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Asked by Betessami, Los Angeles, CA Wed Jul 9, 2008

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Answers

9
Aida Pinto, , Pasadena, CA
Thu Jul 10, 2008
BEST ANSWER
If you do a For Sale By Owner you can act as your own agent, but then you wouldn't be acting as an agent. To act as an agent you must have either a broker's license or real estate sales license. Only a Broker can collect a commission and then distribute to a sales agent. Paying someone a commission without being licensed is illegal here in California.

If you are looking for a ‘good’ deal--purchase a bank repo—they are the best bargains in town. You may have to put a lot of sweat equity—but it might be worth it—you can make more money on the increase in value over the years than any commission you may save by trying to Do It Yourself!




For a free list of Bank Owned and Government Owned Properties
visit my website: http://www.ReoLicensedSpecialist.com
0 votes
Ute Ferdig, Agent, Newcastle, CA
Wed Jul 9, 2008
Hello Betessami. Unless you have a CA real estate license (hung with a brokerage), you cannot receive a commission as real estate commissions can only be paid to real estate brokerages, not unlicensed individuals.
2 votes
Karen Miller, , Long Beach, CA
Thu Jul 10, 2008
Betessami,

The Realtors are all correct! You are not a Realtor, so you are NOT entitled to commission. Many buyers now feel they can request the world & get it because we are in a buyer's market. Well priced homes still sell quickly, so sellers are refusing many concessions. Sellers of overpriced homes who are desperate will offer many concessions, because the property is not a deal.

That being said, I strongly recommend that you find a Realtor that you are comfortable will advocate on your behalf. It doesn't cost you a penny, and can protect you and save you so much money in the long run.

Best of luck

Karen Miller
562-756-4144
1 vote
Sylvia Barry,…, Agent, Marin, CA
Wed Jul 9, 2008
Don't know where Jared hang his liscence, but he's probably not from CA. Ute is right, in CA, the seller pays commssion to Listing Agent, and the Listing Agent split that with buyer agent's brokerage. If there is no buyer agent, the listing agent gets all.

Sylvia
1 vote
Janice Tully, , 90027
Thu Jul 10, 2008
Asking for a “rebate” is in truth, asking for a kick back. The Law looks very dimly on this practices. It is called defrauding the lender. The agent will loss there license for good if they are involved with this. The lender will also go after the seller for being a willing participant to this kind of fraud. An agent can not kick back any funds. They can give you a gift if he/she wish but that is it. If the seller is willing to pay closing cost, that is OK. But that has nothing to do with commissions. With all the lender fraud that has gone on everyone is being very careful.
I also have one question. When you get payed do you give your boss 2.5% of your pay check?
Web Reference:  http://www.janicetully.com
0 votes
Patricia Har…, Agent, Hiram, GA
Thu Jul 10, 2008
I can't believe that someone would want to buy a home without a professional. It could very likely cost you more in the long run than paying a commission. Not to mention you can't practice real estate without a license.
0 votes
Vicky Chrisn…, , 20176
Thu Jul 10, 2008
Sylvia is right, and so is Ute. In addition, the contract is between the buyer and the seller, and has nothing to do with any separate contract to which the seller might be party (i.e. the listing agreement). Having said that, there is usually a way for you to ask for seller concesssions or subsidies, and if you are looking to have the seller pay some of your closing costs, that is how you would do it. You don't get to pick which pocket the seller takes the money from - you only get to choose where the money goes (assuming the term is accepted).
0 votes
Jared, Home Buyer,
Wed Jul 9, 2008
Or, the listing agent rebates the buyer 2.5% (or whatever deal is struck) in exchange for the buyer not going and getting someone who will rebate him, or, as was suggested by the question, backing out of the deal.
0 votes
Jared, Home Buyer,
Wed Jul 9, 2008
Offer the other agent a flat fee in exchange for "a rebate" of half the comission. He might not take it, but someone probably will. Either way, it will make your desires clear.
0 votes
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