Selling a property to a real estate agent?

[stevie_sloth]

This may be a really stupid question, but when a real estate agent purchases a property, is there any sort of different procedure that has to take place?

Can they buy the property through the same agency they work for? Can they sell it themselves, with no third party agent involved?

We’re just interested, as a property we like that is on the market is owned by a real estate agent in the area…it’s being sold by the company he works for but not with him as the agent. Nobody’s told us any of this, but we got copies of the council rates notice (to see how much we’d be paying were we to buy the property) and his name was on it, and we recognised it from our own property research over the years. He also has it in the name of a trust, not in his own actual individual name. Don’t know if that makes any difference.

Anyway, I was just curious. Thank you!

 

[Aaron_C]

Under the REA rules they can't purchase properties from a client because it would be a conflict of interest. But of course, if the agent is selling his own property, then that's absolutely fine.

 

[stevie_sloth]

Ok, thank you

 

[Jacque]

However the ad should have stated "agents interest"

 

[stevie_sloth]

Hmm. Well...no. It says nothing about that. We only know he's an agent who owns the property because we are familiar with some local agent's names.

We also know he paid $315,000 back in 2007...and now he's asking $369,000...

We only can pay $320,000...but I doubt he'd take such a tiny profit, even in this market...AND since he's an agent...not sure if that works for or against us in that way.

 

[Aaron_C]

Doesn't matter who you're buying the property from...all you need to care about is whether you get it at a good price.

 

[stevie_sloth]

Yeah, very true.