Understanding Everything about Real Estate Puffing
Overview of Puffing in Real Estate:
The real estate business always witnesses a boom as people never stop looking for their dream abodes. The demand for exceptional homes has given way to puffing in real estate. It is all about exaggerating facts about a property and convincing the buyers to make a transaction.
On the other hand, there may be a possibility that the facts presented by the realtor might not be completely true. Another factor is that the real estate agent might hide some important information from the buyers too.
It is obvious that realtors have their specialized listing about a property and make sure that every type of information is given to the buyer. But, puffing real estate defines that not every detail is passed or some are conversed in an eloquent manner to impress only.
Though, it is a common factor in the real estate business; but, sometimes, it might turn out to be punishable. As a realtor, you should be careful in making statements. Also, the buyer should be careful about the information provided to them and do not forget to crosscheck.
As a part of puffing in real estate, the aesthetic qualities of the property are told to the buyer. Indeed, the hard facts are hidden that can be troublesome for the buyer in long run, and create disputes with the realtor.
Is Puffing Real Estate Legal or Illegal?
Puffing real estate is intended to develop an opinion about the property through explanatory words presented by the realtors. These can be overstated as well. This does not mean that puffing in real estate is illegal. Rather, it is considered legal till the fact that information given to the buyer does not affect them criminally.
It should be noted that puffing is quite a common factor in real estate. The outrageous remarks on the property for a sales pitch are not considered illegal. But, the issue lies in the fact that information provided to the buyer is misleading them. This kind of information may be considered illegal and land a realtor in jail. Depending on the listings offered by the real estate agents, the decisions are made by the buyers.
Everyone knows that fraud a criminal activity. So, if the exaggerated information provided by the realtor is harming the buyer in a criminal way; then, the agent may land in jail. Deceiving someone intentionally is, certainly, a fraud for sure.
Ways to Avoid Puffing Real Estate Agents:
Taking help from a realtor, who holds years of experience in cracking real estate deals, is the best bet. Of course, a buyer should always approach such experienced agents having the knack for explaining the features of the property.
There are many that exaggerated their experience in the real estate industry. So, it is extremely important to ensure that you do not fall trap to them. In this matter, conducting some research can be helpful for you.
It is necessary to understand that commission of the agents is not fixed. Rather, they are negotiable. A real estate agent, who is not willing to negotiate, would not get a good amount of sales deals. In this matter, you should be aware of the negotiating costs prevalent in the area that opted to buy a property.
There are many agents, who will sugarcoat their words at the time of selling a property to you. It is necessary to use common sense and be aware of what they say and what you observe about the property. Do not just go by the flow of what they say. It is necessary to crosscheck the facts provided by them.
As a part of puffing in real estate, there is a possibility that you may come across agents quoting the fact that the opted property is worth more than offered. This is an eloquent speech made by the agents to attract buyers.
On the other note, you should be careful about the realtors taking very low commissions. It is because they are desperate to crack deals and enhance their listings. So, you should enquire about the market price of the opted property beforehand.
Related Link: All about Puffing in real estate- Is it illegal?