(NewsBroadcast.com) – There is no doubt that the past year has been a seller’s market when it comes to housing, with many homes going anywhere from tens of thousands to hundreds of thousands of dollars over their asking price. This situation has made some homeowners curious as to what their homes could fetch in this red-hot market, but there’s now a warning out for those listing their homes “for fun” with no true intention to sell.
On Monday, August 2, the Miami Herald reported on a sneaky clause found in most real estate contracts. In most sales contracts, upon signing, the seller agrees to pay the professional brokerage fee as long as there is a buyer “willing and able to purchase” the property “after all terms and conditions have been met by the prospect.” While laws vary state to state, this means that if a seller chooses to back out of a solid deal, the real estate agent could still demand their payment.
The Miami Herald shared the warning on Twitter:
Wanting to test the waters in this red-hot housing market? Be careful of this hidden clause https://t.co/TYcVk6rLye
— Miami Herald (@MiamiHerald) August 2, 2021
While a real estate agent taking a seller who backed out of a deal to court is an extremely rare occurrence, it still can happen. Additionally, such a report would alert other realtors across the nation to the seller’s failure to follow through, likely lessening the chance anyone would work with them again. So, think twice about listing your house just for fun, as it could come back to bite you if you’re not careful.
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