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 could actually be through cash refunds after closing on a home or this may be through a non-cash incentive that is going to encourage the use on the services which the broker has to offer. The incentives may include closing cost payments, gift certificates or other services like home inspections or in paying the cost of the movers.
If for example a home will sell for $200,000 and that it comes with a 6% commission, the overall commission for the home’s sale is about $12,000. The broker who is representing the buyer will take half and the broker who represents the seller will likewise get half. Some brokers of the buyer’s also gives up about ? on the commission as a rebate. Due to this, the buyer then gets about $2,000.
There are however some states that limits the use of rebates. They mostly limit with the use of rebates if you are working with more than one real estate broker at the time fo the transaction.
A homebuyer rebate is mostly negotiated by a one-on-one basis that’s often between you as well as the agent. Your ability in negotiating will determine the amount of rebate that you are going to get. For you to be able to get a higher rebate, you should consider shopping around and to interviews for different agents so you could compare on the quotes until you will be able to find an agent who will be willing enough in giving you a large rebate. 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 important that you will push on the best terms and remember that a long and unpleasant negotiations is not the best way in starting a relationship with the agent.
The real estate broker use rebates to attract new customers through a way that retail stores and in using 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.