to receive a cash rebate on real estate commissions, and then get a tax deduction for any amount of the rebate that they donate to Habitat.
The cash rebate, paid through a check following closing, comes from a referral fee the real estate companies pay HomeGift to generate more business from HomeGift's non-profit programs. HomeGift gives up to 70 percent of its referral fee back to the buyer or seller in the form of a cash rebate, and encourages the homeowner to donate some or all of the amount to a non-profit.
"This is a win, win, win - across the board," said Mark Sennott, president and CEO of HomeGift Realty Inc. "Buyers and sellers save thousands of dollars. Habitat can now tap into a very big source for new funds. And agents win because they get more business from Habitat's supporters."
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