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Easy question for you guys. I've been a inactive agent for the last year in a new city i moved to. If i hang my license some where is there any problem with me collecting buying agents commission on my own private residents. Do lenders have any problem with this? Just curious could i just have them knock it off the price so im not paid anything(taxes) or in most listing contracts the buyer has agreed to pay the listing agent 6% already, so do they have to pay it out? Do you think this would hurt me in the negations. Thanks in advance! (Florida law) (sale associate license)
I dont think it would hurt you in negotiations, but here in NYS we have to disclose in the mls and to people when we show it that it is our home and we are a licensed agent...
In Georgia, we have to disclose on the contract that we are a licensed real estate agent on the Purchase and Sales Agreement. The Real Estate Commission thinks that we have an advantage over the general public (which we should based on our training and profession).
Besides, the last thing you want the Seller to do is be in shock that the new Buyer is you and you are the procuring agent too!
As the buyers agent, your broker would be entitled to the offered buyer's side commission, your broker would compensate you according to your agreement.
The compensation for the broker shouldn't make a bit of difference to a lender. The lender should be concerned with the valuation of the property and the credit worthiness of the borrower (you).
As George Chong mentioned it is wise to disclose that you are licensed and have an interest in the property as early as possible, but I can't see why your being licensed to sell real estate should hurt you in the negotiations. I'd turn it into a positive, since you hold a license you are required by law to deal with the public honestly and fairly, the general public is not.
I would make sure that the seller of the property has been given good comps by someone not associated with your broker. If possible you should request that the listing broker/agent represent the seller in the negotiations.
Licensed real estate sale persons and brokers buy property all the time, we need to live somewhere. When I've purchased or sold property I work very hard to make sure that the other side of the transaction is treated fairly.
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