j123vt_99

I will be buying a house in a few months. Are there are any credit card-type deals I can do that might get me some cashback? I have enough time to apply for a new credit card if I can work some deal... I'm thinking there might be a way to put the downpayment (approx $20k) on a cc and get a % or 2 back.

kayak99

The problem would be to find someone to accept a credit card for payment. Not likely for they would lose a percentage of their funds to the credit card company. If they are selling through a realtor that would be in addition to the commission they pay.

beavismom

I don't think anyone is going to let you use a credit card for a downpayment. That would give you much more debt even if you have the money in the bank to pay it off. They are very strict about where the money can and can't come from. If you are eligible for USAA you can get money back for using their realty service and there is money back through Inest and places like that. I think there is even something if you get a realtor referral at Mypoints. Good Luck.

suziq999

I can't imagine any lendor letting you put your down payment on a credit card. I'd rethink your process, sorry.

ChiTownAbs, Inc

That would be so friggin awesome if I could somehow get miles for buying a home. I would immediately get put into United 1K.

j123vt_99

yeah... i kinda figured all the stuff about debt on a cc, but thought i would ask anyway... any other good ideas like beavis suggested? unforunately i already have a realtor, but have not officially decided on a lender

peegee

No credit card deals, but you may be able to find a realtor willing to cash back upto 1.5% (half their commission) depending on how little work you want from them.

Cheddarmuff

I think GMAC offers airline points (100pts/$1,000 loan amount). Check it out *here*

medavidson

Make sure you negotiate with your realtor. If you're a serious buyer, you can squeeze them on the percentage they get. Depending on the dollar value of the house, this can be some serious coin. I have done this several times.

j123vt_99

i already choose a realtor, and we have narrrowed i down to 2 houses... she is running market analysis on them... is it too late to get anything?

Homer Simpson

I'd say yes it's too late, that would have been something you should have done before you started working with her.

You have to be a bit careful, from what I understand a good realtor won't negotiate the price, they don't need to if they are good enough they will get enough business without you. Realtors are kind of like insurance, it doesn't matter how good they are unless problems come up during the whole process, then you need someone that really knows what they are doing and won't get taken advantage of by the other realtor.

Sloth911

You can use a the checks that some with your GM Card to earn 5% back towards a new GM card. Depending on your cl you could make some moey off that.

kayak99

Maybe, maybe not. You still have negotiating power.

First off, who is paying the commission, you or the property owner?

Did you hire a realtor to find you a house, giing him/her a commission/fee from your pocket or will the realtor get money from the seller? (they split with the listing realtor)

You would be wise to negotiate and try to save upfront bucks based on the selling price not rely on reducing a realtors commission or seek credit card benefits. That can save closing costs, taxes (depending on your local tax rules), financing, etc.

P.S. I am assuming you do understand negotiating.

medavidson

To negotiate or not? If you did most of the work and brought in the realtor to help close the deal, negotiate. If the realtor spent their time and used their expertise to get you the house you wanted, pay em what they deserve.

cta partyboy

I know of a very good lender if interested. Email me @ [email protected] if interested.

~cta partyboy~

kvrdave

Generally, the lender will require proof of funds, and recheck your debt just before they fund. If you were to do something like this, they would wonder why you still had all your money in the bank, and your debt suddenly went up $20k or so.

I don't think there is a good way to work this, personally.

drmoze

I have *never* heard of someone househunting who paid a broker up-front. Buyers brokers always get their commission from the seller. Have you ever bought a house?

P.S. I am assuming you do understand realestate brokering.

kvrdave

I have charged an upfront retainer before, but it is very unusual and for very specific reasons that warrant it. But otherwise I would agree.

cdstewart2

You can sign up on Upromise and kind of get cash back. I did this when we bought a home a couple years ago and at the time upromise offered 1/2 a percent back to you on either the sale or purchase of a home. Got more than $600 back (well it's supposed to be an account for your child's future education, but I don't have a child). The catch is that you have to begin your house search with one of their approved realtors (in my area there were 8 or 9 to choose from including Coldwell Banker and Century 21).

kayak99

You may not understand it but yes, people can and do hire brokers to find them homes. (usually high end types) FYI, I own three homes and I had a real estate license at one time. No, I never was hired to find someone a home, but it can and does happen.

Sloth911

I went through Coldwell Banker when I bought my home. I asked them about the Upromise rebate and was told that "I needed to that at the start of the process" not when I asked them about it. I got the feeling that the $600 rebate would, at some point, have been factored into my closing costs anyways.

grrrah

do you have to pay anything else off?

i have to pay off my car down to 10 months, and I was going to pay it all off at close, but instead I may try paying it down to 10 months, then see if I can charge the 10 months and pay it off at once right after.

Dont know if this will work either, but it might be worth a try also.

jgottlieb

Try www.inest.com for "cash back" on building a house....

kayak99

I think you will find that the monies you receive "back" will be factored in to the sales price, as well as "finders fees" for inest.

Its always best to negotiate, negotiate, negotiate. While its not always possible, cutting out a middleman can be to your benefit.

asante

Builders pay a buyer's agent 2.5% - 3% of the sales price as commission. If somebody buys from a builder without an agent, the money will never be given to the buyer. The price you pay with or without agent is the same. With INEST, you get 1% on the "base price" of the house.