Buying a home through HomeYeah - Frequently Asked Questions

How do I -

Purchase a home listed with HomeYeah without an agent?
Access my personal account?
Identify my HomeYeah Realtor®?

Top 5-questions

What is HomeYeah's "Commission Free" Marketplace?
What is the advantage of purchasing a home listed exclusively on HomeYeah?
How do HomeYeah's buying services compare to traditional brokerages?
Do I sacrifice personal service by using HomeYeah?
What's the catch? Why am I able to get a 1% cash rebate?

Other frequently asked questions

What if I'm already working with a traditional buyer's agent?
What homes are eligible for a 1% rebate?
How do I pre-approve for a mortgage?
What is the Multiple Listing Service (MLS)?
What is a Buyer's Agent Commission?

How do I purchase a home listed with HomeYeah without an agent?

Simply search our "commission free" marketplace for a home. When you identify a home you would like to visit, you call the owner directly to schedule a showing. You will find that in most cases HomeYeah Sellers have extensive knowledge of their homes and can answer most or all of your questions.

When you are ready to make an offer on a specific home, you may call us or fill out the "Make an Offer" button found on the home's listing page. An HomeYeah Realtor® will take you through the purchase agreement preparation process and assist with facilitating a win/win deal with the Seller. Once a purchase agreement has been signed, HomeYeahwill assist you and your seller with all steps towards closing.

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How do I access my personal account?

Once you have registered for a free My HomeYeah Account, simply go to the My HomeYeah button located at the top of each page. Once you sign in, you will have access to your buying information, the ability to search and track HomeYeah and MLS listed homes, transaction status, mortgage status, and the ability to order additional services.

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How do I identify my HomeYeah Realtor®?

HomeYeah Realtors® concentrate in specific areas of your local market. Once you enter your zip code under "connect with My HomeYeahRealtor®", you will be provided with contact information for your HomeYeah Realtor®.

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What is HomeYeah's "Commission Free" Marketplace?

HomeYeah believes the Internet is making it easier to match buyers and sellers directly within a local market. To expedite this process, HomeYeahhas built a "commission free" marketplace to allow sellers to market their home directly to buyers. Your HomeYeahRealtor® can facilitate the transaction between you and the seller directly. The advantage to you, as a buyer, is that you may be able to obtain a lower price for the home (if the seller does not have to pay a buyer agent commission).

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What is the advantage of purchasing a home listed exclusively on HomeYeah?

Purchasing an HomeYeah home is attractive because HomeYeah sellers are not paying traditional commissions (i.e. our sellers retain 50%-90% more of their equity at closing). If traditional commissions are not being paid, sellers have more flexibility to negotiating on price. And, unlike a traditional "For Sale By Owner", a majority of our Sellers utilize an HomeYeah Realtor® to assist them and their buyers with transaction execution. So, as an HomeYeah buyer, you can be assured that the transaction will run smoothly and efficiently.

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How does HomeYeah's buying services compare to those provided by traditional agents?

HomeYeah's licensed Realtors® are able to match traditional agents in terms of showing homes, consultation, and transaction assistance. However, HomeYeah Realtors® offer some advantages traditional agents cannot provide. Compare the difference…

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Do I sacrifice personal service by using HomeYeah?

Absolutely not. Your HomeYeah Realtor® provides the same buying services as traditional agents. The only exception is if the home you would like to view is listed exclusively on HomeYeah. By using an HomeYeahRealtor®, you are able to call the seller directly to schedule a showing. However, in that event, you will not have to account for a buyer's agent to HomeYeah commission which gives you more room to negotiate on price with the seller.

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What's the catch? Why am I able to get a 1% cash rebate?

There is no catch - nearly all homes listed on the MLS or new home construction offer a commission to an agent that finds a buyer to purchase the home. This commission traditionally ranges from 3-3.5% of the purchase price. Nearly all HomeYeah buyers are using the Internet to pre-screen potential homes-making it easier for HomeYeah Realtors® to serve as buyer agents. Since you are already doing part of the work, we think it only makes sense to rebate part of the buyer's agent commission back to you at closing.

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What if I'm already working with a traditional buyer's agent?

Buyers with buyer agent representation are not precluded from viewing HomeYeah homes. In fact, your buyer's agent is obligated by the code of ethics to allow youto view any home that is for sale. However, if the home not listed on the MLS, then it is recommended that your agent request a "one time" showing from the seller which would require the seller to commit to paying a buyer's agent commission (traditionally 3-3.5%) at closing. If the seller is unwilling to commit to a one time showing, and if you want to purchase the home, you may be forced to account for your buyer's agent commission by adding as a term to the offer. The strength of the offer will dictate whether the seller considers paying your agents commission.

In contrast, if you use an HomeYeah Realtor®, and the home is listed exclusively on HomeYeah, your HomeYeah Realtor® will not require you to account for a buyer's agent commission. This provides you with greater flexibility in terms of finding the home that meets your needs regardless if the home is listed on the MLS.

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What homes are eligible for a 1% rebate?

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How do I pre-approve for a mortgage?

On the top menu bar, select "Lending". Once there, select "pre-approve now". You will be taken through an easy (and secure) application process to be submitted to an HomeYeah Mortgage loan officer. Once the application is submitted, you will receive a call from your loan officer to discuss the approval process and generate rate/fee scenarios. In addition, your HomeYeah Realtor® can help facilitate the pre-approval process.

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What is the Multiple Listing Service (MLS)?

The Multiple Listing Service (MLS)is broadly defined as a proprietary database of home listings within a local market offered by a local Board of Realtors®. The local Board's agent members (Realtors®) use the MLS database to announce homes for sale and help buyers find homes to purchase (buyer agency). In most instances, to place a home on the MLS database, you must be a member of the Board of Realtors® or list your home with a member of the local Board. Once the home is listed on the MLS, every other member of the Board is required to make best efforts to match homes consistent with their buyer's criteria.

Anti-trust laws prohibit a local Board from dictating to its members what fees or commissions can be charged with respect to placing a listing on the MLS. However, generally speaking, most Realtors® will traditionally charge a commission to the seller once the home is sold (usually 5-7%). Half of the commission charge (2.5-3.5%) may be given to another member (or buyer's agent) that identifies a buyer for the home and that buyer purchases the home.

HomeYeah is a member of the local Board of Realtors® in each market in whichit operates. HomeYeah provides a 1% cash rebate to any buyer that purchases a home listed on the MLS through an HomeYeah Realtor®.

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What is a Buyer's Agent Commission?

Generally speaking, most Realtors® will traditionally charge a commission to the seller once the home is sold (usually 5-7%). Half of the commission charge (2.5-3.5%) may be given to the buyer's agent that identifies a buyer for the home.

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