Luxury Waterfront Real Estate
Agents To Pay For Buyer Stimulus
An initiative for buyers, eligible for cash up to $150K
Mar. 25, 2010 01:21 PM
The website, Lookflorida.com states: 'A group of Florida real estate agents have agreed to participate in the FREBS program. These agents will give you a cash stimulus at closing on your Florida real estate purchase. You could be eligible for up to $150,000'
The stimulus program is an initiative to help buyers with closing costs, but could end up doing a lot more. Like many recent cash stimulus programs, such as 'Cash for Clunkers' there needs to be plenty of money behind the project in order to make it successful. To fund this program, the agents involved will give a portion of their commission back to the buyer at closing.
The FREBS program is aimed at individuals, companies or businesses interested in purchasing Florida real estate. The program works by agents allowing buyers to receive a percentage of the commission that the brokerage firm receives from the seller. This program costs the buyer absolutely nothing to participate. Buyers who use agents associated with FREBS as their exclusive buyer's agent can enjoy up to 1 percent back on the sales price of their property. This program is available on any piece of Florida real estate currently listed for sale, in areas which agents are participating.
Because it is still a buyers market, competition for representing buyers is at an all time high. The practice of 'stealing clients' and embellishing great deals have become all too common. Therefore, having a buyers agent to represent your side of the transaction can help protect the buyers from predatory agents trying to sell their own listings.
According to real estate agent Bronwyn Jones, on why her team joined FREBS "We are proud to be part of a program which will help buyers with their closing cost and could end up putting a lot more money back in their pockets"
High-end property purchases also have plenty to gain by using a FREBS agent, since there is a maximum purchase price of $10 Million with a possible stimulus of up to $150,000. Founder of the stimulus program, Tegan DeClark, Independent Brokers Realty explains "Regardless of if the buyer is purchasing a hundred thousand or a ten million dollar property, every buyer wants to get cash back at closing."
Anyone buying real estate in Florida will benefit from visiting the stimulus program website www.lookflorida.com to find out more. Buyers can benefit by ask agents if they are participating in the FREBS program, if not ask them to join before you sign any agreements.
Depending on how successful the program is, the stimulus could continue indefinitely.