Question by eldhose98: Does becoming a licensed real estate agent/broker before buying your home save you money?
I am planning to buy a home around $ 700K in New York City. I?m wondering if I will save any money by becoming a licensed real estate agent/broker (I realize I have to take the test and pass) and then purchasing the home for myself. I would think that by doing this, I would save the broker commission that I would otherwise be paying another real estate agent/broker. Is this a valid assumption? Please provide any information about this. Thanks a lot.
Best answer:
Answer by loanmasterone
Normally the seller pays most brokerage commissions. Therefore if you are the buyer you would only be required to pay closing cost or you might add to the sales contract that the seller pay all closing cost, this is sometimes acceptable.
The only way that you would be required to pay a commission is that if you found a For Sale By Owner (FSBO) and you have decided to use a buyers agent. If the FSBO decide or refuse to pay your buyers agent a commission then you would be required to pay a commission to your buyers agent.
There will be other that will say the (FSBO)seller will pay the commission, but the (FSBO) did not sign or make a contract with your buyer?s agent, therefore they are not obligated to honor the contract that you signed.
I hope this has been of some benefit to you, good luck.
?FIGHT ON?
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