If you are not yet familiar with the real estate rebate and you are going to be in the market for buying a house, then you found this information at the right time. There is no qualifications other than your realtor offering the rebates, so financial background checks, no credit checks, it is a matter of you asking your real estate agent. If you are working with an agent when shopping for your Charleston homes for sale who does offer these rebates, you could walk away from closing with several thousand dollars as a result.
What is the Real Estate Rebate?
The real estate agent who sells the home for a homeowner gets paid in commission. Depending on how much commission they make, they can in turn offer a buyer a rebate for working exclusively with this agent. Before you sign any contract, ask the realtor if they are willing to offer you a rebate at closing for buying through them. There is nothing to fill out, this is basically you getting a small cut of their pay. Because the realtor is giving up part of their commission, they do not aggressively advertise this practice, so it is best to inquire first before assuming every realtor offer the money at closing.
How Much is the Real Estate Rebate?
The price of the real estate rebate does vary. The commission percentage the realtor gets from the seller will affect the amount they can in turn offer you. On average, if you are buying a $300,000 home, you could expect your real estate rebate to be $2,500.00 or more. The rebate is of course negotiable, so make certain you are on the same page with your realtor.
How Can I Spend My Real Estate Rebate?
One of the best things about getting a real estate rebate is that you can use the money any way you choose. In most cases you are getting the cash at closing, so you probably have nothing but link in your pockets after paying all those costly closing costs. Use your cash windfall to stock up the refrigerator for a few weeks, pay the moving company to unload your furniture, or pay all those mounting utility deposits before all your services are officially turned on in your name.
The key here is to be working with a real estate agent who is actively handing out these rebates, if you assume they all do, you may find at closing you are not getting those thousands you were counting on.