Home Buyer Realtor Rebate Guide

A realtor rebate, or more accurately, a buyer commission rebate, is precisely what it sounds like: it's money that the buyer's agent will refund to you once you finish closing on a house. This isn't getting money back from closing costs or anything like that. Instead, it's a way for realtors to compete over your business. To make the rebate money available, the buyer agents who are offering the rebate take money out of their own home sales commission. 

How Much Is A Typical Buyer Rebate?

The actual number varies based on the amount of money spent on the home's commission. But, in most cases, realtors will return between a third and two-thirds of their commission to the buyer if they choose to do a rebate. 

Most buyers agents earn around three percent commission. This means that you can expect to get one to two percent of your home's price back if you get a home buyer rebate from your agent. On a $200,000 home, a one percent rebate equates to around $2,000. Agents who give out larger, two percent rebates usually have a minimum, so you might need to buy a $500,000 home to get the full rebate, but on a half-million-dollar house, you're looking at a $10,000 rebate. That's a serious amount of money!

How To Negotiate For A Buyer's Rebate

Buyers' rebates are negotiable, so you might have to get the rebate you want by asking. The easiest way to get a buyer's rebate is to work with a real estate agent known for offering rebates. However, that's not always doable, especially if you're dealing with a market that has high demand.

If you want to work with an agent who doesn't usually offer them, simply ask if you could get a rebate from them if you agree to work with them. If you ask nicely and show them your preapproval, you might get what you want.

read more: https://propertyclub.nyc/article/home-buyer-rebate-from-your-realtor



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