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Old 03-20-2009, 09:47 AM
 
3,770 posts, read 6,721,061 times
Reputation: 3019

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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.
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Old 03-20-2009, 10:21 AM
 
Location: Salem, OR
15,528 posts, read 40,281,166 times
Reputation: 17407
Yes, the broker of the real estate company is entitled to the 3% or whatever the commission offering is.

Some agents choose to waive the commission and negotiate a 3% lower price. You could also request 3% in closing costs.
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Old 03-20-2009, 02:17 PM
 
Location: Fayetteville, NC
1,490 posts, read 5,971,934 times
Reputation: 1628
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.
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Old 03-20-2009, 03:58 PM
Status: "Open for work" (set 3 days ago)
 
Location: Just south of Denver since 1989
11,822 posts, read 34,335,829 times
Reputation: 8950
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.
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Old 03-20-2009, 06:07 PM
 
Location: Palm Coast, Fl
2,249 posts, read 8,881,149 times
Reputation: 1009
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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