Home is a name of love, care, and belonging. People wish to have a house of their own where they could live a life of comfort and luxury with their family. House is a necessity that a person needs at some point in time and mostly when he gets married and wants to settle down to start a family. There are many wishes that a person makes in life, and some are easier to achieve, such as getting good grades in the university, finding a job relevant to his skills, and finding a good life partner. And then there are some wishes that are harder to get, such as buying the latest sports car, going on world tour in holidays and most of all buying and owning a house.
Houses are probably the most expensive thing you will ever buy, and you need the help of home loans if you not affluent enough to pay large sums of money upfront. The first thing that comes to mind when buying a house is your current financial situation and how much can you afford to pay for a particular house you have selected. There are few things that you need to consider and plan which are
- Having a good credit score, low debt to income, and high monthly salary
- Employing the services of an experienced real estate agent
- Visiting several potential houses to get the one that matches your requirements
- Asking the real estate agent to negotiate and finalize the sale agreement
- Choosing a mortgage lender that offers the best loan terms
Aspiring homebuyers with moderate income always look for not only the best mortgage terms but some way which can help them save money that they have to spend on down payment, interest amount, and closing costs. There is one solution that can help homebuyers in not only minimizing their expenses but money back in their pockets.
Home rebate is the name given to commission, which is given on the sale of the house and in short a cashback that you will get when you buy a house. The home rebate is also called commission rebate and calculated as a percentage of the broker commission, which can in thousands of dollars returned to you. The seller of the house gives a certain percentage to his listing agent, who helps to sell the house. The listing agent to sell the house and get the commission, contacts with the buying agent or realtor employed by you.
The realtor will get half of the commission from which he will share a fraction with you for which is mostly 1% of the purchase price. The freelance realtor offers the rebate for number of reasons. The realtors do not have any large expenses to pay as compared to big real estate companies such as franchise rent, transaction fees, overheads, and salaries to office employees. The freelance realtors work efficiently and save a lot of money, which helps them to offer a sizeable rebate so that you chose their services over other real estate agents. The home rebate is also considered as a thank you from the realtors to the homebuyers for choosing their services when buying a house.
Buying a home is quite a stressful process, but the freelance realtors now use technology to make the buying process easy and simple. The realtors nowadays have a website and also have smartphone applications that wishful homebuyers can install and employ the services. There are three simple steps through which you can get the home rebate which are
- Call or register online on the website before visiting new or preowned home
- The realtor will accompany you when you visit and select a particular home
- The sale agreement will be finalized, and you will get the rebate amount at the closing
How does the home rebate work?
Suppose you have selected to buy a house that is worth $400,000. The seller of the house would give a commission worth 6% or 24,000, which would be split among the two agents who made the sale of the house possible. Traditionally the commission amount is divided 3% to the listing agent and 3% to the buying agent. The buying agent will then give you a fraction of the commission which is 1% of the purchase price, meaning if the house is sold for $400,000 then you will get $4,000.
The home rebate is legal in 40 states of the country and allows a person to buy a lavish home. The home rebate can allow you to save money, which you can make use in making the down payment, get points on the mortgage, help with the closing costs, and help you pay the moving costs of your belongings to the new house. The home rebate allows the homebuyer to buy a house in a luxurious neighborhood such as MacDonald Highlands, which is located in Henderson, which part of the Las Vegas valley. The home rebate amount can help in
- Reducing the closing costs
- Buying new furniture or electrical equipment for the new house
- Getting cash amount at the closing
Taking the rebate as cash is sometimes not allowed by the mortgage lender, and you also need to find the best realtor who can provide the rebate amount. You need to interview several realtors and also take help from a referral network. The freelance realtors also use the home rebate for their advantage. For example if the house is listed at $500,000, it would mean that the realtor will get a good chunk of the commission from which he can offer a sizeable home rebate amount to the homebuyer. You can get home rebate little more than standard percentage, but you have to negotiate with the realtor, but searching for that realtor can take hours.
Robert James works as a freelance realtor and writes for the online magazine on real estate. He usually helps home buyers get home rebate through which they can save money while buying a beautiful house in MacDonald Highlands.