Greendoor is offering a rebate of up to one month’s mortgage payment to a buyer who (a) chooses Greendoor to represent the buyer in his/her next residential real estate purchase and (b) is prequalified through Greendoor’s preferred lender, Griffin Funding. The rebate will be issued to the buyer after the close of escrow if Greendoor represents the buyer in the transaction and all other conditions set forth herein are satisfied. The buyer need not obtain a loan with Griffin Funding to be eligible for the rebate from Greendoor.
Buyer will receive a rebate directly from Greendoor and buyer will be responsible for making his/her first month’s mortgage payment to buyer’s lender. Greendoor will not make the payment directly to the lender on the buyer’s behalf. The rebate will be in an amount that is equal to the lesser of (a) 50% of the selling agent’s commission on the sale of the property and (b) buyer’s principal and interest payment due on the mortgage loan for the first month. For example, for a property that is sold for $500,000 with a 2.5% selling agent commission, the buyer will be eligible for up to a $6,250 rebate, which is 50% of the selling agent’s commission, to be used towards the buyer’s first month’s mortgage payment, if the calculated amount is less than the first month’s principal and interest payment on the mortgage loan. The rebate amount will not exceed the buyer’s first month’s principal and interest due on the mortgage.
The estimated rebate amount is not guaranteed. The rebate amount may vary based on purchase price, prevailing market conditions, and other factors considered in making the offer. The rebate offer is only valid for buyers in the San Diego, California area serviced by Greendoor and nowhere else. The rebate amount is subject to adjustment or cancellation if the commission received by Greendoor from the cooperating broker is 1% or less of the property sales price, the commission amount provided to Greendoor changes after the signing of the sales agreement or must be shared with additional parties, if the subject home is purchased as a short sale, or if Greendoor is prohibited from distributing the proposed rebate amount by law or otherwise. Other restrictions may also apply.
Lender approval is required for any commission rebates. In some circumstances, it is possible that the buyer’s lender may not allow the buyer to receive a rebate and Greendoor cannot guarantee that all lenders will allow 100% distribution of the proposed rebate amount. Greendoor strongly recommends that buyers discuss with their lenders, in advance, the anticipated receipt of the proposed rebate amount and it’s applicability to the sale. Unless agreed to in writing by Greendoor, Greendoor will only issue a rebate to the person(s) and/or entity listed on the recorded deed which transfers ownership of the subject real property at the closing of a transaction, regardless of whether such person(s) and/or entity are the buyer.
The rebate can only be applied towards the buyer’s principal and interest payment for the first month’s mortgage payment. The rebate cannot be applied toward the buyer’s payment of taxes, insurance, homeowner’s association payments or any other payments other than the month’s principal and interest payment. Subject to these limitations and where allowed, the rebate amount can be provided at or after closing.