Using The Hybrid Agent™ Program Saved The Dorsey's $15,000
Every now and then the stars will align and you get the perfect scenario. Not often does it happen, but when it does it's absolutely amazing. That's the words I'd have to use to describe when it comes to The Dorsey's and their ability to take advantage of The Hybrid Agent™ Program to sell their previous home and purchase their new home.
Their journey started out with a simple phone call in the midst of the 2020 Covid-19 Pandemic. Mr. Dorsey gave me a ring one Saturday afternoon with some questions about a mortgage. He knew I was a licensed Mortgage Professional and he wanted to get some honest information about what Mortgage Rates were doing. He knew I was the owner of LTI Mortgage (Loyalty Trust Integrity) so he could get a straight answer from me. After a brief conversation, I let him know that his new purchase would not be a problem for us to handle and he had no worries.
Before I let him hang up the phone, I also let him know that I was a Licensed Real Estate Agent and I cold save him thousands of dollars if he used the Hybrid Agent™ Program. Obviously, he liked the sound of that so we got started fairly quickly.
Selling Their Home With The Hybrid Agent™ Program
Let's get this piece out of the way first. I sold their home for a discounted rate of 5% so they started off saving money from the start. Most agents will charge 6% to list a home. Typically, 3% will go to the buyers agent and I'll keep 2% for myself. In this cast it ended up being about $5k, my sellers kept in their pockets.
For most people they don't want to own two different homes even if they can afford it. So selling their home was a pretty important step in the process. We did all the normal things during the selling process that most agents would do. The house was measured, we had pro photos taken and all that basic stuff. The home was listed in MLS, it showed up on Zillow and all the other sites you would expect. However, I took it to another we also took it to another level. I built a website for the property with video tours, property information and most importantly; Real Mortgage Information! The mortgage information helped potential buyers understand how they could take advantage of the program and save themselves a lot of money. You can view the mortgage information here.
As a Hybrid Agent™, I know a lot more about the buying side of the homebuying process. Since I've done hundreds of loans in my lifetime, I totally understand that people don't really buy a house based on the price of the home, people buy a house based on the total payment that fits their budget. Everyone we know would own a million dollar home if the payment was under $2K a month right. I wanted to make the home seem very affordable so I show the seller various ways their home could be affordable.
This particular home was marketed with 5% Down with NO PMI! This made their home one of the more desirable homes in the neighborhood. Not because it was the cheapest, but because it was listed with someone who knew how to structure the loans for the incoming buyer. We can talk more about those strategies later, or you can watch the following video to learn how. The most important thing is the sellers were going to pay for this for the incoming buyer and it was all strategized during the listing appointment.
A seller buydown is better than dropping the price of a home. For the record dropping the price of your home 10K today is going to save someone about 60 dollars a month. Most people can afford to go up that extra $60 bucks a month if they really like the home you're trying to sell them. Let's assume you and your neighbor are both selling a home. You guys have the same exact home, except they are choosing to drop the price of their home by $10,000.
However, instead of dropping your home by 10K, you offered the buyer "up to" the same $10,000 in closing costs assistance. Now, think about who has the more desirable property listed for sale. Your neighbor is letting them save $60 dollars a month. You, however, are giving them the ability to pay for the PMI upfront so they don't have that monthly fee on their mortgage. Eliminating the PMI will more than likely save them more than the 60 bucks per month anyway. On the other hand it's not going to cost them 10K to buy out the PMI. They'll still have funds left over for more closing costs. This is but one of the strategies that me as a Hybrid Agent™ used to help sell their home. During an open house, it's extremely easy to explain why your home is the best on the market. Not to mention, we have the graphs and charts to back it up. No visitors left their home without knowing how great of a deal it would be.
Not to mention, if they did not already have a agent and used me, they got a rebate as well. We're talking all kinds of savings here for the buyers purchasing your home. Who's home looks better to a potential buyer?
The Hybrid Agent™ Rebate
Since I was both the real estate agent as well as the mortgage professional on this transaction, the Dorsey's were able to qualify for the Hybrid Agent™ Rebate. This program is by far The Best Deal In Real Estate. What this does is allows a buyer to get back a Rebate towards their closing costs. The rebate goes up to 1.5% of the sales price. It's typically half the commission that I would earn on a transaction. That is major. Let's just assume you purchase a house for $500,000 dollars.
Let's just say the agents commission on that would be $15,000 dollars. The Hybrid Agent™ program would allow you to qualify for a rebate of to $7,500 dollars towards your closing costs. Now that you've got $7,500 dollars let's see what we're going to do with that money. There are few options. 1. You could use it to buy down your interest rate so that you've got the lowest rate on the market. 2. You could use those funds to make sure that you don't have to pay PMI. You could pay for your PMI upfront with my rebate to you.. 3. You could just bring less money to closing. Whichever decisions makes the most sense for you. However, just know that we'll go over those options to put you in the best financial position.
Getting Your Mortgage With A Hybrid Agent™.
For me, the mortgage is the easy part. I actually own a mortgage brokerage. As a broker I have access to better rates and better fees than most big mortgage companies and banks out there. I'm an independent broker so I don't have all the overhead as the larger companies. That doesn't make us less effective, that makes us better! Just imagine if you chose to buy the rate down with a broker, you're rate would be even lower than it would going to one of the larger companies around town. I've work for a few of them so I know their margins. It's not even close. #BROKERSAREBETTER!
Not to mention, when you work with a Hybrid Agent™, you're dealing with one person throughout the entire transaction. You're not going back and forth between a REALTOR and Loan Officer. They are the exact same people! All of my clients that I've closed using the Hybrid Agent™ program have absolutely loved it. There is no getting partial information from a person who isn't licensed to give it. The Dorsey's got expert advice from a person who is licensed to give that expert advice on both sides. When they called, I was able to provide exact answers and didn't have to make them wait while I called the loan officer or the realtor. It was truly 1 stop shopping for them.
In the end, the Hybrid Agent™ Program was a huge success for the Dorsey's. They were able to sell, their home over asking price and save money there. They were able to purchase their dream home and save money there as well. Legally I can't discuss the financing of their home, but I can say in this era of super low interest rates, they were able to get the lowest rate that I've seen on the type of mortgage they decided on. It's Proven, the Hybrid Agent™ Program is the Best Deal In Real Estate! They Saved $15,000 dollars using it. How much will you save? Let us know what you think, leave a comment below. If you're interested in maximizing your savings on your next sale or purchase. Definitely let us know by clicking the button below and contacting us. The deal just can't be beat.