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Sometimes even below-par realtors offer a too-good-to-be-true rebate to attract potential clients. Where does a home buyer rebate come from? If you are a first-time homebuyer, you may argue that offering a discount on commission is far better than providing a rebate. Rebates are a unique way to save thousands, either as a cashback on closing or as closing credits. Prevu offers solid commission savings for buyers and sellers. DISCOUNT: 50%-60% of commission rebated to buyer. Faira offers a 2% cashback to buyers who have found the home and are ready to make an offer. Even before listing the property on the MLS, they detail this amount in the listing agreement. $10,625 Buyer Rebate $12,750 Seller Rebate How Rebate Realty Works EASIER EVERYDAY HOME SEARCH You get new listings and insider information before anyone else. LNkz "Arn /`=*-mD\3VX*>ntL! This generally ranges from a 50/50 to as high as a 90/10 split. In addition, Redfin doesnt guarantee youll receive the amount it estimates upfront. As per California Legislature Information, a refund of a portion of a commission by an agent to the buyer in a real estate transaction does not violate Business and Professional Code 10137. A home buyer rebate could make a massive difference to your financial situation, so its wise to partner with a real estate agent who guarantees a buyers rebate at closing with no negotiation necessary. Buyer rebates and cash rewards which are similar, but distinct can save you thousands on your home purchase. The additional service in the 1% program is to schedule showings and open houses. Buyers may confuse a first-time homebuyer tax rebate with a real estate commission rebate. So, in this case, the remaining 60% will directly go into the listing agents pocket. Buyer Rebate NYC: 7 Things That Will Help You Save Thousands of Dollars! MORE: What you need to know about flat fee MLS services. Go Back to Full List of Real Estate FAQs If you live in the home and meet a few criteria, you might be eligible for the home sales tax exclusion, according to which the first $250,000 in profit on your sale will be tax-free.