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Cash Rebates for New Home Buyers

Aug 17, 2007
We are all familiar with cash rebates for advertisements of new and used cars. "Get $1,000 back when you buy a new Toyota!" car dealers yell from our television screens. That gets a lot of attention if people are interested in buying a new car. Who doesn't need $1,000 extra bucks?

Now people looking for new homes in Texas, Illinois, and a number of other states around the country are getting the same exciting rebate offers from their real estate agents. And, those rebates generally translate into a whole lot more than $1,000.

New home rebates are a relatively new concept in the real estate market. In fact, many real estate agents don't offer them because they don't feel it's necessary and most home buyers don't know the opportunity for cash rebates even exists!

Other buyers who have heard of home buyer rebates are often skeptical because rebates sound too good to be true or they're not sure this sort of transaction is even legal. While rebates on new homes aren't legal in all states, the good majority of them do allow rebates. Check state laws and, if rebates are allowed, seek out agents who offer them! You'll be glad you did!

Sometimes the term "rebate" conjures up negative images of promotions requiring lengthy forms to fill out just to get a buck or two in the mail. However, that's certainly not the case with home buyer rebates. They're actually pretty simple and they result in enormous savings.

Your first step in taking advantage of this great opportunity is to find an agent who offers a rebate. The percentage of the rebate can vary. Once you've located an agent offering a new home rebate, the process for buying a home is basically the same except for the cash you'll get back, which can be quite a lot!

For example, let's say you're buying a home for $300,000 and the rebate is 1%. You get 1% of the sales price of the home; not 1% of the agents commission, so for a $300,000 home, the cash to you is $3,000.

Many buyers mistakenly believe they'll pay more for a house when a rebate is involved. This simply is not true because new home builders add a commission into the price of their homes from the start. They expect to pay a Realtor's fee to sell their homes and if a Realtor is not present, then they keep the fee for themselves. The builder can't give the commission to consumers because commissions can only be paid to licensed real estate agents.

Unfortunately, some real estate agents who operate under the traditional model where rebates aren't offered would have consumers believe that agents who offer rebates aren't as professional or as knowledgeable as those who don't offer rebates. However, all real estate agents must be licensed and maintain their licenses through continuing education classes, and the requirements are the same regardless of whether or not they offer rebates.

The bottom line is that everyone appreciates saving money. So if you're in the market for a new home, look for an agent that offers cash rebates when you buy.
About the Author
Darlene Bauer with http://www.RebateJazz.com offers cash rebates to new home and land buyers in the state of Texas. RebateJazz.com is all about sharing commissions.
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