Questions about agent commissions

[Josephine Wilson]

1) If a real estate agent buys a listed property for themselves, do they get the buyer's agent commission? Do they have to split the commission with their broker?

2) If a person who is not a real estate agent buys a listed property without a buyer's agent, can they decline to have the listing agent represent them and instead represent themselves? What happens to the buyer's agent commission?

3) If a property has been listed for some time on the MLS, can a person who is not an agent contact the owner directly and offer to buy the property without agents? Would the seller be able to get out of their contract with the listing agent?

[David M.]

@Josephine Wilson

1) yes...  Basically you are representing yourself, whether from the buyer or buyer's agent's point of view.  Unless you had a special arrangement with your broker, of course it'd be split with him or her.  Its just another deal...

2)  I guess you could represent yourself, but... remember, its not a "buyer's agent commission."  The listing agent is offering a portion of their commission to the agent/broker that brings the buyer.  Perhaps you haven't sold a property through a Realtor, or if so think back to the listing.  The listing agent takes the listings for a commission.  Either way, they get that commission.  If another agent brings the buyer, the listing agent is offering some portion of the total commission to that agency...

3)  Between #2 and your own question, I think you answered it yourself.  While they have it listed with a real estate agent, they are bound to that contract.  Unless there is something in the contract or some agreement with the agency, the seller can't get out willy-nilly get out of it.

So, with what you are trying to do, that's why there is that opinion of not going through the listing agent.  They aren't really working for you anyway (depends on your State's dual agency laws/regs), so just use your own agent to get the extra representation.  Yes, you need to be a licensed agent to get the commission, at least in NJ.  It would violate the State law for an unlicensed person to get a commission in the brokering of a real estate transaction --- its a regulated business.  You can't really get the "buyer agent's commission" deducted since it was never due to you (as a unlicensed buyer) and since its an agreement between the listing agent/brokerage and the seller.

I hope that helps.  Good luck.