I am planning on buying a new house at the end of the year. I am also interested in becoming a realtor. So, if I get my realtor license soon, can I buy my own house and pocket the whole 3% buyer realtor fees?
2007-02-07 09:49:10 · 5 answers · asked by mogambo 1 in Business & Finance ➔ Renting & Real Estate
A Realtor is a licensee who is a member of The National Association of Realtors. It is a professional organization. You must have a license first.
The agent fee is split with the Broker.
In any Real Estate transaction for yourself or a relative you MUST disclose that you are a licensed agent or broker. When I helped my father-in-law buy an investment property I had to disclose that the buyer's son-in-law was an agent.
If you want a license just to save the commission think again. It costs as much or more than the savings. Also, a new agent handling his own transaction is a recipe for disaster. When my broker wanted to buy her home (26 yrs in the business) she had one of us represent her.
Also, learn the terms of the industry before you go much further and embarrass yourself.
2007-02-07 10:05:22 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Ok, if you are in Washington YES you can buy a house WITHOUT realtor fees IF you list the house etc, etc, and the broker doesn't want a cut BUT you cannot POCKET the $, it just simply doesn't appear (is not added into the price). Hope this helps.
2007-02-07 09:53:00 · answer #2 · answered by wineduchess 6 · 0⤊ 0⤋
Yes you can, minus any broker fees. If you make a commission your broker is going to take a percentage, but besides that yes.
This may also be the only transaction you do for a while, and your home could end up in foreclosure.
Maybe work in the business for awhile, and see how you like it and if your making money. Then purchase a new home.
Good luck,
RE Agent,
Remax
2007-02-07 11:51:57 · answer #3 · answered by frankie b 5 · 0⤊ 0⤋
anybody can discover out the customer and the supplier of the valuables. All you will possibly desire to do is flow to the county courtroom abode and look interior the well-known public documents. Or, if the documents are obtainable online, you are able to look there. you will not discover the call of the realtor that indexed or bought the valuables. yet another realtor might desire to discover that suggestions for you. So who cares if she offered it as an public sale or a catalogue? it is not likely anbody's enterprise.
2016-09-28 13:50:42 · answer #4 · answered by ? 4 · 0⤊ 0⤋
i am going to have to disagree with ogrendle and say that buying your own place alone is worth the time and expense to get your license.
In my case i spent 400 dollars to get licensed (courses, texts, and exam fees included) and got $900 from my split of the commissions spawning from my purchase transaction. Not to mention i could do all my own showings, make my own terms, and I was always informed about what was going on every step of the way.
Besides when you go to sell or buy any future properties you will have an advantage
2007-02-07 12:43:24 · answer #5 · answered by smartestmanalive 2 · 0⤊ 0⤋