Real estate salesperson acting as their own agent in purchase..
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marianne13
LIF Adolescent
Member since 6/10 887 total posts
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Real estate salesperson acting as their own agent in purchase..
Does anyone know how this typically works? I work in Finance but I recently took the 75 hour RE salesperson course online and passed the NYS exam..I did this basically so I could act as my own agent when buying a house.
Are there any agents out there who did this? I know I would have to disclose it to the seller and their agent. I would assume I would get a split of the commission from my broker as if I was representing any other buyer. I read some articles that said that the seller can take the commission off the price of the house which confuses me because the commission is agreed upon in the original listing agreement. If anyone has any advice, that would be great..the class cost me $300 so if it turns out that I did it for nothing and can't represent myself, it's not a huge deal. TIA!!
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Posted 9/26/11 9:06 AM |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
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Re: Real estate salesperson acting as their own agent in purchase..
You can represent yourself in a real estate transaction. I haven't personally done it, but other agents in my office have done it (both as a seller and a buyer). As you said, you do need to disclose that you are a buyer's agent representing yourself (all agents always have to disclose when they are working FOR their buyer, rather than merely with a buyer).
I am sure you are aware of this, but don't assume that you will get a commission automatically as a buyer's agent. The listing will specify how much (what percentage) commission is being offered to a seller's agent, a broker's agent, and a buyer's agent. Some listings will say 0% for a buyer's agent. In those scenarios, if a buyer's agent shows the listing, they either need to get their commission from their buyer client (rather than from the sale proceeds) OR negotiate their commission into the purchase price when presenting an offer. Since YOU are your buyer client, only the latter option is viable, but you may have a tougher time with that given that you are working for yourself.
That being said, most listings now offer out something to a buyer's agent, even if not the standard 2% (although many do offer 2%). Buyer's agency is growing in popularity in this area (it's the way it's done everywhere else in the U.S.).
My understanding is that whatever commission that is paid back will be issued to your company and then split with your broker, like every other commission from a deal, unless you can work out a different arrangement with your broker.
Good luck!
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Posted 9/26/11 10:44 AM |
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marianne13
LIF Adolescent
Member since 6/10 887 total posts
Name:
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Re: Real estate salesperson acting as their own agent in purchase..
Thanks!!
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Posted 9/26/11 2:47 PM |
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JandJ1224
Member since 6/06 5911 total posts
Name: Jannette
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Re: Real estate salesperson acting as their own agent in purchase..
I represented myself with the purchase of my home. We were able to negotiate with our broker so the sellers gave us a credit of 1% of the sales price.
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Posted 9/26/11 4:15 PM |
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Pray4Baby2010
<3 Cutest Giants Fan
Member since 10/09 5796 total posts
Name: MB
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Re: Real estate salesperson acting as their own agent in purchase..
I represented us when we bought our coop- the total commission was 6% so I received 1.5% of the sales price-- 1.5% went to my broker and then the other 3 to the seller/selling broker
feel free to fm if you have any questions
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Posted 9/27/11 4:04 PM |
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