Bilt has now added the ability to earn points when you purchase a home, earning 1 point per $2 spent. This means if you purchase a $500,000 house you’d earn 250,000 points. The catch is that you need to work with an eXp agent to find a home.
Interesting concept but having to use a specific agent kind of kills the deal. They’ll obviously earn much more in commission than they are paying out in points.
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How much are the points worth? What are the redemption choices? For example, 100 points equals $1 cash back or some other value.
eXp is an interesting partner to choose...
I'm currently under contract and my agent is with exp. I wonder if it's too late to do this.
Might do this soon!
I just started looking for a home with an eXp agent, but to earn Bilt Points on your home purchase, you need to work with an agent connected through the Bilt platform.
So eXp could have given you a 0.5% realtor credit but instead passing it to you as points (which could be worth more). Innovative I like the idea
Damn, wish this was available when I bought earlier this year in California. Turned out that the seller's realtor is eXp. would have netted me a ton of points
bad time to buy a house now... Low inventory and high interest.
Low inventory??? There are a tons of new builds around my area.
sounds like you live in an anomolous area + even if there are new builds, there's likely fewer people putting their houses on the market because they don't wanna lose their low interest rate
yes low inventory. this means you live in a not so competitive area.
Heh, I'm an eXp agent. I'm legit going to churn a house lol. This would be pretty interesting since the points are based on purchase price, so this effectively turns into a pretty large rebate on a down payment.
@Jimmy Johns, Does Bilt take a portion of the buying agent’s commission to participate in this deal? If so, how much?
$10,000,000 house with a $9,000,000 sellers credit.
The state/county will love you as you are creating a property tax nightmare.
Isn't the point award based on the purchase price, not downpayment? Sounds like this is at least a 0.5 percent rebate on the house price, which might bring the cost of agent service closer to a discount brokerage, like Redfin.
I'm an agent buying for myself. Before the NAR changes I was making 3% of the purchase price in commissions. This change would add 0.5% of the purchase price.
There are some mortgages that offer 3.5% down payment, so in theory this allows you to buy houses with almost no money down.
Part of the fun of churning and real estate is reducing the down payment so you can buy more cash flowing properties. Real expenses can also be used to earn SUBs on biz CCs
It's extremely hard these days to find properties that are going to cashflow at 3.5% down anywhere in the country. If you have access to that, more power to ya.
Those are FHA loans which typically include PMI.
Just have to keep in mind that leverage works both ways :)
I'm cash flow gang ;)
What could go wrong? Surely all of that "value" is real.
The ultimate churn! Go forth and DO!
Time to churn a house lol
Channeling 2007