It is in fact possible to save thousands of money if you consider buying a home and work with a real estate agent who agrees to pay you a rebate.
Rebates actually can be through the form of a cash refund after closing the home or it could be a non-cash incentives in order to encourage using the service of the broker. Incentives may in fact include gift certificates, closing cost payments or in paying the cost for the movers.
An example in this case is when a home is going to sell for about $200,000 and it has a 6% commission, the total commission on the sale of the home is going to be $12,000. The broker who is representing the buyer will take half and the broker who represents the seller will likewise get half. There are also some brokers of the buyer who will give up about ? of the commission as rebates. In such cases, the buyer will be able to get $2,000.
Rebates are however not allowed in some states. They tend to limit the use of rebates when working with more than one real estate broker at the time of the transaction.
Homebuyer rebates are usually negotiated through the one-on-one basis which in most cases is usually between you and the agent. The ability of being able to negotiate will determine the rebate which you will get. If you ever wish to get a much higher rebate, then be sure to shop around and consider doing interviews with various agents in order to compare on the quotes until you could find an agent who will be willing in giving you with larger rebates. But, you should never sacrifice quality and at the same time it is hard to find a top agent who is very willing to offer you a rebate.
If in case you are in the search for an agent who is in fact best at both quality and price, this may take several hours to do interviews and to also do negotiations. Though it is really important to push for the best terms and take note that a long and unpleasant negotiation is not really the best way for starting a relationship with an agent.
A real estate broker actually use rebates in attracting new customers in a way which retail stores use rebates. Through offering rebates, a broker could help buyers through buying bigger home, getting settled in the new home and in covering expenses like closing costs, surveys and home inspections. An addition for such benefits is that real estate brokers who provides rebates actually makes less money, which would be the reason why they would consider closing the deal fast so they can reduce the time which is needed for transactions.
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