Property owners urged to act cautiously amid recent reports of unsolicited offers
If you receive an unsolicited offer to purchase real estate, the Ohio Department of Commerce’s Division of Real Estate and Professional Licensing (REPL) urges you to practice caution. The Division has recently received numerous questions from residents across the state regarding unsolicited offers they’ve received to purchase their property, many of which include a specific dollar amount.
The Division is calling attention to this issue because unsolicited offers such as these, if not managed appropriately, could lead consumers to unknowingly sell their property for significantly less than it’s worth or agree to a lease arrangement that could have unintended negative financial consequences.
Some consumers have reported receiving unsolicited offers that also include a disclosure form developed by REPL. While the form is authentic, its accompaniment with an offer could potentially give the appearance that the individual making the offer is registered with the Division or that the offer is authorized by the Division. The inclusion of this form does not affirm the validity or legality of an offer.
According to Freddie Mac’s November 2024 Quarterly Economic, Housing and Mortgage Market Outlook report, there is a national housing shortage of approximately 3.7 million units for sale or rent. In addition, according to the Ohio Housing Finance Agency’s 2024 Ohio Housing Needs Assessment, vacancy rates in the state have been falling steadily since 2009. In 2021 the homeowner vacancy rate (0.4 percent) and rental vacancy rate (4.0 percent) hit their lowest recorded levels, and they remained low at the end of 2022 (0.9 percent and 6.2 percent respectively), indicating a tight housing market.
With a low inventory, homeowners may notice an increase in unsolicited offers they receive to purchase their homes. REPL Superintendent Daphne Hawk encourages all consumers who receive these offers to exercise caution and conduct plenty of research before making a decision.
“If you receive an unsolicited offer, whether via mail, call, text or an in-person visit at your door, always take time to ask questions,” Hawk said. “While many homeowners believe the person contacting them to be a real estate agent, in many cases, they are not. Asking questions like ‘are you an Ohio real estate agent?’ will let you know if you are communicating with someone locally or an out-of-state investor.
“Make sure to review offers carefully with legal counsel before signing any documents or providing information to anyone, especially if it’s someone you do not know. As tempting as an offer may be, acting quickly and without the advice of a local real estate expert could have a range of significant consequences. For example, you may think the offer is too good to pass up, when in fact it’s well below the market value of your property.”
Consumers can verify the status of a real estate license on the Division’s website through eLicense Online. The Federal Trade Commission (FTC) also offers advice on limiting unsolicited offers received by various means.
“As always, if you suspect you have been the victim of a real estate scam, you should contact your local law enforcement agency as soon as possible,” Hawk said.
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