As Halloween approaches in Miami we take a look at some of the Real Estate Horror Stories you may encounter in the marketplace and how to avoid these Frightful Experiences when Buying or Selling real estate in Miami Beach and the surrounding areas.
#1 – Slashing Prices
Agents will often attempt to Sell a Property at the Owner’s desired price and promise Amazing Results. Once the property is on the Market the Realtor will Slash the Price just after a few weeks. Using this pricing tactic can keep your property on the Market for a Bloodcurdling period of time and can also “maim” your ability to negotiate once the Price Drops. You should always be presented with a Market Analysis when pricing your home. Keep in mind that the right pricing strategy should be based on current market conditions and demand.
#2 – Ghosted by your Agent
You may experience after signing a listing agreement your Agent disappears like an apparition with no communication. Whether you are Selling or Buying in Miami Beach you need to select an Agent that is attentive as well as “local”. We have experienced many times the after effects of clients that are unhappy with their agent’s Phantom Performance whether it be lack of communication or just disappearing once they List Your Property for sale.
#3 – Days on Market Sucking the Life out of you?
Do you currently have a Property for Sale in Miami that is Lost in the Shadows? If your property is not Selling it could be due to multiple reasons including Price, Poor Photography, Improperly Staged, or Invisible Man Marketing. Utilizing inexperienced assistants to show property or not being onsite for a showing and counting on a Lox Box to sell your property – will Drain the Life out of the Property. When selecting an agent make sure to see examples of their Marketing, photography, as well as sales history to ensure you are working with the best in the business.
#4 – Killing the Deal at the Closing Table
There are several reasons a real estate transaction can “DIE” on the Closing Table. The most common in Miami is Foreign Sellers unaware of proper tax withholdings. When the parties get to the Table “Heads will Roll” decapitating the deal due to misinformation or lack there of. Another scenario common in Miami Beach is negotiated inventory items Abducted on the day of closing creating a Crime Scene during the walkthrough. Mysteriously unknown assessments of Condos in Miami can create havoc at the closing table as well as some Buyers are unable to come up with the funds at closing, Killing the Deal. To avoid unpaid assessment scenarios you ALWAYS want to review the financials thoroughly. In addition, you should consult with a Tax Attorney so you have a clear understanding of the taxes that will be withheld.
#5 – Ghastly Experience with a Novice Agent
One of the most common Ghastly Experiences for Home Owners is utilizing a Family Member or Friend to Sell their property that only practices real estate part-time. These agents can be unfamiliar with your Neighborhood, particularly the South of Fifth in Miami Beach, or working another full-time job outside or real estate creating a lack of knowledge and experience in the market they are serving. This can create a strain on the relationship if your property doesn’t sell and can lead to months on the market. Often we see agents unfamiliar with the Luxury Market and how to properly position the asset in the marketplace. Be sure to carefully vet your real estate professional and we recommend selecting an agent that specializes in the area that you live in or are wanting to move to.
#6 – Pictures of my Home Look Like a Nightmare Online
The infamous Bathroom Selfie with Spotted Mirror will make your Blood Curdle! – Or – Pictures that don’t add Value to the property ie: Images of a Toilet / with the lid open. BEWARE It’s Scary!! Taking professional photos for Listings is a MUST in this competitive Miami Real Estate Market. If your property has been for sale in the past and looked more Haunted than Haute it’s time to consider an agent who utilizes the best professional photographers in the area. Make sure the Real Estate Agent you select invests in the proper photography otherwise your listing may go Wither on the Vine and be overlooked by potential buyers.
#7 – Phantom Cash Offers that Turn into Financing at MIDNIGHT!
Due to the International Nature of Miami and South Florida Real Estate Transactions, a majority of these real estate transactions involve Cash Offers. With these Cash Offers come potential DANGERS. One common hazard on a fully executed cash contract is a Buyer who is working Secretly in the Shadows with a Lender on financing. As a Seller, you are essentially chained to the Buyer per the contract to either accept the new terms + extend the Closing Date or Kill the Deal.
#8 – Frankenstein Financing
Mortgage Brokers many times over promise and under deliver on financing terms. In the initial meeting, you will be informed you will need a very small down payment – lets say 5%, but then after completing the full application, you are informed the minimum Down Payment is 35%, plus an Arm and a Leg! After this Terrifying News, you may need an Electric Shock to revive you from the Horror!
#9 – Is Your Real Estate Agent a ZOMBIE!
Is your Agent a Dynamic, skilled Sales Professional, and excited to Sell Your Property? Do they utilize sophisticated state-of-the-art Marketing Techniques to showcase your property and cater High-End Events to feature your asset in the best light? – or are they waiting to be Fed by a Buyer. If your Agent is more like the Undead you may want to consider a realtor with proven results and years of experience in the Miami Market that knows how to showcase your Luxury property.
#10 – The Resurrection of Problems After Inspections!
If an inspection is done improperly you are likely to SCREAM once you move into your new home. The Devil is in the Details and whether it be a faulty HVAC or improperly inspected Roof a poor inspection can create thousands of dollars in unexpected expenses. Rest assured, Worldwide Properties surrounds itself with the Best Vendors in Miami and South Florida. Utilizing the right home inspector helps prevents issues after the sale and gives you peace of mind.
Does the Miami Real Estate Market SCARE You?
No need to be Frightened! Let Worldwide Properties Lift the Spell and take the Fear out of Home Buying and Selling in Miami. With over 20 Years of Experience and over 2 Billion in Sales, our experienced team of Luxury Agents can guide you through the process of finding your Dream Miami Property or to Sell Your Miami Real Estate Fast!
ABOUT WORLDWIDE PROPERTIES
Worldwide Properties is a full-service residential and commercial brokerage firm located in South Beach’s chic South of Fifth neighborhood. Our world-class sales and marketing teams of brokers and real estate associates represent the most elegant and luxurious private homes, condominiums and commercial projects in South Florida and the Caribbean.
Our vast international network of contacts and clients in the United States, Caribbean, Europe, Asia, and South America can depend upon our highly experienced, multi-lingual sales teams to plan and execute strategic acquisitions of the most exclusive and exquisite real estate worldwide.
Worldwide Properties is located at 225 Collins Avenue, Ste 101, Miami Beach, FL.