Buying a house will be the most costly expenditure that you will make in your lifetime. Most people put every penny then have on the line to cover the down payment, inspections, and closing costs. The idea of being completely broke is quickly overshadowed by the joy of walking in a new house they can call their own. If you would like to leave the closing with a pocket full of cash, they you need to learn exactly how to get a real estate buyers rebate.
What is a Real Estate Buyers Rebate?
The real estate buyers rebate is a commission that the realtor givers buyers for working with them. When a house is listed for sale, the agreement states how much the agent will get paid in the form of a commission at closing. The real estate agent then takes a small cut of their commission and offers it to the buyer as incentive to do business with them. The money at closing comes as a great windfall that buyers can use to bridge the gap until they are back on their feet financially.
Why are Real Estate Rebates Beneficial?
The real estate rebate actually benefits all three parties in the sale of the house. The homeowner benefits from the real estate rebate because the agent works harder to sell the house and get the right buyers in the door because they need to make up some of the money they are losing in the commission by selling more homes. The real estate agent benefits from the rebate because they get new clients who will in turn tell all their family and friends about the amazing deal they got working with this particular agent. In real estate, referrals are everything. The buyer of course benefits at closing walking away with thousands of dollars to spend any way they choose.
Who Can Qualify for the Real Estate Rebate?
If you are in the market to buy a house, then you already meet the qualification for getting the real estate rebate. Everyone buying a house can inquire with their agent about the rebate, and the size varies depending on the amount of house being purchased. On the average, the house selling for $300,000 would result in the buyer walking away with a nice cash rebate in the mount of $3,000.
Now you know how to get a real estate buyers rebate, make sure that you talk with any real estate agent before signing the buyers contract about getting your share of this very lucrative deal.