Beware of a land scam that is seeing an uptick in recent months. FAAR members report several cases of potential land sales fraud and the story goes like this:
- An out-of-area seller wants to list a parcel of vacant land for well-below market value.
- The seller will not meet in person or consent to a virtual meeting.
- They often have fake IDs with misspellings on jurisdiction or street names.
- They often demand a quick close on the transaction.
Unwitting buyers have placed offers on land but thankfully, as the transaction progresses, the fraud became apparent and did not reach closing.
Agents are encouraged to review their seller verification best practices, especially when working with out-of-area sellers. Owners of vacant land are encouraged to either drive by on occasion or have a local contact drive by to ensure that there is not a for sale sign on their property indicating a fraudulent listing.
FAAR’s Public Policy Committee Chair, Matt Young, recently interviewed for the Free Lance Star about this issue. Check out the article by clicking the button below.
FAAR is also developing a class on fraud that will debut in early June.