Posted by ryan on July 05, 2001 at 15:28:33:
dont do it. not ethical.
House Buying Idea - Posted by Kim
Posted by Kim on July 05, 2001 at 14:04:39:
I would like to purchase a home that is currently listed by a real estate broker in my area. I would like to represent myself as a buyer although I do not hold a real estate license. Do I need to have a real estate buyers agent or dual agent represent me or can I represent myself and deduct the buyers agent commission from the purchase price? This would leave the listing agent with only 1/2 of the commission. I have viewed the property on behalf of the listing agent but would like to prepare an offer on my own. Let me know your thoughts.
Re: House Buying Idea - Posted by Mike in WI
Posted by Mike in WI on July 06, 2001 at 12:09:45:
Kim,
As I understand it, a real estate commission is split between the “listing” agent and the agent that sells the property. Also, if the listing agent also sells the property, they get the whole commission.
Now, if I’m hearing you right, you saw the property and would like to buy it. Since there is only one real estate agent involved (the listing agent) they would have claim to the entire commission since their listing caused the sale and no other agent was involved in actually selling the property.
Thus, the commission is not available to you in cash. Also, as another repondent mentioned, you cannot take real estate commissions without a license. I am not aware of any exceptions to this in any state so far.
However, to help with your cash outlay, you might want to take an idea from Carlton and see if you can get the real estate agent to take all or at least half of their commission in the form of a promissory note and pay it to them over time, reducing your initial cash outlay.
Hope this helps a bit.
~~ Mike ~~
Re: House Buying Idea - Posted by Wayne-NC
Posted by Wayne-NC on July 05, 2001 at 20:06:46:
Just make a lower offer and leave the commissions out of the picture and see if it flys. Get the picture?
Re: House Buying Idea - Posted by Jolene
Posted by Jolene on July 05, 2001 at 18:17:18:
You used the listing agent to show you the property and want him/her to get 1/2 of what is supposed to be paid to him/her. Not only it is unethical, the law does not allow that either.
Re: House Buying Idea - Posted by JohnBoy
Posted by JohnBoy on July 05, 2001 at 16:07:51:
You can represent yourself without using an agent, but you can’t deduct any part of the commission for yourself. You must be licensed to collect any commissions.