One Simple Question Can Save Home Buyers Thousands of Dollars
This is probably one of the biggest kept secrets in the real estate industry: 8 out of 10 home buyers do not realize they can literally get thousands of dollars in cashback rebates from their realtor at closing. As a former top-producing mortgage banker for Wachovia Bank this is something that I didn’t realize until later on in my career: When I asked my real estate agent how much she usually gives back to the buyer, her answer was “Only one client has asked me for a cash rebate in 12 years!” I found this astonishing since asking that one question can easily get you thousands of dollars back at closing.
Cash rebates are encouraged in 38 states to help home buyers save money: The US Department of Justice even recommends real estate agents give cash rebates to buyers, and files lawsuits against states that ban rebates because these states are discouraging fair competition. A 1% rebate on a $500,000 home for example means you get $5000 cashback. The 12 states that do not allow a buyer to get a cash rebate
To get an idea of how much you can get back please the Buyers Saving Calculator. The thing to keep in mind is not to get greedy: Real estate agents work hard for their pay and can go months without selling a home. In addition to that agents may have to split their commissions with their broker. The broker is the company or person that the agent works for. So commissions are often split into four ways. To be fair to the agent we recommend asking for a .5% rebate of the purchase price of the home. So for example: if you purchase a home $500,000 It is fair to ask for a $2,500 rebate ($500,000 X .5% = $2,500). Bargain Agents makes it easy for you as a buyer to get cashback from your agent by using the Set Your Own Terms feature of their website.
For more information see the How it Works Page. At Bargain Agents, most agents will give you a cash rebate, AND provide you with the full-service VIP treatment you deserve.