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If was buying a home for 300k and I had a real estate license, would I be entitled to 3% at closing or 9k? I understand that as a buyer/agent I could probably get a 3% lower price because that would be 3% less that the seller would have to pay a buyers agent, but could that also work as cash back?
I am not an agent. I am just curious about how it would work.
My wife and I have done that twice. We took the commission and spent it on things for the house. We are building a new home at the moment and will use the commission to upgrade the kitchen. It also counted towards our production.
The commission is income if paid. I have always used the commission as part of the downpayment/closing costs. I needed a authorization letter from my brokerage in order to do so.
In many short sales the agent, if they are a buyer, are not able to collect a commission or would receive a reduced commission.
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