When buying real estate whether in or out of a property auction, investors need an abundance of knowledge and a slew of skills and one of which is spotting liars. Because these purchases are quite hefty given the financial value of assets, it becomes all the more a necessary skill. But let’s face it. That’s a task that doesn’t come easy. Luckily, we’ve got just the collection of tips to school us in on the trade.
- The Sense of Urgency
Sometimes you find the property you want so you go ahead and contact the sellers. You talk to them and even pay the asset a personal visit but something seems wrong. It feels hastened, too hastened in fact that you feel like they’re ready to hand the keys in a few minutes. Is this a trap? Not necessarily but it should raise red flags. When the sellers appear too urgent and in a hurry to dispose off an asset, it could mean that there are details they don’t want you to see. Lingering too long will divulge what’s been hidden, say faulty plumbing or a bug infestation.
- The Sketchy Ads and Marketing
Listings are nothing new. They’ve been around way too long and have come to evolve into varied forms of advertising and marketing. As buyers, you need to be careful, investigative and questioning. You need to identify fact from sales talk. You need to see beyond the beautiful words and photos. You need to validate and double check. So even if you find yourself in property auctions, don’t wait out. Go visit prior to the auction day itself. The brochure or newsletter provided should give you enough head start.
- The Photo Stealer
If you find a listing on the internet, this should allow you to do a reverse image search. This will allow you to identify if the photos are legit and were not simply stolen from another listing, website or blog. But remember that it’s also possible for sellers to have multiple listings across websites for the same asset.
- The Body Language
Chances are you’ll meet the sellers. It’s time to gauge their body language. We all know how this works. Agitation, pinching or touching the face and hiding hands are subtle hints that a person isn’t being completely transparent. The tone of voice and pace of speaking also play a part here. It’s either they’re flat out lying or they’re hiding important information.
- The Mismatch
Last but not the least, where there’s a mismatch of what has been said or written to what is currently being said and discussed are dead giveaways of dishonesty. If the ad says 500 square meters and now the sellers are saying it’s at 450 then that should feel sketchy on its own. In property auctions, be wary of what you see on the visit, what you read on the brochure and what is being said about it on the auction day itself.