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| Understanding Rebates on New Home Purchases
The Mortgage Professor: Builder's rebates baffle buyer
Feb. 27, 2014
By JACK GUTTENTAG The Mortgage Professor
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QUESTION: I purchased a home from builder XYZ for $320,000, and have a $10,666 Realtor rebate coming back to me. The builder had me sign a paper that says the Realtor rebate can only be used to pay settlement costs. In addition, if I use XYZ's lender, the lender will pay $5,000 toward my settlement costs.
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