How To Get Home Buyers Rebate

Have you heard of home buyers rebate? No? That’s fine. Below are some of the things you need to know about NJ home buyers rebate.

What is home buyers rebate?

Home buyer rebates or commission rebates, is the portion or amount of commission received from the seller which a real estate agent gives to its client. It is a great way to save money on purchasing home. The buyer then can use this rebate for their down payment, closing costs, to purchase points on their mortgage, and in some cases often clients encash it. It’s important to note that the rebate has to be approved by your mortgage lender who is financing your ho and save more on down payment. A seller can use this amount to stand out from their competitors for instance if a home is listed at $500,000, a buyer that’s receiving a rebate could potentially offer $506,000 and pay the exact same amount as another buyer that offered $500,000.

How does it work?

In a traditional real estate sale, when a seller hires an agent and offers for instance between 4-6% to their agent to sell the home. Then their agent offers half of that to the buyer’s agent. If the buyer has hired an agent that offers a commission rebate, the agent will give them a portion of the commission given by the seller’s broker. This amount varies based on the agent to agent. If it advisable to choose a real estate agent who is suggested by close friends and family.
Location: United States

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