Purchase Property Myself or Through Agent

[Kyle Houlahan]

I'm currently in the process of purchasing a property for myself. I began working with an agent a few weeks ago, but I found this property on my own. He has helped verify that the property was priced under market value by doing a quick CMA for me and he has introduced me to a colleague of his that is going to handle all of the renovations I intend to make to the property if I purchase it.

We currently have an offer out to the seller, but it is quite a bit lower than asking price and I'm expecting them to counter. I'm scheduled to take the real estate exam in about 10 days and already have a broker lined up for when I pass the exam.

My question is, if the seller counters our offer, should I continue to pursue this property through the agent I'm currently working with? Or should I wait another week or so and purchase the property as my own agent? I would stand to make around $12k commission from the purchase of the property. My concerns are that being this would be my very first property I've overseen as the buying agent, I would need guidance throughout the process. Also, I do feel some obligation to compensate the agent I've been working with since he's spent some of his time looking a this property with me, as well as introducing me to a few key people I will utilize in the future. 

Has anyone been in a similar situation and can offer some advice?

[Marc Winter]

One item on this thread I didn't see--DISCLOSURE.

If you are a licensed real estate agent, that information MUST be disclosed to the seller.  The question I see is how would the fact that you received your actual license just prior to closing affect your responsibility to disclose?  Not sure, however that to me, is hairy.

My advice--follow what your gut tells you. Mine always told me that this business is a long term, marathon run. Cut somebody for a few grand and risk a relationship or future deal with them? I guess worth it to some folks. Risk a bad reputation? No problem for some. (I've often though about registering the DBA of "Karmic Realty", slogan: get what you deserve.)

Do the right thing (according to your own moral compass) and you can make money AND sleep at night.  

Ignore your compass at your own peril and bouts of insomnia.  

Good luck.