Property sellers need to be aware of potential pitfalls of ‘coming soon’ signs
DENVER — Usually the words, “coming soon” are a good thing, but state regulators are now saying sellers in the real estate market should be more aware.
Bodies such as the Colorado Real Estate Commission are, reportedly, concerned over brokers who post the signs and find buyers before actually going public.
In turn, because the full market doesn’t see the listing, the seller might not make as much. Agents, on the other hand, could end up making a commission from both the buyer and the seller.
Realtors at “One Realty” in LoHi say they are familiar with such a practice, but don’t see it done that often, by their competition.
“The Denver Metro Association of Realtors has not taken an official position on “Coming Soon” signs, but supports the Colorado Real Estate Commission in taking a stand regarding this long debated issue,” says Steve Danyliw, DMAR Communications Committee Chairman. “Ultimately the goal is to preserve consumer rights and follow the realtors code of ethics. The recommendation is to be transparent, have a written agreement, and make sure that the seller is fully aware of the implications of various options to market the property.”