You can pay the buyback cost but the spell will be exiled because flashback sets up a replacement effect that says if the spell would go anywhere exile it instead.
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You can also find the latest Comprehensive Rules here.
There is no exile trigger. The only trigger here is Snapcaster's trigger, granting a useful ability to the Reiterate card.
As flashback applies for Reiterate, it will exile that card rather than putting it anywhere else as it resolves. Buyback would put the card in your hand rather than into the graveyard as it resolves.
By the workings of the interaction of replacement effects, you have no effective choice other than to see the card exiled at the time it resolves.
You can pay 4RR, but you get nothing more for it.
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You cast Snapcaster Mage and flashback Reiterate, can you RR4 for buyback to return Reiterate to your hand before the exile trigger?
Ever wanted to know what guidelines Judges use to make rulings? Find out at the DCI Document Center.
You can also find the latest Comprehensive Rules here.
As flashback applies for Reiterate, it will exile that card rather than putting it anywhere else as it resolves. Buyback would put the card in your hand rather than into the graveyard as it resolves.
By the workings of the interaction of replacement effects, you have no effective choice other than to see the card exiled at the time it resolves.
You can pay 4RR, but you get nothing more for it.
Awesome avatar provided by Krashbot @ [Epic Graphics].