Redfin Rebate – A Few Facts Unfolded!

11th April 2020

If you have been planning for buying a home then you must have heard about the Redfin Rebate that claims to help you save money. But do these rebates really work as advertised? Is there a way to know how much rebate you will get?

Being in the real estate field for years now, we at Magnolia Realty will help you find out the truth about Redfin commission refund. Let’s get started –

It is a fact that home buying is a long process which can be intimidating at times. Home buyers are usually concerned about having enough money to make the deal go in their favor.  But you will need to get pre-approved for the right mortgage and there are closing costs and down payments as well that can simply screw you up. But the scenario will be different when you work with a reliable and experienced real estate agent like us. We can help you with every step in the process.

Many of you may have heard that a refund is offered by Redfin which can help towards the closing costs. So what is it all about? Let us find out –

· Only specific markets are eligible for Redfin rebates.

If you want to qualify for the rebate you will need to work directly with a Redfin agent and not with a Redfin partner agent. That is because Redfin operates only in the major metro areas like Los Angeles, Dallas, Atlanta and Seattle. Hence if you are planning to buy a home that is outside these metro areas then you will not be able to work with their corporate agent.

In fact, Redfin will connect you with their partner agent instead of their regular Redfin agent to help you buy a home. Also, if there are no Redfin agents in your area or agents are busy or if your home is below their minimum price requirement then Redfin will refer you to one of their partner agents.

· A Minimum Commission is required for qualifying for a Redfin Rebate

The Redfin commission refund does not apply unless the commission of the buyer’s agent is at least 1% or $6,500 (whichever is higher). And in many areas Redfin not even offers service on low-priced properties. And if you are a first-time home buyer then it can be quite challenging for you. But we at Magnolia Realty can make your home buying experience a better one as we offer 3 times more rebate than that of Redfin rebate.

· No Guarantee on the Listed Refunds

Most of the Redfin listings display a specific refund amount for that home. However, the actual thing is these are not guaranteed as it fluctuates depending upon a variety of factors. Hence, estimating the exact Redfin refund amount is impossible. Moreover, all lenders do not approve the Redfin refund.

But that is not the case with us! We will let you know the specific amount at the beginning of the entire process making it a hassle-free experience for you. So make us your real estate agent and grab the best deal on homes while saving thousands of dollars.