Cash Back Real Estate Agent Henrico County VA - Cash Back Buyers Agent Henrico County VA
Rebates Make Buying a Home Less Expensive
In purchases where buyer’s brokers are offered half of a 5% commission, they may compete on price by refunding a portion of their commission to the homebuyer. A 1% rebate on the median-priced home would save the homebuyer $1,843.
Consumers can save thousands of dollars in commissions
Calculate how much you can save
Certain States Ban Rebates
In most states brokers compete on price for consumers’ business. However, ten states have enacted laws that forbid brokers from offering refunds, denying consumers the benefits of price competition and driving prices higher than they would be in a more competitive market.
States that ban brokers from offering rebates
Department of Justice efforts to lift rebate bans
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.
Learn more: Full-Service Discount Brokers
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).
Incentives, such as gift certificates for a home inspection, merchandise at a nearby hardware store, or moving services, give consumers monetary benefits from the transaction that they otherwise would not have obtained.
Offering rebates and incentives is one way that real estate brokers can compete for consumers’ business, leading to lower prices to consumers.
Do refunds and incentives pose any risk to consumers?
Some have argued that refunds and incentives can tempt consumers into closing on real estate transactions against their best interests. The Antitrust Division has found no evidence that refunds and incentives harm consumers. On the contrary, they can dramatically lower the price that consumers pay for brokerage services.
Do real estate brokers support rebate bans?
Some brokers support rebate bans as a means of reducing price competition. For example, when the Kentucky Real Estate Commission surveyed brokers about lifting that state’s rebate ban, here is what some of them said:
“If we give rebates and inducements, it would get out of control and all clients would be wanting something. The present law keeps it under control.”
“This would turn into a bidding war, lessen our profits and cheapen our ‘so-called’ profession.”
“If inducements were allowed, they could lead to competitive behavior, which would make us look unprofessional in the eyes of the public.”
“I think this would just take money right out of our pocket.”
Which states currently ban rebates and/or inducements?
Ten states currently have laws that ban rebates. Nine states have a full ban on broker rebates: Alabama, Alaska, Kansas, Louisiana, Mississippi, Missouri, Oklahoma, Oregon, and Tennessee. In addition, Iowa prohibits rebates when the consumers use the services of two or more real estate brokers during a transaction.
http://www.justice.gov/atr/public/real_estate/rebates.html
Cash Back Rebates For Buyers
Earn a 1% rebate on the sales price of the home you purchase with Equity First Realty Cash Back Rebate Program. 1.5% is what we offer for new construction
By actively participating in the search for your home, you save us time and money, and we pass the savings on to you.
When a property is listed for sale, the seller typically pays a 3% commission to the buyer's real estate agent. Most real estate agents then keep all of the commission for themselves. When you use Equity First Realty as your exclusive buyer's agent and purchase a home, we don't keep all of the commission - we give you up to a 1% cash rebate on your home purchase and 1.5% for new construction.
By having Equity First Realty Realtor as your agent you are assured of great negotiating skills to get you the best price on your home, attention to detail to ensure your transaction is completed and handled correctly, plus up to a 1% cash rebate and 1.5% for new construction.
Finding your Richmond, VA. dream home has never been easier, use our links to get started.
The Marcus Rice Team specializes in Richmond, Va, Henrico County, Chesterfield County, Powhatan County, Hanover County, Petersburg, Colonial Heights, and Fort Lee Homes and Real Estate for sale. We are tech savvy realtors with over 17 years experience. Please join us on our Social Networking Network to stay up to date on Richmond Virginia real estate news and more...
The Marcus Rice Team can be reached at 804-247-8187 or mriceteam@msn.com
The Marcus Rice Team
Equity First Realty
4860 Cox Road, Suite 200
Glen Allen, VA 23060
Call The Marcus Rice Team at 804-935-8519 Office or 804-247-8187 Cell
Equity First Realty Broker Site: www.Equity1stRealty.com
Marcus Rice Team Site: www.RichmondVaHome.com
Equity First Realty Information Site: www.EquityFirstRealty.info
Email: mriceteam@msn.com
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