Things to Look Out For

Some Miami realtors are known to engage in a dubious practice commonly referred to as “buying a listing”. Such an agent will lure you away from other realtors using a high recommended sales price as bait. He or she might not at all be the most qualified realtor and the final selling price for your Miami condo might very well become lower than it would have been with a more serious real estate agent. Since the Miami real estate market is changing so rapidly, many condo owners find it hard to sort out fantasy prices from the reasonable ones, and choose to go with the realtor offering the highest recommended sales price. This is why “buying a listing” is more common ion the Miami condo market than in other, more stable, real estate markets where home owners are more aware of the true and current value of their property.

Before you engage in any type of listing contract with a realtor it is also very important to find out exactly what type of listing contract your are signing. The four most common types of listing contracts are the Exclusive Right to Sell contract, the Exclusive Agency Listing contract, the Open Listing Contract and the One-time Show contract.

The Exclusive Right to Sell contract is by far the most common contract in the Miami area. Agreeing to an Exclusive Right to Sell contract is often the only way of assuring full service from any of the popular and highly regarded Miami agents, since no agent wants to invest time and money in trying to sell your Miami condo if there is a risk of loosing the deal in the end. If you have signed an Exclusive Right to Sell contract, your agent will earn the commission regardless of who finds the buyer, you or the agent. Naturally you will not have to pay your agent if the house is not sold within the stipulated time frame.

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