In case you haven’t heard the news, the Justice Department pushes to legalize real estate commission rebates. Why is this good news for home buyers? The biggest reason many people who are in the market to buy a new home are jumping for joy is they now could be in a unique position to walk away from closing with a huge chunk of case for doing nothing more than making a home purchase, said a representative of Premier One a Charleston SC luxury real estate provider. Here is why every home buyer should be paying closer attention.
Why Aren’t Real Estate Commissions Rebates Legal in all states?
The truth of the matter is these real estate rebates should be legal, but the government feels it will create an unfair playing field if some realtors are allowed to give a percentage of their commission to the buyer in exchange for working together. Many home buyers can not understand why some states still will not legalize this practice, it only benefits all players involved. The Justice Department may finally be realizing all the potential benefits and allowing this practice to be legalized nationwide.
Real Estate Rebate Benefits
Everyone benefits when the real estate rebates are legal. One, the home buyer gets a rebate check at closing for $2,500+ when they buy a $300,000 home, that seems like reason enough for the home buyer to be ecstatic. The realtor gives up a portion of their commission but they get more business, which in the long run means they get more commissions and more money. Finally, the homeowner benefits because deals are closing faster as the realtors are trying to move properties faster to make up for the commissions they pay the home buyers. This really is a win-win-win for all parties involved.
Time to Make a Change
Laws are made to be broken, this one should be abolished altogether. There is no benefit to stopping this practice, except for the realtors who are cornering the market and not paying any commission and wanting to keep working less for more cash. Times are changing, and as savvy buyers look for the realtors offering the real estate rebates, many of those greedy real estate agents are starting to see less in the way of business. It really is only a matter of time before all states finally legalize the practice of real estate commissions.
Now you know why the Justice Department pushes to legalize real estate commission rebates, it is just good business for all parties involved. It won’t be long before all states welcome this beneficial practice for all realtors.