The difficulty of selling a house or property can vary depending on several factors, including the local real estate market conditions, the property’s location, its condition and the asking price. For home and land buyers in Sri Lanka, it is not an easy task finding the property of your dreams, whether you are looking for bare land, a luxury house or a low price for sale in Sri Lanka. Here are some factors that can influence the ease or difficulty of selling a house:

●      Market conditions: In a seller’s market, where demand exceeds supply, it can be relatively easier to sell a house as there are more potential buyers. Conversely, in a buyer’s market, where there are more properties for sale than buyers, it can be more challenging to find a buyer.

●      Location: Location plays a crucial role in selling a property. Desirable locations with good amenities, proximity to schools, shopping centres and transportation hubs tend to attract more buyers and make the process easier. On the other hand, those in less desirable or remote areas may take longer to sell.

●      Property condition: The condition of the land or building can greatly impact its saleability. Well-maintained, updated and move-in ready homes tend to be more attractive to buyers and sell more quickly. Those in need of repairs or renovations may take longer to sell and may require price adjustments to attract buyers.

●      Pricing strategy: Pricing a property appropriately is essential. Overpricing can deter potential buyers, while under-pricing it may result in financial loss. Setting a competitive and realistic price based on the current market conditions and the features offered is crucial to attracting buyers and facilitating a sale.

●      Marketing and exposure: Effective marketing and exposure of the property can significantly impact the ease of selling. Utilising various channels such as online listings, social media, real estate agents and open houses can help reach a broader audience of potential buyers.

●      Legal and financial considerations: The complexity of legal and financial processes involved in selling real estate can also affect it. It is important to comply with local regulations, handle necessary paperwork, and navigate negotiations and potential financing issues.

Selling a house or land can be a multifaceted process that requires careful planning, market knowledge and effective execution. While some properties may sell quickly, others may take more time and effort to find the right buyer. Consulting with a real estate professional can provide valuable guidance and assistance through the selling process.

What kind of lies do sellers tell buyers in order to sell a property?

While it is important to note that honesty and transparency are crucial in real estate transactions, there have been instances where sellers may misrepresent or withhold information about a property. Here are some examples of potentially deceptive tactics that sellers may use:

●      Misrepresenting property features: Sellers may exaggerate or embellish certain features of a property to make it appear more attractive. For example, they might claim that a small bedroom can be easily converted into a spacious office or that a nearby park is exclusive to the neighbourhood when it is actually public.

●      Concealing defects: Sellers may attempt to hide or downplay significant issues or defects. This can involve not disclosing such structural damage, leaks, mould or pest infestations. Sellers might also make superficial repairs or cosmetic enhancements to mask underlying problems temporarily.

●      Inflating the value: Sellers may overstate the value of their property, using inaccurate or outdated appraisals or misleading comparisons with other properties in the area. They might cite further development plans or potential improvements that may not actually materialise to justify a higher price.

●      Falsifying its history: Sellers might provide false information about the property’s history, such as claiming no prior incidents or repairs. This could include not disclosing previous damage from accidents, floods or fires, or not revealing the existence of past insurance claims.

●      Providing inaccurate neighbourhood information: Sellers may make false claims about the neighbourhood, such as exaggerated safety statistics, proximity to amenities or attractions, or future development plans, to create a more positive perception of the area.

It is important for buyers to conduct thorough due diligence, including property inspections, reviewing relevant documents and researching the neighbourhood, to uncover any discrepancies or issues. Working with a qualified real estate agent and obtaining independent professional inspections can help mitigate the risk of falling victim to deceptive practices.

Dishonest practices however, are not the norm in real estate transactions, and most sellers and professionals in the industry uphold ethical standards and legal obligations. However, buyers should always approach real estate purchases with a cautious mindset and seek appropriate advice when needed.

To avoid misrepresentation when buying real estate, buyers can take the following steps:

●      Conduct thorough research: Gather as much information as possible about the property, its history and the local market. Use reputable sources, review public records and consult various online platforms, real estate websites, and local resources to validate the information provided by the seller. For example, if you are looking for coconut land for sale in Sri Lanka, it is best to visit the land itself and see what it is like, the extent, condition of the crops etc.

●      Hire a trusted agent: Work with a licensed and experienced real estate agent who has a good reputation. They can help you navigate the buying process, provide valuable insights and guide you in identifying any potential misrepresentations or discrepancies.

●      Request complete and accurate disclosure: Ask the seller to provide full and accurate disclosures about the property. These disclosures typically include information about the property’s condition, known defects, past repairs, renovations and any other relevant details. Carefully review these documents and seek clarifications for any ambiguities or concerns.

●      Get everything in writing: Ensure that all agreements, representations and promises made by the seller or their agent are documents in writing. This includes offers, counteroffers, amendments and any other communications related to the transaction. Having a written record helps protect your interests and provides evidence in case of any disputes.

●      Conduct inspections and due diligence: Hire professional inspectors to thoroughly assess the property’s condition and identify any potential issues. Inspections can cover areas such as the structure, electrical system, plumbing, HVAC and pest infestations like termites. Consider additional due diligence, such as obtaining a survey report or researching any zoning or land use restrictions.

●      Verify information independently: Don’t solely rely on the seller’s representations or marketing material. Independently verify important details, such as square footage, property boundaries, zoning regulations and any permits or approvals associated with the property. Consult professional or local authorities when necessary.

●      Seek legal advice: Engage the services of a qualified real estate attorney who specialises in property transactions. They can review contracts, offer legal advice, and ensure that all legal aspects of the transaction are properly addressed. An attorney can also help identify any misrepresentations or discrepancies and guide you in taking appropriate action.

●      Be cautious of verbal assurances: While conversations with the seller or their agent are important, be mindful that verbal assurances may not hold legal weight. Insist on written documentation to support any claims or promises made during negotiations or discussions.

●      Trust your instincts: If something appears suspicious or too good to be true, trust your instincts. Pay attention to any inconsistencies, discrepancies or attempts to downplay potential issues. If you have doubts or concerns, conduct additional research, seek professional advice or reconsider the purchase altogether.