Do you get a commission when you buy your own house if your acting as you own buyer's agent?

Do you you get a commission when you sell your own house and act as your own listing agent?

I remember reading that you get one of these but i couldn't find where it said I would get one of or both of them.

If both, then couldn't you just buy an expensive house, up the price to cover all fees, and then sell it gaining 2 commissions?

Why not?I seen some banks stopping you from collecting it if you are principal of transaction but otherwiswe it is ok.Even in that case i just have somebody from my office write it up for me being proincipal and then i split with them commission.

That would depend on your broker's policies right? I don't pay myself to buy or sell my own properties (taxes, etc). If I buy anything for myself, I ask for a reduction in price that equals the co-op commission.

Why would you want the commission that will be taxed at a higher rate. Take the co-op as a credit on price and/or closing costs.

I receive commission if I sell a property I own and commission if I buy one. Buying and selling your own property can be done successfully and ethically. I am a Realtor and an investor, it is important to me that I make sure every thing I do is completely transparent.
As a Broker I have a problem with the "upping the price" mentality. Real estate is tough, the general public grades us just one notch above attorneys in lack of ethics. I can't imagine why.
Georgia

I have knowledge of several Agents and Brokers that find houses that have equity in them, distressed sales etc., and they bump the purchase price up to what the home will appraise for (legally - the appraisals are not manipulated) and then ask for a larger commission, in some cases 20% commission if the equity supports it. IS THIS LEGAL?

You would have to see the specifics to know if it is legal or not/too many variables there.

In my research I cannot find anything illegal everything is disclosed on the contract (Stating buyer is a licensed RE Agent) and the commission shows on the HUD as a commission. The only part that I could find that might be illegal is if the listing agent rolls the list price up on the MLS to match the purchase price. As far as I can tell that's the danger zone. Still with all the fraudulent behavior out there these days, anything creative might be looked at suspiciously. I was just curious what your opinions would be on something like that.

I would run that scenario by an attorney and a tax accountant.Anything out of the norm like that I think would make an underwriter nervous.

I wouldn't take 20 percent out because you are being taxed on all of that as income individually.Now if it was payable to your LLC then you pay yourself out of that and cut your tax base down.


In my area if you are the principal buyer alot of reo's banks won't pay you a commission if you are an agent so your scenario wouldn't float there.

No problem to get a commission. You may even ask 100% from your broker as primary residence. Ask..