Buying a Pre-Owned Home
Receive Up To 1.5% Of The Total Sale Price Back At Closing On Any Pre-Owned Home, Anywhere In Northern Virginia!
Working with The Mayer Team is easy and saves homebuyers thousands of dollars when buying a pre-owned home anywhere in Northern Virginia. Not many people realize that rebates are available to them so, congratulations on doing the research that led you here! You’ll be so glad you did when you find out just how much money you can save by working with The Mayer Team on your next home purchase.
What is a Homebuyer Rebate?
When a new home is built or sold, the realtor who represents the buyer typically makes a commission of 2.5 to 3% of the sales price of the home, as defined by the seller. The Mayer Team’s Pre-Owned Home Rebate Program rebates you up to 1.5% of the sale price of the home which comes from the commission the seller pays the real estate broker. If the seller pays a 3% commission we’ll rebate you up to 50% of the 3%, if the seller pays a 2.5% commission we’ll rebate you up to 50% of the 2.5%. We will never keep more than half of the total commission or $3,000.00 (whichever is greater) and the rest goes to you.
As you can see in most cases at least half of the realtor’s commission is RETURNED to you, the homebuyer. This applies to any pre-owned home, anywhere in Northern Virginia home. The credit can either be applied to your closing costs, buying down points for a better interest rate or with lender approval, as a check cut to you after closing. It is your choice!
Plus, the rebate is completely tax free! You will not be issued a 1099 for the return of funds!
Why Does The Mayer Team Offer This Rebate?
The Internet has drastically changed the way real estate is bought and sold. Today’s consumers have nearly limitless information at their fingertips and are more educated about the communities they are interested in moving to. All the research done by the buyer saves a real estate agent time and money, which is then passed on in the form of savings/rebate. Now you, the buyer, can be rewarded for all the research you’ve done prior to the purchase of your home! You deserve it!!
What do I have to do next to make sure I receive my rebate?
- Contact us before you sign a contract with a seller or sign a Buyer’s Rep Agreement with a real estate agent.
- Enter into a Buyer’s Rep Agreement with us that spells out the terms of the rebate.
- Speak with your lender and find out how much of the rebate can be credited to closing costs on your particular loan.
- If there is a rebate due to you over and above the amount allowed to be credited towards closing costs, ask your lender if their underwriter will allow your Realtor to credit you the remaining amount on the closing disclosure as a POC item (Paid outside of closing).
If you still have funds remaining, ask your lender if you can use the overage to pay any other costs such as buying down points.
That’s really all you have to do. We handle the rest! It is very simple and straightforward.
Besides the rebate is there any other reason I need a Buyer’s Agent?
Trying to buy a home without a real estate agent can carry risks and lead to issues that you may not be aware of. There are plenty of good, honest agents out there who focus on what is best for their clients. The benefits of having a fantastic buyer’s agent are immeasurable.
Buying a home is a big deal – maybe the most significant transaction you ever deal with. You should be aware of the risks before you decide to buy without representation, because you may discover that the potential problems of going solo outweigh the possible benefits. Buying a home without a real estate agent can be financial suicide if you’re not careful!
Buyers need to keep a few things in mind. An exceptional buyer’s agent represents your best interests. The agent owes the buyer undivided loyalty, confidentiality, reasonable care, obedience to lawful instruction and accountability.
Here are some other reasons you need a buyer’s agent to represent you:
Buying A “For Sale By Owner” Home Without An Agent
When you go without an agent to buy a FSBO home, it’s just you and the seller – two regular people, making a deal without any of the hassles of dealing with “professionals.” What could be simpler? Of course, homeowners who are selling without a Realtor are usually doing so to save money on a commission. There are pros and cons of selling a home without a real estate agent, and the same holds true when buying one.
Well, the simplicity of this arrangement is more of an illusion than a reality. Potential problems of buying a home without a Realtor include:
Overpaying for the Home
The price of the FSBO home is set by the owner, who may or may not have any idea what the actual value of the house is. Homeowners are notorious for overestimating the value of their homes. The owner could set any price, and you will not have a way to verify the validity of that price on your own. Those selling for sale by owner usually use rudimentary ways of coming up with an asking price including a Zillow Zestimate if it suits their needs.
Zillow home estimates can be off from 5% to over 20% . Some sellers don’t know any better. If it looks too good to be true, it probably is! Other sellers just pick a number out of a hat based on what they need or want for their home. One of the significant benefits of having a buyer’s agent is someone in your corner who can analyze market value for you. Overpaying is a substantial risk of buying a home without a real estate agent.
Sellers do not have to disclose problems with their homes. In states where this is the case, it is known as Caveat Emptor or “let the buyer beware.” Real Estate agents, however, are held to much higher standards.
If a real estate agent knows about some problem with a home, it must be disclosed! There are very few instances where a real estate agent can avoid disclosing a condition that would make a buyer think twice about purchasing a home.
Some sellers in states where non-disclosure is allowed will try to sell their home for sale by owner. A percentage of these owners may even market their home as being sold as-is. A big red flag should go up if you are purchasing a home from a for sale by owner and they are selling as-is!
A home inspection report can be hard to decipher for the average person. The inspector is going to list every potential problem so that the report may include 20-50 points of concern. Some of these may be things you need to worry about, while others may look like a big deal but in fact they are not.
Understanding what inspection requests are unreasonable is a service a top buyer’s agent provides. A real estate agent looks at these reports all the time, so he or she knows how to pick out the important stuff – the stuff you will base your negotiations on.
Without an agent, you will also not be aware of the different types of inspections that are advisable for your area. You may need to do a mold inspection, a radon inspection an inspection for insect infestation, or some other special inspection. Miss the necessary inspection, and you may wind up with a home with real issues.
Other Reasons you need a Buyer’s Agent…
Here are some other great reasons to use a buyer’s agent:
Knowing the Neighborhood
One of the biggest advantages of a Realtor is that he or she is an expert on the neighborhoods in the area you are buying. School districts, property taxes, HOA rules, commutes, property values, etc.
Knowing how to pick the right neighborhood is important. The neighborhood you choose can have a significant impact on value, as well as re-sale potential down the road.
When you overpay for a property you can run into appraisal problems. The difficulty with a home appraising goes up exponentially when you are dealing with a buyer and a seller who are not using professional real estate agents.
Can you imagine having your home under contract, getting an offer accepted on a for sale by owner only to find out it doesn’t appraise for the purchase price?
What if the seller won’t budge. When you are buying and selling a home in the same time frame, an uncooperative owner can create major havoc!
Think for a moment what happens when you have nowhere to go because the home you are buying is going to fall apart due to an appraisal. This is one of the significant risks of the purchase of a home without a real estate agent in your corner to protect your interests.
Contracts, regulations, and paperwork
Real estate contracts, regulations and paperwork can be complex. You need to know how to read a contract before you sign it. You need to complete all necessary paperwork correctly, accurately and submit it by deadlines. Legal mistakes and missteps in your paperwork can lead to serious, long-term and expensive headaches.
If you are not using a buyer’s agent when purchasing a home, it is highly advisable to have an attorney represent you.
Buying from a Seller’s Agent or “Dual Agent”
Equally as bad as not using a buyer’s agent when purchasing a for sale by owner is going directly to a seller’s agent to buy a home. Lots of buyers think they are going to get some kind of “special deal” by going directly to the seller’s agent.
Instead, buyers are dealing directly with someone who’s obligation is to the seller. When facing off with a real estate agent selling you a home, you are going toe to toe with a pro. It is unwise to assume you know as much as the agent. Ultimately, you will be at his or her mercy, hoping that you will be treated well and fairly.
Dealing with the Selling Agent
When you have your own agent, you are insulated from the persuasiveness of the other agent. Your agent knows what you want and need, and he or she knows how to avoid being taken in by salesmanship.
Paying too much
Unless you are working in the real estate industry in the area you are buying, it is unlikely that you can determine the true value of the homes you are looking at. With an agent, you have a pro who can tell you when something costs too much.
Without an agent, you are extremely likely to pay more for a home than you would with an agent working for the seller. After all part of seller’s agents job is to get their client the most money!
Expecting a deal on commission
The commission on a home sale is split between the seller’s agent and your agent. Many buyers who avoid hiring an agent are hoping that the seller’s agent will discount the commission because there is no buyer’s agent to pay.
There are some agents who are adamant about not discounting the commission. Even if they did, does it make sense to save a few thousand in commission only to overpay for the home by ten thousand instead? You do the math – it doesn’t work!
Real estate agents negotiate for every client they work with, month after month, year after year. They know every factor that influences home values, every pressure point that is likely to deliver a response. You, on the other hand, are new to this. When you go to negotiate with the seller’s agent, you should not expect to come out the winner.
In most circumstances, is does not make a lot of sense to forgo using a buyer’s agent. Keep in mind you DO NOT pay a real estate agent to represent you when buying a home. Real Estate commission is almost always paid for by a seller. Is it possible you will run into a for sale by owner that won’t pay a buyer’s agent fee – sure. In a case like this where you would have to compensate a buyer’s agent all you need to do is make your offer taking this into consideration.
The best buyer’s agents do a lot for their clients. Without a buyer’s agent, your odds for problems go up greatly. Keep in mind there are good and bad buyer’s agents. You would be wise to make sure you do a thorough interview of a buyer’s agent you’re considering hiring.