Real Estate Agents: Can I buy and sell my own home?

Question

Can I be an agent and represent myself when buying and selling homes or investment properties?

Legally, and where commission and an agency is concerned.

Thank you for answering.

Answer 1

Are you already an agent? If you are, then you should disclose the fact that you have interest in the property when placing it up for sale. When you purchase the property you should be able to take the commission unless it states in the listing that they will not pay for agents acting as principals.

If you list one of your own properties, and then you have the buyer for that property, you need to make sure you cover all of your bases. Personally I would not take that legal risk in case something goes wrong. (Could you honestly represent yourself and the buyer fairly?)

Hope this helps!

Answer 2

You sure can sell it yourself. Homes sold this way are called (FSBO's - For Sale By Owner)
A lot of people would like to do things this way as you would avoid having to pay an agent for listing the property and finding a buyer.
An agent may find a buyer but be concerned about the commission and either see if you would pay 3% - 6% or have the buyer pay it. A realtor will always make their money :c)
If you are an agent, you may not be able to make a commission on your own home. The lender (for your buyer) could see this as a conflict of interest, and may give your buyer financing issues.

Answer 3

EDITED AFTER READING SOME OTHER ANSWERS, SINCE MAYBE I DO NOT UNDERSTAND YOUR QUESTION, BUT I THINK I DO: all real estate licensees must disclose, both in advertising their parcels for sale, as well as when you either sign to buy, or sign to sell, on the contract, right under your name, that you are a licensed real estate [salesperson] or [broker] in the state of x where x = where your license is.

when you hang your salesperson's license (i presume you are not a broker) in a broker's office, you should have signed an independent contractor's agreement with that broker.

please read it.

i have never seen one that does not say that if you buy and sell your own real estate while your license hangs in that office and while you are not a broker, but a salesperson (you cannot become a broker until you have paid your dues), under the auspices of that managing broker ("the house"), that you don't have to split the commission gained by you with the managing broker, the house, exactly by the same percentage that the ICA already states you get when you do not buy and sell on your own behalf, but for the public.

do not do this without first reading over your independent contractor's agreement. and do not do it even if no language to that effect is in it, unless you sit down with your broker and ask if it's okay that you keep 100% of the commission gained on buying and selling your own real estate.

it just isn't right. when you do manage a real estate office as its broker, you are going to be putting out thousands of dollars a year to pay a secretary, a bookkeeper, for signage, business cards, stationary, contract forms, books, phones, advertising, education, guest speakers, and all things that help an agent get business. how would YOU feel if your agent did that to you???

ANOTHER EDIT BASED ON FINE ADVICE GIVEN BY C21 BUST (?): when you list a property as the agent, you owe all loyalty to your seller. then say you want to buy the property. now you are truly in a quandary. you cannot represent the interests of the seller and know (usually true) her sales tactics and negotiating secrets too while at the same time representing yourself as the buyer. in that case, talk to your managing broker about appointing a "designated agent" to represent YOU as a buyer. you can really cook yourself into the kettle if you act as dual agent in THAT particular situation! you might even get sued. watch it...

Answer 4

There is nothing to legally prohibit you from selling your own home. It is done all the time. Just make sure you do good research on how much your home is worth so you don't ask too much or, even worse, too little. You will still want to use a good title/escrow company to do the required paperwork.

You can also buy a home without an agent, but if the seller has one, you need to make sure that you aren't taken advantage of.

Answer 5

I'll be short and sweet!

Yes you can list and sell your own property as a REALTOR with disclosure to the Buyer that you are a REALTOR. You cannot "double end" this property or represent a Buyer if they want to buy your house (unless they choose no agency representation in writing).

You can buy houses and represent yourself in the purchase with disclosure to the Seller that you are a REALTOR and for what reason you are purchasing. You can purchase one of your own listings as well (I have done this a number of times - always after it has been on the market for a number of months). You would be best advised to have an independent appraisal for the benefit of the Seller in this situation so that the Seller doesn't come back to you and suggest you didn't have their best interest in mind.

Answer 6

I see nothing prohibiting you from representing yourself when buying and/or selling. If the question is can you collect a commission - not unless you are licensed as a Realtor.

Answer 7

Of course you can.

If you are a licensed agent you must disclose that in your ad. Otherwise, you are good to go.

If you deal with an agent, you pay them like any consumer.

Answer 8

Do you really want to take such a big risk? Usually a buyer will offer appx 6% less because they know you have no agent. So, even if you sell the best will be you come out the same!

In a contract just one word change like 'will to 'may' can have a totally different meaning...one you may not realize until too late!

Best of luck!

http://www.brokerforyou.com/brokerforyou

http://www.brokerforyou.com/certified-residential-specialist.htm
http://www.downtown-san-diego-real-estate.com/san-diego-real-estate-article-index.htm

http://www.brokerforyou.com

http://www.san-diego-for-sale-by-owner.com

http://www.la-jolla-ca-del-mar-san-diego-real-estate-encinitas-california.us

http://www.brokerforyou.com/blogger/index.html
http://www.brokerforyou.com/san-diego-real-estate-sales.html

http://san-diego-coastal-real-estate.blogspot.com
http://sandiegofsbo.blogspot.com
http://downtown-san-diego-real-estate-views.blogspot.com
http://www.poway-real-estate.info
http://www.del-mar-real-estate.info
http://www.la-jolla-real-estate.info
http://www.los-angeles-real-estate-brokers.com
http://www.san-jose-real-estate-brokers.com
http://www.orange-county-real-estate-brokers.com
http://www.san-francisco-real-estate-brokers.com

Answer 9

Yes, but hire a real estate attorney. The cost is minimal, but it will save in headaches in the future.
good luck

Answer 10

Why would you try to sell your largest single asset yourself? Would you try to defend yourself against a lawsuit or do your own taxes instead of going to a accountant? Its not that you can't, but should you!!