If you are going to be looking for a home in the near future, you may want to pay close attention to the following information concerning real estate rebates. With no forms to fill out for and tight restrictions that keep you out of the money, the real estate rebates is just a simple commission based program available to anyone buying a home.
Here is some information concerning how you grab your share of the cash and how much you can expect to pocket at closing.
What is the Real Estate Rebate?
The real estate rebate is a form of payment that the agent gives to home buyers in exchange for them doing business together. Nothing more nothing less, it really is a very simply system for rewarding buyers to work with certain real estate agents. The process is quite simple, the real estate agent takes a small portion of the money they will make on the sale of the house and they pass that money on to the buyer in the form of spendable cash. If you ask a realtor if they participate and they say yes, you qualify. If they do not, ask another agent until you find one that does.
How Much Is the Real Estate Rebate?
The real estate rebate will vary based on how much you paid for the house and how much commission the agent lakes. The average across the country for a home selling for $300,000 is approximately $3,000 in rebate form. That means at closing, after all the paperwork is signed and the keys are handed to the buyers, the real estate agent will hand the buyer cash amounting to that agreed percentage. This money can be a blessing for buyers who spend everything at closing just to make the deal happen. A pile of cash like that can cover utility deposits, new furniture, moving expenses, and even pay for food that first month in the house.
So now you see how easy it is to get the real estate rebate and how much money you could expect to make at the end of the sale. While most states do participate in this type of transaction, don’t fret if your state is one of the few that feels this gives agents an unfair edge in a competitive market. The agent could also offer you rebates in the form of gift certificates to local shopping venues in the same amount to still make the deal happen.