Dear Deb: How to Buy or Sell Property In Another State

Dear Deb,

Please help me understand.  Per the California Department of Real Estate; unless we are legally licensed in California we could not sell or assist to sell properties based in California.  We are interested in California,who we are to cooperate with?  We appreciate your assisting us to understand how we stay in compliance with California’s Real Estate laws.  I appreciate any updates and knowledge you have of this.  Thank you.

Cindy, Luxury Property Investorwhat am i going to do 3

Hi Cindy,

Great to hear from you. Getting property transactions completed in different states is not so difficult but does take some time to find the agent will do good work.

Any  licensed real estate agent who wishes to be a buyer’s agent in that region, due to laws, can facilitate real estate transactions wherever they are licensed. If you are interested in buying or know someone who is buying, getting a buyer’s agent involved would ensure a good transaction that would net the buyer’s agent 3%. However, if no buyer’s agent is present, the sale can still be handled by the selling agent if they were to assume the double role as  seller’s and buyer’s agent.It is a good idea to partner with salesmen in different states. Buyer’s agents customarily get paid from the overall commission of the sale. Unless stated, no cost to a buyer to use a buyer’s agent and plenty of opportunity for a well investigated property and great transactions, making a Real Estate agent more willing to work with you every time.

Encourage the agent that you are working with to look into interstate Real Estate exams when looking in new cities. Some states will allow the agent to bypass the overall real estate test that is common for all agents and to only take the state specific portion to qualify as a Real Estate agent in the state of your chosen investment property target.

An agent that you work with  frequently is more inclined to run those all important property searches when compiling your real estate investment portfolio. Acting as your agent will ensure that they will get paid if you find a property worth your investment or ready for sale. They don’t get paid until a property gets sold, so it makes the work that they do frequent and profitable. I hope that helps some.

Enjoy Your Day,

Deb

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