Home Selling in San Diego>Question Details

Skochon, Home Buyer in San Diego, CA

Can I act as an Agent for my own Transaction if I am a buyer and collect the commission I would other wise?

Asked by Skochon, San Diego, CA Thu Apr 16, 2009

payout to a Agent that I hired. I am taking the exam for my license next week but also have some houses I have looked at that I may want to buy.

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Dear Skochon, Until you are licensed you cannot be paid a commission. Once you have joined a Real Estate Company and are working under a Broker you can collect a commission, but each Company is different in their policies and procedures.

Plus if you are thinking of cheating your agent out of the commission for showing you homes and representing you, you may want to consider another profession!
2 votes Thank Flag Link Thu Apr 16, 2009
Skochon: I agree with all of the answers provided before mine. I also wanted to mention that right now there are a lot of short sales on the market. Even if you are licensed and affiliated with a brokerage, only in very rare cases will the lender pay the commission to the real estate agent who is a party to the transaction (as buyer or seller).
0 votes Thank Flag Link Wed Apr 22, 2009
Skochon:

As a buyer, due to lending regulations, you cannot profit from the transaction in any way. As a buyer, the commission paid to your Realtor by the seller cannot go to a private party (such as yourself), it can legally only go to a broker licensed in the state in which the transaction occurs (it cannot even go to a Realtor independent of a broker).

If you are a licensed Realtor, even then the commission check cannot come to you, it must go to your broker. Most brokers have existing relationships with their agents pertaining to private transactions. Some want a piece of every transaction, others are willing to pass the entire commission through to you for “personal” transactions. Make sure you check this out when interviewing brokers.
Web Reference: http://www.carlmedford.com
0 votes Thank Flag Link Thu Apr 16, 2009
First of all, the buyer normally does not pay the agent or broker that is representing them, the seller does, unless there is a specific buyer/broker agreement in place that specifies compensation from the buyer to their broker.

If you taking he test next week and assuming you pass, it can take weeks or more to actually get your license and then assuming you are taking the salesperson test, need to work for a broker. A salesperson can not do any real estate transactions on theor own, it must be under a broker.

That all being said, you should not do an end run around an agent or btroker that has shown your a specific property and worked for you.

If you want to do alot of the work on your own, I do have a program where a buyer can get a rebate as a percentage of tyhe commission paid . I Can give you the details if you contact me directly.

I will not do it on a specific property if another broker has already shown you the property or if there is a buyer/broker agreement in force.

OIf you have founmd the properties yourself, it may be a different situation
0 votes Thank Flag Link Thu Apr 16, 2009
According to the DRE, you can represent be paid in a transaction once you have a license and it is hung with a broker and negotiated your agreement with that broker. Furthermore, if you have an agent and are thinking of cutting them out of the work they have done, you may want read the real estate law regarding his rights.

Otherwise, you will want some guiedance with the transaction as your first 5 or 10 are a big learning curve.

Good luck,

Mark and Kari Shea
San Diego Real Estate Experts
Foreclosure, Short Sale & Investment Specialists,
Development Opportunities & Traditional Real Estate
0 votes Thank Flag Link Thu Apr 16, 2009
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