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Updated over 6 years ago,
Out of state purchase - leave referral fee in transaction?
Hi everyone,
I'm a licensed agent in my state but I see a house in another state that I am interested in buying. One appeal to investing as a licensed agent is the opportunity to leave the commission within the transaction as either part of the DP or placed toward closing costs. However this seems to only work if you're buying in the state you're licensed in. In this line of thinking the only way to make this work is getting additional licenses by reciprocity in states you want to invest in which is a lot of extra work and hassle (and money).
But, for buying out of state as an agent....what about working with the seller's agent to arrange a referral for finding a buyer (ie, myself) and setting the referral of comparable amount to the buyer agent commission (3%). Is there a way this could still be left in the transaction? Would it get the job done?
I'd value any thoughts on whether this is plausible. Thanks!