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What precautions should a licensed real estate agent when selling their own home?

That is supposed to say What precautions should a licensed real estate agent take. ...So, I am a licensed real estate agent in the state of Wisconsin. I got my license a few years ago and practiced for two years, but am no longer practicing since it was not lucrative for me. My husband and I would like to sell our house, so we tried listing with a local agent, but we have been unhappy with her. Now that the contract is nearly expired, we want to sell it ourselves. I am a little concerned about doing it this way since it is an old house with miscellaneous issues and defects, and having my license means I need to be extra careful. I never got a lot of experience working as a Realtor, and have been out of the business for six months, so any advice would be appreciated.
  • July 30 2011 - US
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Answers (3)

Hi,

Will your home be a short sell?  If it will be the lender (may not) pay you a commission since you own the property.

You could co-list with a more knowledgable realtor, (or your broker)  this may actually  be a good learning experience for you. 

You will need to disclose disclose disclose everything.  The fact that you are a licensed realtor you are known as "Low hanging fruit", which is horrible.  But if you disclose every thing you should avoid any problems. 

This could be a benefit to you by selling yourself since you could cut out paying a commission to the listing agent however you would still need to pay the buyers agent. 

JoAnna Jensen
**Not legal advice 
  • September 05 2011
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If your license is still active and you are selling using that license, you would need to disclose that the listing agent is the owner of the property.

Otherwise, you will need to fill out any applicable sellers disclosures and fully disclose any defects and remedies to those defects (Roof blew off in storm in 2005, we replaced roof).

If someone comes knocking on your door and they don't have an agent, I would caution you about representing both sides of the transaction.
  • July 30 2011
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Waiting for the doctor/lawyer analogies.

  • July 30 2011
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