Understanding the Concept of Realtor Rebate

If you have been trying to buy homes for sale in Potomac MD for quite a sometime then you must have come across one term i.e. realtor rebate. So are you wondering what is realtor rebate in Potomac? Then take a look at the post below to understand the concept well before taking a dive into the market of homes for sale in Potomac MD.

What is a Realtor Rebate?

Also termed as a home buyer refund or rebate, a realtor rebate is the portion of the commission received from the purchase of home given to the home buying client by the real estate agent. While some real estate agencies refund a fixed amount not considering of the purchase price, others offer  a varying percentage.

What is the source for the homebuyer refund?

Typically, the real estate commission on a home sale from the total sales price gets divided equally between the buyer’s agent and seller’s agent. And the share of commission that the buyer’s agent gets is the source of the homebuyer refund.

Why a real estate agent refunds a portion of their commission to the buyers?

There are several reasons for refunding. One of the most common reasons being the business expenses that come with finding new customers like marketing and advertising costs. Usually, an agent lessens their commission for acquiring more customers at a lower price that their competitors.

What types of homes meet the requirements for a homebuyer refund?

Usually, most of the homebuyer refunds are valid on almost all types of homes including condos, single-family homes, multi-family homes and town homes. However, make sure to research properly to check whether the type of home you want is covered before you make the purchase to be sure if it qualifies for a refund.

How you can get a homebuyer refund or rebate?

• Make good research before finalizing a real estate agent.
• Find a pioneering brokerage and refund that works best for you.
• Read the terms and conditions of the refund carefully.
• Do not forget to sign a buyer broker agreement.
• Get your buyer refund at the closing.

While some agents apply the refunded amount to the closing costs so that you can negate those costs at closing, the others will hand you a check at closing for the refunded amount. In both the ways you will end up saving thousands of bucks.

So if you want to save significant amount of money and time, get in touch with a reputable real estate agent who can offer you good realtor rebate on buying you the right homes for sale in Potomac MD.

Conclusion:

Magnolia Realty has more than a decade of experience in the real estate market in MD and DC. They can help you find some of the best homes for sale in Potomac MD while offering the best realtor rebate in Potomac.