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 you think of real estate investing, a number of things may come to mind. If you are already familiar with real estate investing you may think of short sales, bulk reo investing and virtual real estate investing or you may think of it in terms of real estate portfolios and real estate retirement plans. Likely you also wonder how these things will factor into your life as a real estate investor in the current economy.

There is a lot to learn about real estate investing. The best way to optimize your real estate investing education is to know the basics ahead of time. No matter whether you are interested in short sales, bulk reo sales, virtual real estate or just enhancing your knowledge as a real estate investor, knowing some real estate investing basics will help you succeed. You should review these three real estate investing basics to learn things even some experts do not know:

1. You will always get a positive yield with real estate investing education. You can create thousands of dollars in potential wealth with each real estate deal. Getting the wealth is the key to your success. Knowing more about real estate betters your odds of success when you do a real estate deal. A small investment in your education can yield big results when you implement your learning.

2. You can succeed in real estate investing regardless of the state of the economy. Lots of people believe that real estate success is only possible in a booming economy. Actually a poor economy is not a bad economy for real estate investors. You frequently can get properties at deep discounts. Also, you might find deals that simply could not exist in a booming economy. Real estate investing may also turn the tide for a poor economy. Short sales, bulk reo sales and virtual real estate all can thrive when the economy is not. You can save yourself from financial difficulty along with others by knowing how to do these deals.

3. You do not need a lot of money to be a successful real estate investor. You can succeed in real estate investing no matter how much money you have. There are many deals that will let you use other people’s money to do them. If you look like a good investment a private lender may let you use their money. The best way to be a good investment is to know as much as possible about real estate investing. This will enable you to show people who have money for real estate investing but may not know how to use it that you are a good investment.

Real estate investing is a great way to create a good amount of wealth. You can create income regardless of the economy. You can create your own success using your knowledge of short sales, real estate investing, bulk reo sales and virtual real estate. You will be helped to succeed as a real estate investor by knowing real estate investing basics.