realestate

Ohio Warns of Real Estate Scam: Know the Warning Signs and Protect Yourself

Ohioans report unsolicited property offers; know what to do if targeted.

A
surge in unsolicited offers to purchase homes is sweeping the Columbus real estate market, prompting a warning from the Ohio Department of Commerce. Homeowners are being cautioned against acting hastily on these unexpected messages, which may be indicative of a tight housing market exacerbated by the national shortage.

    While some homeowners might view these offers as an opportunity to sell quickly, the state agency advises exercising extreme caution before accepting any proposals. In fact, many unsolicited offers may come from individuals who claim to be real estate agents but lack proper licensure or authorization.

    To avoid falling prey to real estate scams, homeowners are urged to verify the authenticity of potential buyers and their claims. This can be done by asking pointed questions, such as whether they hold an active Ohio real estate license. The Department of Commerce's eLicense Online tool provides a convenient way to check the status of a real estate license.

    Before signing any agreement or accepting an offer, homeowners are advised to consult with local real estate experts and seek legal counsel. Acting impulsively on unsolicited offers can lead to significant financial consequences, including selling below market value.

    If you suspect you've been targeted by a real estate scam, report it immediately to your local law enforcement agency. The Federal Trade Commission also provides resources to help stop unwanted messages, junk mail, and calls.

Ohio residents warned of real estate scam, protecting against fraudulent property transactions.