If you’re in the process of acquiring a new property, then you’re most likely going to have to deal with a real estate agent at some point. These are licensed professionals who oversee the purchase and sale of real estate.
The sums of money involved in real estate purchases can be vast, so agents have an ethical duty to be honest as well as being subject to strict regulations. Most of the time, they hold up their side of the bargain. Nonetheless, like every other profession, this is not always the case.
Some real estate agents may exaggerate the truth to close the deal. How can you tell if an agent is lying to you?
Are they pressuring you?
The majority of real estate agents work on a commission basis. This means that they have an incentive to close sales, preferably within a short timeframe. While it is possible that the property you are viewing is in high demand, an agent could exaggerate this.
Have they told you that there are dozens of viewers about to make an offer imminently? Are they pressuring you to part with your cash on the spot? It is not unheard of for some real estate professionals to make up clients, for the purpose of pressuring people in order to get a sizable commission.
Are their descriptions inaccurate?
The real estate agent has told you that the property is in a desirable location. You’re looking for somewhere to raise a family. They’ve mentioned the school district, stating that you’ll have access to the best school in town. However, after a quick check, you see that your child would not qualify for these institutions based on the zip code of the property. As you view your next potential home, make sure you are getting accurate and up-to-date information from the agents you talk to.
Real estate agents must honor their ethical and legal duties. If you think that you have been misled during a real estate transaction, take a closer look at the legal options at your disposal.