FAQ – “I have a great listing that I would actually like to buy myself. What do I need to consider if I want to buy one of my own listings?”
In this video Steve Jamieson, Managing Broker of RE/MAX Crest Realty Westside, explains many things to consider if you want to purchase your own listing.
Here’s a brief summary:
Conflict of interest
This is a HUGE conflict of interest and you must seek the advice of your Managing Broker. There may be a company policy where you are prohibited from buying your own listing.
If you are permitted to proceed with the purchase then;
- Give full written disclosure to your seller.
- Give your seller the option to cancel the listing and get their own independent representation.
- If your seller chooses to remain under contract with your brokerage, you need to withdraw as the listing agent.
- Your Managing Broker or a licensee that they designate would be the person to represent the seller.
- Cease ALL communication with the seller.
- Complete a Disclosure of Interest in Trade.
- If the listing is still with your brokerage, the new designated agent should insert a clause into the contract making it subject to independent legal advice for the benefit of the seller.
Please note: The Frequently Asked Question video series is used for training purposes within our group of RE/MAX offices. If you are licensed at a different brokerage, you must refer to your own Managing Broker for advice.