Buying/selling as realtor / MLS access question

Buying/selling as realtor / MLS access question

Milwaukee, WI · Member since 2009 · 203 posts · 50 votes

So many RE investors have their own broker license for one reason or another.
I was looking into that and have a couple of questions that I couldn't figure out yet.

1. If you buy as a broker, are you still entitled to the commission? I was reading that for REOs and short sales the banks often don't pay it if the buyer is also the broker. Any real world experiences?

2. If the buyer is an investment LLC, but the broker is also a member of the LLC, does that change the picture? What if the broker's wife buys it, then after the purchase the owners are "adjusted" on title (apparently no fee for this in marriage situations).

Course and exam fees of about $1500 could be easily offset with the first purchase if situation 1 or 2 would work.

3. Independently, how does MLS access work? Does one have to be a member of the (or a) realtors association? Quarterly or monthly fees? Could I just pay a quarter, and then skip one if I don't need/want to make a deal? Or is it like DISH network and they have you on the hook for min. 2 years?
I realize there may be differences for various MLS, (looking for southeastern WI here), but just trying to get some input from people who have done it.

THanks

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  • Real Estate Broker · Gibsonia, PA · Member since 2013 · 828 posts · 260 votes
    13y

    thank you for posting, I have the exact same question.

    I kinda have some of your answers but I might be wrong, b/c I am researching it right now too. doing my second course for exam, will be interviewing brokerages next wk.

    looking forward to some answers to your questions

  • Real Estate Professional · West Palm Beach, FL · Member since 2012 · 23k+ posts · 13k+ votes
    13y

    1). This usually applies to short sales, but usually not REO's
    2). a) yes, no one is stupid. b). See a). This is a good way to lose your license/access
    3) yes you must join Realtors/local board. Dues are annual.

    There is also a lot of market data, other than just comps in there too.

  • Real Estate Broker · San Diego, CA · Member since 2012 · 104 posts · 20 votes
    13y

    1. Depends on the bank. I bought an REO and got a commission. Am currently looking at making an offer on a HUD property. From what I was told here locally, HUD will pay a commission if you are the buyer/broker, but they look for the best deal (for themselves) so you could forego your commission to make your offer more appealing to them.

    2. Disclosure rules would most likely apply.

    3. Varies by region. In San Diego a Broker just join the MLS. There's a fee to join and then you pay quarterly. Here you don't have to join the Realtor Association.

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