When searching homes for sale it’s important to be represented by a Realtor who is a broker that is focused on achieving the biggest savings for the home buyer and not working for the seller too. Savings can be achieved in four main categories:
Negotiation Phase
The most obvious is in the negotiation phase, where the broker makes sure the buyer is paying no more than fair market value for the home.
Home Buyer Rebate
Next is with a home buyer rebate where the buyer receives the majority of the brokers commission. The home buyer rebate can be applied to the buyers down payment or closing costs, or taken as cash, providing there are no lender restrictions, or the amount of the commission rebate can be deducted from the final sales price of the home.
Reports and Inspections
The broker needs to make sure all inspections are accounted for and there is a home buyer warranty included. Getting the right inspections and warranty in place is easy for a competent broker. The tricky part is getting the seller to agree to pay for them in advance.
Referral Services
The biggest one is the lender. For example I recently referred a lender who saved the buyer .25 in rate on a $532,000 loan. That’s over $13,000 in the first 10 years. Other areas include an arms length property inspector and a reputable termite company. Never use the recommendations of the listing agent who works for the seller.
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Savings can be achieved in four main categories:
Negotiation Phase
The most obvious is in the negotiation phase, where the […….