How to take advantage of rebates when purchasing a home?

Most realtors don’t offer rebates and there’s a good reason for that. Think of it as their paycheck. They put in countless hours training and working as a realtor and they will spend many hours on your account even if you find your dream home the first day you’re out looking. Realtors have to get everything in writing and signed by all parties and that takes time on their part. They also have to coordinate and monitor what is happening with the lender and title company as well as inspections over a contract period of around 35 days. So, I am sometimes asked, “How come you offer rebates?” The simple answer is I follow my own strict rules regarding helping my client find and purchase their home. A new realtor might show people a home without even having them get pre-approved first for a mortgage. That’s a mistake and it can waste everyone’s time. Unless a buyer is paying cash for their home, they will need a pre-approval letter from a lender to submit with their offer. Even if the buyer “knows” they are well qualified it doesn’t matter. We need a written pre-approval letter to submit with the buyer’s offer to be seriously considered by the seller. I can remember my early days as a realtor. I made the mistake of letting buyers tell me they won’t have any trouble getting pre-approved. They just want to see a particular house and like a fool, I would take the time to make the appointment, call the listing realtor to see if they have any current offers on the house and even if they did, I would show the house. My clients of course never had a chance to get the home because they weren’t pre-approved and the seller moved on with one of the offers already submitted with a pre-approval letter. In time, I learned. Even if it’s just one house a buyer wants to see, it’s a moot point to show it unless they are pre-approved. With that lesson learned (along with other lessons), I have saved buyers time and myself time and in turn I can and do rebate part of my commission to them to help with closing costs. It’s a win-win.