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Some brokers are so desperate for listings that they take oral listings. A broker may, for example, introduce himself to you at a party, tell you he has always admired your house, and ask if you're interested in selling it. To brush him off, you say that you may sell 'at the right price.' He responds that he'll see what he can do for you.
The next thing you know, you're besieged day and night by eager buyers waving lowball offers in your face. Take one guess about who told these vultures your house was for sale.
Oral listings are a no-no. Samuel Goldwyn, the famous movie producer, once said, 'A verbal agreement isn't worth the paper it's written on.' Heed his advice. If you want an enforceable contract, get the contract in writing and always get a file copy of anything you sign (listing contract, purchase contract, and so on) as soon as you sign it. 'Nuf said.
At first glance, you may think that you can choose from many different kinds of listings. Appearances are, as usual, deceiving. All your various listing options boil down to variations on two types of listings: exclusive listings and open listings. This section gives you the lowdown.
