Although the federal tax credit has expired, some home buyers still have the opportunity to cash in on another kind of rebate, which can amount to several thousand dollars.

A growing number of home buyers are using online tools to find and view homes listed for sale, which can be an efficient, time saving process for home buyers and real estate agents.

Taking advantage of a good opportunity to convert their time and effort into cash, some home buyers are using an unusual source of funds to help pay for their closing costs. Online access to home listings, which used to be available only to real estate agents, now lets home buyers negotiate cash rebates from real estate agent commissions.

Many agents who specialize in representing buyers are willing to sharing their sales commission in order to gain more clients, while reducing their time expenditure. Before a buyer makes an offer to purchase a home, an agreement can be made with a real estate agent to represent them in exchange for a share of the agent’s commission, which is paid by the home seller.

The amount of money a home buyer can get from a cash rebate depends on 2 things: share of the commission, which is negotiable with the agent; and the sales price of the home.

For Example:

A sales commission offered to a buyer’s agent by the seller may be 3% of the home price. If a home sells for $390,000, and the agent agrees to give a 50% share of the commission, the amount of rebate to the buyer would be $5,850.

Rebate money can be applied to the buyer’s closing costs at the close of the transaction, providing there are no restrictions from the buyer’s lender, or state laws that regulate real estate transactions. A few states do not allow rebates.

Cash rebates can be negotiated to buy an existing home, and in many cases, a new home. Some builders offer broker co-op commission to real estate agents who bring in clients to buy a new home. The buyer’s agent may be required to accompany them when initially visiting the home models, and when signing the paperwork.

Considering the high cost of buying a home and the chance to save thousand dollars on costs, less hand holding from a real estate agent seems like a fair trade.

Written by R. Smith: Home Loans, FHA Mortgage Rates, New Homes San Diego

Maintenance fees and costs vary across different types of houses. These costs must be known by first time homebuyers and factored into their buying decision.

Specific types of MN homes for sale have unique maintenance costs attached to them. These could range from government and local taxes to community association fees. If you are a first time homebuyer, take the time to know the maintenance costs for each house you are interested in; as this can spare you from future headaches. Here is a basic breakdown of maintenance costs associated with different types of homes:

Condos: Condos or flats are increasingly becoming popular for first time house buyers. Condominiums are a form of real property wherein individual units in a multi-unit complex or building may be owned but each owner has access to common facilities such as hallways, main entrances, stairs and elevators. As such, you’ll need to pay fees depending on your stake in the building.

The total expenses of the building is divided by a resident’s percent of ownership to arrive at the maintenance cost for each resident, explains Ilyce Glink, author of the book ’100 Questions Every First-Time Home Buyer Should Ask’. The total building expenses include the building’s emergency reserve account, and the final cost may fluctuate over the course of the year.

Townhomes: The fees associated with town homes are the same as any independently owned homes incur. However, some MN townhomes are part of a homeowner’s association, in which case you will need to pay a monthly fee for maintenance. These monthly association fees usually comprise of repair and maintenance costs of common exteriors and landscapes.

Mobile houses: Homeowners of mobile and pre-fabricated homes shoulder all fees in operating and maintaining their homes. These fees are comprised of, but not limited to, water, sewage and garbage, electricity, cable and other services. But some mobile home parks do charge a fee for renting land space. In addition, each park has specific requirements and rules that a homeowner must first agree to.

Single-Family Home: Owners of single-family houses are the only ones responsible for their houses’ operating and maintenance costs. Even if the home is within a community setting, the homeowner will be responsible for maintenance and upkeep, landscaping, lawn services and other fees associated with maintaining a home. You will also be responsible for all real estate taxes and government fees; check with the realtor and a financial advisor to get an estimate on what this may be.

Lenders may at times include maintenance fees and other costs in your loan package. I advise that you first talk with your realtor and determine the maintenance costs for the house you’re interested in. Only then should you deal with a lender so that you can get the best possible loan package that is within your budget.

Any house has maintenance costs attached to it. It is better to know more about these costs while you are still searching rather than be surprised by every fee you have to pay after you bought the house. Compare the total costs for each house you are interested in next to each other by using simple spreadsheets or checklists. In this way, you are making an informed choice that you are less likely to regret.

When purchasing you first home it is fital that errors are not made. This is true in every market and includes if you are looking at Malibu homes. 

Let’s face it, it seems almost impossible to learn everything there is to know about the home buying process.Following is a list of home buying mistakes that could be made by anyone.

• Using the inspector recommended by your agent. It’s probably best if you choose your own inspector.

• Listening to advice about what you can afford.  Don’t be surprised to receive advice from your agent, your mortgage broker, and your lender about what you can afford to pay for your mortgage.Just because these professionals have experience in working with borrowers doesn’t mean they know your financial situation better than you.As you can see,complete financial preparation is so important to you, home buying.Become very familar with your monthly budget and know how much you can afford to spend on a mortgage and other home owner expenses.Be sure you are confortable with the amount you can spend.

• Opening or closing credit accounts.  Either of these actions will have an affect on the all-mighty credit score, which is used by lenders to determine your credit risk.  Leave the credit cards alone, at least until you’ve been approved for the mortgage.Then you can open any credit accounts at your discretion.

• Not investigating the neighborhood.  This is the place where you are going to be living for the next 15, 20, or even 30 years.Wouldn’t it be best find out as much information as you can about the area before your escrow closes?Be sure and visit the larger neighborhood at all times of the day to get a feel for what goes on throughout that day and night.Speak to some of your potential neighbors and find out how they like the community and the direction they feel it’s going.

You will want the buying of your new home to go as smoothly as possible.Most home buying mistakes can be avoided, Just do not take any short cuts while you are in the process.