These co-op buyer’s closing cost estimates provide an idea of how much additional funds are needed at the actual closing. The buyer’s attorney will provide a worksheet with numbers closer to the actual cost prior to the closing of the co-op unit. Learn how a buyer rebate can help offset Read more…
Buying a condo is very similar to buying a house without the responsibilities of maintaining the exteriors of the house and sidewalks. In addition, you are joining a community with share common areas and amenities. A condo offers more flexibility than a house in that a condo can range from Read more…
Besides getting a buyer rebate when working with the right buyer agents, they are often the ones that know their local real estate market like the back of their hand. They have a way of knowing who’s interested in selling their homes and who are the motivated sellers because it Read more…
An annual percentage rate (APR) is the total cost of taking out the loan. By law, lenders are required to publish the APR. It is similar to the unit price (per pound/ per quart/ per 100 sheets) vs the retail price that allows borrowers to compare apples to apples. Sometimes Read more…
BUYER REBATES OPEN UP THE NEW YORK REAL ESTATE MARKET TO NEW AND INNOVATIVE BUSINESS MODELS The New York Attorney General encourages home buyers to work with agents to get a buyer rebate. Commission rebates help open up the real estate market to new and innovative business models. Rebating by Read more…
A buyer rebate can help you save thousands of dollars in a single transaction. Buyer pays $300,000 for home. Purchase price includes 6% commission as written in the listing agreement. 3% to buyers broker is $9,000 3% to listing broker is $9,000 Buyer’s broker pays 2% rebate to buyer – Read more…
Tax deductions are not as straight forward as single family houses or condos. Your best bet is to get guidance from the co-op management company on how to much maintenance you can deduct. Generally the portion that covers the building’s real estate taxes are deductible. Flip tax is guided by Read more…
Lenders are informed of buyer rebates to comply with federal law. Lenders do not allow for money to be given to the buyer after the closing. Imagine: You are lending $80 dollars to the buyer with a $20 dollar down payment to buy a $100 home. How would you feel Read more…
A home seller always had the opportunity to negotiate the commission percentages in the listing agreement. Home buyer rebate advocates argued that buyers should have the right to negotiate commissions as the sellers are able to do. This results in the form of a buyer rebate from the buyer broker.
One of the obstacles that co-op buyers face is the preparation of a Co-op Board Package that helps the Co-op Board in approving the co-op purchase into their building. Even if a buyer decides to pay for the co-op 100% in cash, the Co-op Board can still reject the purchase Read more…