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From the Dept of Justice website:
"How do rebates work?
Some real estate brokers offer consumers cash refunds or
non-cash incentives to encourage them to use that broker’s
services. Rebates are typically cash payments from the real estate broker to
his or her client after closing. Incentives may include gift
certificates, closing-cost payments, or free ancillary services such as home
inspections or moving services.
How do rebates benefit consumers?
Rebates can save consumers several thousand dollars in a
single transaction. For example, if a broker offers to refund one-third of its
commission to the homebuyer, the average buyer of a $300,000 home could save
$2,500 to $3,000 (based on the 2.5% to 3% commission rates typically earned by
the buyer’s broker)." DOJ website http://www.usdoj.gov/atr/public/real_estate/rebates.htm
As the DOJ website indicates, buyer broker rebates save home buyers money.
Also, the Federal Government is getting involved with
home buyer rebates to help spur the housing market by offering tax credits
to home buyers. According to (CNNMoney.com) -- "First-time
buyers can claim a credit worth $8,000 - or 10% of the home's value,
whichever is less - on their 2008 or 2009 taxes. A big plus is that the
credit is refundable, meaning tax filers see a refund of the full $8,000
even if their total tax bill - the amount of witholding they paid during the
year plus anything extra they had to pony up when they filed their
returns".
"To qualify for the credit, the purchase must be made
between Jan. 1, 2009 and Nov. 30, 2009. Buyers may not have owned a home for
the past three years to qualify as "first time" buyer. They must
also live in the house for at least three years, or they will be obligated
to pay back the credit.
Additionally, there are income restrictions: To qualify,
buyers must make less than $75,000 for singles or $150,000 for couples.
(Higher-income buyers may receive a partial credit.)" See http://money.cnn.com/2009/02/13/real_estate/homebuyer_tax_credit_finalized/index.htm
Also, check with your tax advisor to see if you qualify
for a tax credit! As you can see, the Federal government views rebates
as a way to spur the housing economy, that is why they are offering rebates
or cash credits in the form of tax credits to home buyers.
Whether is a tax credit from the federal government or a
commission credit or rebate from your real estate broker, rebates are good
way to save money on your home purchase.
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discount realtor
Home buyers nationwide are saving money when
they buy real estate, discount real estate brokers are offering savings not only
for home sellers but also for home purchasers. In the past, home buyers did not
understand how the buyer's side realtor receive compensation. Today, more and
more buyers are becoming more educated about consumer discounts in the form
of broker rebate when buying a new home, resale, bank owned foreclosure,
or short sale. Given the high cost of housing, broker rebates are
welcome saving relief to home buying consumer. Rebates in the form of
closing cost credits, cash payments or gifts are one way to enhance
competition and innovation amongst competing buyer brokers.
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