Unlocking Savings: A Comprehensive Guide to Home Buyer Rebates
Buying a home is one of the most significant financial decisions you'll ever make. The process can certainly be daunting–particularly when it comes to understanding the financial aspects.
But what if we told you there's a way to save money that many homebuyers overlook?
At Lowes Flat Fee Realty, we're experts in helping clients like you navigate these waters, and we're here to share our knowledge with you!
What Is a Home Buyer Rebate?
Also known as a commission rebate, it is essentially a cut given to the buyer after a home purchase. It's a portion of the commission that a real estate agent earns from selling a home, which they then give back to you. This rebate for home buyers can lead to substantial savings, making it a key factor to consider when choosing your agent.
How Does a Home Buying Rebate Work?
When a property is sold, the seller typically pays a commission to both the seller's and buyer's real estate agents. In a standard transaction, this is evenly split between the two agents.
However, with a real estate home buyer rebate program, like the one we offered here at Lowes Flat Fee Realty, we give a portion of our commission back to you–the buyer. A buyer rebate for a home purchase can sometimes come in various forms like cash back after closing, a reduction in the home price, or even a credit toward closing costs.
Note that the amount you receive depends on the purchase price of the home and the commission rate–but it can potentially save you thousands of dollars!
In Idaho's competitive real estate market, these savings can go a long way. You could use them to pay off your existing debts, maybe buy new furniture for your home, or just simply save it for a rainy day.
Buyer Rebates with Lowes Flat Fee Realty
For us to receive a buyer's agent commission (which we will share with you), we must be your buyer’s agent.
To establish that relationship here in Idaho, state regulation requires that it be in writing. We will need you to contact us to sign the agreement, which also guarantees your rebate.
Here's How It Works:
Finding Your New Home
Start your search online through national or local sites. We can help streamline this and even set up automatic email notifications for new listings that match your criteria.
It is also important to avoid unnecessary calls from agents wanting to sign you as a client.
Viewing the Home
If you have already seen it because you have been to the house previously, or have seen it at an open house or perhaps it is vacant land–then this part is easy.
Otherwise arrangements will need to be made for you to view the home, we will discuss with you the alternatives. Whenever you are visiting with other agents just make sure to indicate that you are represented by a buyer’s agent to secure your rebate.
Making an Offer
We will assist you in preparing the offer along with any accompanying addenda. You just need to provide us with the necessary information such as the buyer’s name(s), offer price, amount of earnest money, requested closing date, other contingencies, etc.
We will then prepare the offer for your final review and electronic signatures and forward the offer to the listing agent.
After Offer Acceptance
We will coordinate document flow between all parties involved: you, us, the lender (if applicable), and the title and escrow company. We also assist you with any addenda resulting from the inspection and any subsequent changes required.
Finally, decide how you want to use your rebate – whether at closing for costs or after closing for personal use.
We always make sure that your home buying is as affordable as possible. That's why when you use us to purchase your Idaho property we will give back to you ½ of any commission we receive.
Say your purchase is $950,000, and the commission is 3%, then your rebate is $14,250!
Imagine what you could do with that extra money. Whatever your goals, our program can help make them a reality.
Ready to explore the benefits of cash rebates? Call Us at 208-386-2992 Today!