How to Get Cash Back When You Buy a Home
Below is a MRR and PLR article in category Finance -> subcategory Real Estate.
How to Get Cash Back When You Buy a Home
Buying a home is a significant investment, but it can also offer opportunities to save money. Cash back programs in real estate are becoming increasingly popular and accessible, whether you’re purchasing solo or with the help of a REALTOR. These benefits apply to both first-time homebuyers and those purchasing commercial properties.
Step 1:
Leverage REALTOR Cash Back
If you find your own home but use a REALTOR to close the deal, you may be entitled to a cash rebate. Real estate professionals suggest you can receive a percentage back at closing because of your initial work. Be proactive and discuss this beforehand, as many REALTORS won’t offer cash back unless requested.
Step 2:
Choose a Company Offering Cash Back
Consider using companies that provide cash back at closing. For example, in the Dallas real estate market, DFW Realties allows you to receive two-thirds of the agent's commission, translating to substantial savings. Certified companies like Inest ensure funds are held in escrow until closing, protecting your rebate throughout the process.
Step 3:
Claim Deductions on Your Tax Return
First-time homebuyers can benefit from tax deductions. Declare your real estate purchase on your tax return to receive potential cash back, especially if you're in the 28% tax bracket. The amount you receive depends on your itemized versus standard deductions.
Step 4:
Negotiate Cash Back from the Seller
If you're buying a foreclosure with cash, you're allowed to offer the quoted price even if the seller might accept less. This can translate into cash back for repairs at closing. Legally, you can report the full price on your taxes, enhancing your tax benefits.
Important Caution
Avoid illegal practices involving inflated property prices to secure cash back. It's against the law to request a loan higher than the property's actual price to receive cash back from the seller at closing. While not all are aware, this practice is technically illegal.
By following these steps, you can effectively navigate cash back opportunities in your real estate purchase, ensuring a more affordable investment.
You can find the original non-AI version of this article here: How to Get Cash Back When You Buy a Home.
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