COLUMBUS, Ohio — The Ohio Department of Commerce’s Division of Real Estate and Professional Licensing urges residents to use caution if they receive an unsolicited offer to purchase real estate.
According to a news release from the Ohio Department of Commerce, the agency has recently received numerous questions from people across the state about unsolicited offers to purchase their property. The department said many of the offers include a specific dollar amount.
Some consumers have reported receiving offers that include a disclosure form developed by the division. While the form is authentic, the division said an offer with it could give the appearance that the person making the offer is registered with the division or that the division authorizes the offer.
Division Superintendent Daphne Hawk encourages all consumers who receive these offers to do their 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 in a news release. “While many homeowners believe the person contacting them to be a real estate agent, in many cases, they are not."
Hawk advises consumers to ask questions such as, “Are you an Ohio real estate agent?” to determine if they are communicating with someone locally or an out-of-state investor.
Hawk also suggests reviewing offers carefully with a lawyer before signing any documents or providing information to anyone.
"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," said Hawk in a news release. "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.”
The offers come amid a national housing shortage. According to Freddie Mac’s November 2024 Quarterly Economic, Housing and Mortgage Market Outlook report, 3.7 million units are for sale or rent.
In addition, vacancy rates in Ohio have been falling steadily since 2009, according to the Ohio Housing Finance Agency’s 2024 Ohio Housing Needs Assessment. The assessment states that in 2021, the homeowner vacancy rate and rental vacancy rate hit their lowest recorded levels, and they remained low at the end of 2022, indicating a tight housing market.
Anyone can verify the status of a real estate license on the Division’s website by clicking here.
Hawk said anyone who suspects they have been the victim of a real estate scam should contact their local law enforcement agency.
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