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#1966741 - 10/02/14 09:43 PM Can a buyer be their own agent in a purchase?
dunguyen1980 Offline
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Joined: Jan 2011
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Can a buyer be his own agent in a purchase transaction and then give commission credit to himself for funds to close?

if yes then how would it reflect on the HUD? just as a commission credit to himself? would this be similar to an IPC credit?

if no what would be the reason?

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#1966750 - 10/02/14 10:08 PM Re: Can a buyer be their own agent in a purchase? dunguyen1980
rlcarey Online
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rlcarey
Joined: Jul 2001
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Galveston, TX
First, are they a licensed real estate agent. Second, why in the world would they do this? They are paying themselves money that they would have to claim as income and would not get to deduct it?

If they need funds for a down payment, this is not the way to do it not I as a bank would have anything to do with it.

Agents typically don't represent the buyer in the first place.

There are just too many things wrong with this scenario to address.
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#1966834 - 10/03/14 02:11 PM Re: Can a buyer be their own agent in a purchase? dunguyen1980
John Burnett Offline
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John Burnett
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Cape Cod
Up here in the Bay State we have both sellers' agents and buyers' agents. Years ago, before buyers' agents were on the scene, the typical (in fact it was the de facto) commission was 6% of the sales price. Once the buyer's agency idea got traction, the typical split was 3% to each agent. But now the fees are more flexible and negotiable.
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