The Danger of Owners Selling Bahamas Real Estate

When you hear someone sold a home without a Bahamas Real Estate Association professional, it's likely that the sale was to a family member, close friend, or an existing tenant.

These cases are exceptional and not typical of the real estate market. In the Bahamas as elsewhere, it's difficult to make a sale by owner.

The biggest obstacle is that For Sale By Owners (FSBOs) aren't included in the Bahamas Real Estate Association's Multiple Listing Service (MLS) that licensed agents and organisations use. Yard signs and newspaper ads just don't stack up against the large inventory at the fingertips of licensed real estate professionals in the Bahamas.

Let's be honest. Without a listing agreement providing for a sales commission, why would a real estate agent want to show these homes without a promise of payment? Obviously, this will limit the number of potential prospects exposed to the property.

Also, prospects who may express an interest in the Bahamas real estate listing wouldn't have been screened by a professional to see if they've pre-qualified for a loan.

More scary is the potential for legal issues and complications under a For Sale by Owner situation. Property transactions are loaded with potential liability for unrepresented sellers who don't know Bahamas real estate law. One overlooked form or improper disclosure could generate a costly lawsuit.

Avoid the heartache. Use a licensed Bahamas Real Estate Association broker.