What Can You Use a Home Buyer Rebate For? A San Diego Buyer’s Guide

When buyers plan for a home purchase in San Diego, they budget for the down payment and often forget about closing costs. Then they see the final numbers and realize closing costs can add thousands of dollars on top of everything else. The good news is that a San Diego home buyer rebate can help. It can give you up to 1% of the purchase price back as a credit toward those costs.

What Are Closing Costs, Exactly?

Closing costs are the fees you pay to finalize your home purchase. They are separate from your down payment and they are due at the closing table. On a typical San Diego purchase, closing costs can include:

• Lender and loan origination fees
• Appraisal and credit report fees
• Escrow and title charges
• Recording and transfer fees
• Prepaid items such as homeowners insurance and property taxes

How the Buyer Rebate Helps

This is where my buyer rebate program comes in. When your purchase closes, up to 1% of the purchase price is applied as a credit toward your closing costs, subject to lender approval. That means less money out of your pocket on closing day.

The credit is applied to your allowable closing costs, so it directly reduces what you owe at the table. It is not down payment money, and it is not a check written to you, it is a reduction in your closing costs.

The One Condition to Know

The rebate is available when the seller is offering at least 2% commission to the buyer’s agent. If the commission offered is less than 2%, the rebate does not apply, and it is not prorated. Before you write an offer on any home, I confirm the commission being offered so you always know exactly where you stand.

The Benefits of Using a Buyer Rebate

The value goes beyond the credit itself. Here is what buyers appreciate most:

• More cash at closing. Lowering your closing costs frees up money you can keep or put toward moving, furniture, or home improvements.
• Full service, not a discount. You get complete buyer representation, from showings and negotiation to inspections and escrow.
• Real local expertise. You work with an experienced San Diego Realtor who knows the neighborhoods, the market, and how to get offers accepted.
• No catch. The rebate is disclosed to your lender and handled the right way, and I confirm the commission upfront so there are no surprises.

Who Qualifies in San Diego County

I offer the buyer rebate to home buyers throughout San Diego County, from the South Bay up through the coast and the inland communities. First time buyers and repeat buyers use it the same way. As long as the seller is offering at least 2% to the buyer’s agent, you can take advantage of the program.

The Bottom Line

Closing costs are one of the biggest surprises for San Diego home buyers, and a buyer rebate is one of the simplest ways to soften them. If you want to see how the rebate could apply to your purchase, learn more about the buyer rebate program and schedule a no obligation consultation.

Frequently Asked Questions

What can a home buyer rebate be used for?

A home buyer rebate is applied as a credit toward your closing costs, such as lender fees, escrow and title charges, and prepaid items, subject to lender approval. It lowers what you owe at the closing table.

Can a buyer rebate be used for the down payment?

No. A buyer rebate is not down payment money and it is not paid directly to you. It is applied as a credit toward your allowable closing costs, subject to lender approval.

How much can the rebate reduce my closing costs?

Up to 1% of the purchase price can be applied toward your closing costs, when the seller is offering at least 2% commission to the buyer’s agent.

Do I qualify for the buyer rebate in San Diego?

Most buyers across San Diego County qualify, as long as the seller is offering at least 2% commission to the buyer’s agent. First time and repeat buyers use it the same way.

*Subject to the seller paying at least 2% commission to the buyer’s agent. Applied as a credit toward closing costs and subject to lender approval. The rebate is calculated as up to 1% of the purchase price, up to a maximum purchase price of $3,000,000. Not down payment funds.

Want to lower your closing costs on your next San Diego home? See how the buyer rebate can get you up to 1% of the purchase price back. Schedule a free, no obligation consultation with Justin Santolaya.