Using buyer’s rebates is an excellent way to save money on buying your home. Rebates offered by buyer’s agents means they’re willing to forego a small percentage of their commission, usually around 2-3% of it.

Rebates are legal in at least 40 states and can be very useful throughout the home buying process. Whether it’s for buying lender credits or getting renovations done in your home or covering the costs of moving and closing, they can come in handy.

It can be difficult to negotiate a rebate with a real estate agent because they can have rigid fees for their work. The best way to approach them is through a company which provides rebates on your behalf.

Let’s take a look at what home buyer rebates are in the first place.

What are rebates for buying homes?

Also known as commission rebates or realtor rebates, this is when a buyer’s agent helps you purchase a home and lets you have a portion of the commission which they receive from the seller.

For you as the buyer, it’s a cash reward you can use it in various ways. Often, the mortgage lender—if you use one—will tell you how to use the rebate. Sort out beforehand if you will be allowed to take the rebate as cash when you close. Rebates are what can make it possible for you to get your dream home. You can get money from your realtor as part of their commission and this becomes an incentive to make the purchase as well.

When is the ideal time to use the home buyer rebate?

Seller’s market, (when you can sell your home at a higher price), is the best time to use this rebate. You can offer your home to sell for a higher price also depending on the rebate and the increasing demand for homes as well.

Here are some negotiating tips for getting rebates from your realtor.

Appear cool

When it comes to negotiations, the less you care, the less you have to lose. This inadvertently gives you more power. Appear as if you’re not as invested in it and are not too desperate to make the deal. Maybe don’t let them know it’s your dream home in the first place.

Keep your options open

Don’t restrict yourself to just one company. If it’s a local company, always consider a more competitive national mortgage lender as well. You don’t have to settle immediately for a deal if it doesn’t meet your needs.

Ask someone who’s done it before

Take advice from people who have been in similar situations before, especially if it’s your first time. Ask them what tactics they used to meet closing costs and to negotiate rebates.

Don’t be afraid to ask for what you want

Be assertive with what you want and make statements in the first person. Be willing to challenge what your realtor is telling you and also hold them accountable for the claims they make.

Do your research

Of course, you’ll only be able to do the former if you have done your homework well. Gather as much information as you possibly can. This will keep you at a stronger position of knowing where you can compromise and not. Remember that the more expensive the home the higher the home purchase rebate TX.

Go to a professional

If all of this sounds too emotionally taxing and time-consuming, you can always seek the help of professionals. We at Builder Bucks can connect you to the right lenders, and realtors to help you get your dream home and home builder rebates TX.

Contact us for more information.