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Answers (17)
- Natasha Kennedy, "Natasha Kennedy"
- Contributions:487
Agents sell their properties all the time. You have to have a disclosure and you need to talk to your broker. If something goes wrong in the transaction, your broker is responsible for your action. Usually brokers give a break to agents on commission split for selling their own properties, but they have to be informed.
- Robert.Northfield
- Contributions:161
Yes you can but you should disclose it in the contract. However, why would you do that?, you will be getting much more exposure when you list it. You will always be remembered as the agent that tried FSBO her house. Not a good way to be remembered.
You may also get leads from your own listing. Here again, you should tell the buyers that it is your own house.
Good luck
You may also get leads from your own listing. Here again, you should tell the buyers that it is your own house.
Good luck
- SoCal_Engr
- Contributions:5662
Noooooooooooo!!!!!!!! A chance to vent, in a few lines of bitter sarcasm, the venom that has accumulated with every stupid realtor-to-doctor/lawyer/etc., wasted! Flushed down the toilet of blissful ignorance! Arrrgh!
- Sabrina Taglianetti, "Sabrina T"
- Contributions:5
Socal_engr that was a great analogy!
- SoCal_Engr
- Contributions:5662
Would a doctor perform surgery on himself?
What would a judge say to a lawyer who wanted to represent himself?
Sorry, I couldn't stop my fingers. They just started typing all by themselves.
What would a judge say to a lawyer who wanted to represent himself?
Sorry, I couldn't stop my fingers. They just started typing all by themselves.
- Sean McKeown, "NJ Mortgage News"
- Contributions:4
You can as long as you disclose this. Also, as somebody already said, your E&O insurance will not cover this transaction.
- Leon & Delretha De Vose, "Realty Consultants"
- Contributions:9
This is more for others who may have a similar question.
You must ALWAYS disclose in NJ, when you are a party in a transaction. When you sell or buy with a spouse or civil union partner, you are a party to the transaction. Licensee status MUST BE NOTED in the contract of sale. Also, while the law is not express on this point, I strongly advise the same on all leases, regardless of position.
Whether you can sell on your own is governed by your employment agreement. You could be subject to civil action for breach of contract. You will definitely be excluded from E&O coverage on this transaction. Remember that there is a SIX year statute of limitations for real estate lawsuits. That is a long time to be exposed with no protection - at least for me it is. One more thing to consider is that you would be going it alone. You would be devoid of any advice or assistance from a real estate professional. If you do something wrong, as a licensee you are coming into any judicial proceeding with two strikes, three balls, and an umpire who can arbirtrarily determine the strike zone and does not like you or your team. As a licensee, the standard is if you could have known, you should have known, regardless of your novice status.
Finally, what are you trying to avoid? Paying a commission? Negotiate with your broker or take the commission paid as the tax benefit that it is. Remember, not involving the Realtor community gets you a gain of -16% to -19% over those who do employ a Realtor. Oh, I'm sorry. That was a loss, wasn't it?
Whatever your reason for going it on your own, is it worth the risks?
You must ALWAYS disclose in NJ, when you are a party in a transaction. When you sell or buy with a spouse or civil union partner, you are a party to the transaction. Licensee status MUST BE NOTED in the contract of sale. Also, while the law is not express on this point, I strongly advise the same on all leases, regardless of position.
Whether you can sell on your own is governed by your employment agreement. You could be subject to civil action for breach of contract. You will definitely be excluded from E&O coverage on this transaction. Remember that there is a SIX year statute of limitations for real estate lawsuits. That is a long time to be exposed with no protection - at least for me it is. One more thing to consider is that you would be going it alone. You would be devoid of any advice or assistance from a real estate professional. If you do something wrong, as a licensee you are coming into any judicial proceeding with two strikes, three balls, and an umpire who can arbirtrarily determine the strike zone and does not like you or your team. As a licensee, the standard is if you could have known, you should have known, regardless of your novice status.
Finally, what are you trying to avoid? Paying a commission? Negotiate with your broker or take the commission paid as the tax benefit that it is. Remember, not involving the Realtor community gets you a gain of -16% to -19% over those who do employ a Realtor. Oh, I'm sorry. That was a loss, wasn't it?
Whatever your reason for going it on your own, is it worth the risks?
- Sam Shueh, "SamShuehRealtor"
- Contributions:27
In California you need to disclose your license number and state something that seller is a realtor or a relative of an agent. Better yet ask another agent in your office represent you. Dual agency can be nasty.
- Georgina OBryan, "GOBryan1"
- Contributions:483
You can do a "FSBO" in Florida as an agent. It's just recommended that at the time of a serious offer, we are to mention that we are realtors to the prospective buyer, since we generally have the upper hand in negotiating real estate.
We also lose the opportunity to use the Real Estate Recovery fund if necessary and things go south.
We also lose the opportunity to use the Real Estate Recovery fund if necessary and things go south.
- Frank Festa, "Frank J Festa"
- Contributions:1188
Mr. Yonce: Easy my Friend! Regards.
- Hamp Yonce, "Zilluminati"
- Contributions:3463
The next time you take a licensing course, listen a little, maybe take notes, and such.
- SY
- Contributions:2
You should disclose. However, your broker should allow you to list for free or charge you a minimal listing commission. You should still pay the selling commission if you want to market your property. As you know this will give it exposure.
- Frank Festa, "Frank J Festa"
- Contributions:1188
Appleandpear: The short answer is yes. However, your E & O won't cover the transaction and you must disclose that you hold a Real Estate License. Regards,
- Cindy LaPeer ABR, e-PRO,SFR, Cdrs, "Houston Metro Pro"
- Contributions:2239
Like everyone else has stated, talk to your broker first. My broker requires that we still pay him his fees, so in that case there is no reason not to list it on the mls. Just curious... why aren't you?
- Ron Scott, GRI, "RonScottRealtor"
- Contributions:192
Double check with your broker but you should be able to market the property yourself. I think as a precaution you should mention that you are a licensed agent.
- Michael Emery, "MikeEmery"
- Contributions:7293
I can't speak for the rules in New Jersey but out local MLS requires that if an agent is the owner of a property (and you are the owner because it's a marital asset whether or not your name is on title) that fact needs to be disclosed on MLS. Obviously if you are not going to list your property on MLS, this is not an issue.
- Jay Lotoski ABR, SFR, "The Property Aces"
- Contributions:365
I would start by talking to your broker, some brokers will not expect their regular commission split, they may actually expect no commissions on your own personal property!
I am not familiar with your local laws in NJ, you will definitely want to investigate before proceeding.
Good luck, and welcome to the industry!
I am not familiar with your local laws in NJ, you will definitely want to investigate before proceeding.
Good luck, and welcome to the industry!
As a Real Estate Agent, can I sell my home "sale by owner"?
Do we have to disclose in the advertising that I am a real estate agent if he is mainly handling things? Or is it enough to disclose it if I happen to be in contact with potential buyers?
How is this proceeding looked upon by the industry? Is it done or am I expected to sell through my broker?
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