See How You Can Save With A Real Estate Cash Rebate
Thousands of dollars can be saved with a real estate cash rebate
. When purchasing a home there is the typical process of looking for the house, scheduling an appointment to see the home and finally submitting an offer. Once the closing process is completed the keys are passed from seller to buyer and that is it. The buyer has a new home.With a cash rebate the new homeowner gets the keys and cash back. It is possible to get money for buying a home. The money could be used for new furniture, landscaping, painting, or for educational savings. The amount returned depends on the sale price and the percent of that price that is given as a rebate.
The rebates can work in a few ways. The buyer representative may offer a small percentage of their commission to the buyer. It may be a percentage of the overall sale price of the selected property. Sometimes a seller receives a rebate when a seller representative passes a client on.
The amount of the percentage of rebate will vary. Typically a buyers rep will offer 1 - 1 1/2 percent of their commission. The total commission on a sale is usually between 6 and 7 percent. This is then split between the representatives for the buyer and seller evenly. If they are discount brokers then it may be 3 to 4 percent. If the rebate is from the sale price then it may be no more than one percent.
Ultimately the sellers decision on home pricing will determine the amount of commission either broker makes. The buyer representative is unable to pad the price for their commission. New construction often offers buying incentives. It may be cash back, gift certificates, or vouchers. Free building upgrades are sometimes offered as well.
Ultimately the real estate market is quite competitive still. In order to compete there are the discount brokers offering less commission on each sale and those that offer cash back. Some of them offer both. This means that the broker may receive less per sale but is likely to have a greater volume of customers. The seller moves their home faster and the buyer has cash in their pocket to use however they wish.
Not all states allow this practice. Ten states have banned rebates on real estate sales. They have banned the rebates stating it is an unfair advantage in the market. The fear being that those who do not offer the same will lose an unfair amount of customers. The issue has been placed before the antitrust division. The states that are currently banning it are Alaska, Kansas, Louisiana, Mississippi, Alabama, Tennessee, Missouri, Iowa and Oregon.
The real estate cash rebate will be received several days after the closing. It cannot be given during it because the agent must wait until they have received their commission. This will usually take 24 to 48 hours. After that the broker sends the buyer their percentage. It is a great incentive to go for a home now instead of waiting.
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