How to Tell If a Real Estate Agent Is Lying
By and large, real estate agents/realtors are expected to be honest and ethical professionals. A handful of them, on the other hand, may lie about a bunch of things including the condition and worth of a property, the land title, documentation, their own credentials and the level of interest in a property.
Whether purchasing or selling real estate, an agent may stretch the truth or outright lie about some issues, so examine the facts before choosing an agent. We’ll go over some of the most typical real estate lies and half-truths below.
The value will double in the next few months
This is a lie that should not be taken lightly. It is often used when agents are desperate to close a sale. Real estate appreciation is influenced by a variety of factors, including the growth of significant industrial projects, the construction and expansion of roads, and government interest. However, there are just a few instances where the value of a piece of property can double in a matter of months. Here are several examples:
- Processing of government title: When land that was previously sold without a government title is excised, the value of the property will increase by as much as 300%, depending on its location.
- Opening of industrial projects: If a piece of property is valued at N2million in January 2022 and the Lekki Seaport for example opens for business in March, the demand for land will immediately rise, and that same land can sell for as much as N5million just 4/5 months later.
Real estate will always appreciate, but the rate of appreciation is not determined by a Realtor’s words. Before you believe a Realtor who tells you this, make sure you do your homework.
That is not something to worry about
When you ask a real estate agent a question, they must always provide you with an adequate response. If they cannot give you an immediate answer, make sure they eventually provide you with this response before proceeding. When they dismiss your inquiry with “That one isn’t important,” don’t accept it. This is due to the possibility that they are concealing information from you or that they do not have all of the information about the property they are marketing to you.
Reluctance to give full details
If a property is marketed as having a government-issued title, the realtor must be willing to give all necessary information in order for you to do your Lands Bureau search. When the realtor refuses or is hesitant to provide you with all of the information required to conduct the search, you can be sure that a fraud is in the works.
Misleading Property Descriptions
Real estate agents make money when they close on a property, so in order to promote a property they have advertised, they are apt to use language that makes it as appealing as possible to potential buyers—even if what they are saying isn’t entirely true. The only way to confirm this is to go for an inspection yourself or send a representative who can confirm these descriptions.
For the most part, real estate agents are honest hard-working people who are doing their best to sell their clients’ properties at a fair price, but it is still a good idea to watch out for these signs that an agent may be lying or hiding parts of the truth.
Here is one fact that is 100% True: Windspring Estate is located in the best area in Ibeju Lekki. Want to find out more? Click the link below or chat with us directly by clicking the icon on your bottom left.