If you are not yet familiar with real estate rebates, now is the time to familiarize yourself with the concept before you purchase a new home. The bottom line is this, commission rebates save you thousands, so it only makes sense to get on board today before you let this unique opportunity slip through your fingers.
What is the Real Estate Rebate?
The real estate rebate is a commission the broker will pay you for utilizing their service. When the real estate agent sells a home, they are paid a commission by the listing agent based on a percentage of the sale price. This agent takes things one step further, and they pass on a small percentage of their commission to the home buyer in exchange for working with them. Basically you get the money for doing nothing but working with this agent, it really is that simple.
How Much Money is the Rebate?
The real estate rebate can be quite large, but is all comes down to the price of the home your are buying. A good rule of thumb to consider is that if you are buying a house that is in the $300,000 range, your agent will pay your approximately $3,000 at closing in the form of a check paid directly to you to use any way that you like. The bigger the house you buy, the bigger that commission. In areas where agents are in direct competition for buyers, the commission may be slightly higher.
How Can the Money Be Used?
Once you agree to buy a house, as soon as the closing is completed you are handed the real estate rebate check. The money can be used to buy furniture, pay deposits on utilities, have the landscaping taken care of, or to just stuff in your bank account to help pay bills tat first month in the house. The money is yours, free and clear, so whatever you want to do with it is completely up to you. Some agents pay in gift cards, like for hardware stores or services you will need when you get in your house. The agent will be very clear up front exactly what you can expect in the rebate.
So now you know why real estate rebates save you thousands, make certain that you speak with your agent and discuss the terms of the deal in advance so that you are rewarded at closing with a nice little chunk of cash.