Everything You Need To Know About Buyers Rebate


Brokers often tend to attract customers by offering buyers rebate in Mill Burn, NJ. But, what is buyers rebate? How can one get this? To answer many such questions, consider the following things:

What is a home buyer rebate?
Home buyer rebates, also known as commission rebates refers to a portion of the commission realtors receive from the seller to the buyer while helping their client buy a home. The buyer can use this rebate for their down payment, closing costs, to purchase points on their mortgage, and can even take the rebate as cash at closing. But the rebate has to be approved by the a mortgage lender first. Rebates like commission rebates allow you to afford a more expensive home, or to save more on your down payment. Buyers rebate is legal in 40 states in the U.S and is supported by US Department of Justice.

How do home buyer rebates work?
In a traditional real estate market, most seller hires a listing agent and offers a amount to their agent to sell the home. Their agent then offers about 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 offered by the seller’s agent. This amount varies from agent to agents and is affected by various factors.

It is always good to consult a reliable agent and do not get misled by rebate offered. Make sure you have investigated well before hiring one.

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