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new scam targeting Ohio's older population has been identified, with unsolicited real estate offers being made to unsuspecting individuals. The Ohio Department of Commerce Division of Real Estate and Professional Licensing, the Ohio Department of Aging, and the Ohio District 5 Area Agency on Aging have issued a consumer alert to raise awareness about this trend.
The scam involves wholesalers who purchase properties below market value and sell them at a higher price, often using complex financial arrangements like sale leasebacks and reverse mortgages. These offers may seem enticing but can put individuals' financial well-being and housing security at risk.
According to Ohio District 5 Area Agency Aging's CEO Duana Patton, multiple older people in north-central Ohio have been affected by this scam. "Unfortunately, wholesalers often target older individuals with low-ball offers that they don't realize are below market value," Patton said. "We want to educate potentially vulnerable seniors and their families about these risks."
Property owners may receive unsolicited offers through phone calls, letters, or in-person visits from individuals proposing the transactions. To avoid falling victim to these scams, officials recommend open conversations with family members, verifying the credentials of companies or people presenting offers, and consulting trusted advisors before taking action.
The Ohio Department of Aging encourages older Ohioans and their loved ones to be aware of common scam tactics and protect themselves from transactions that could cost them their homes. Resources are available for stopping scams before they start, including information on the most common scams targeting older adults.
For those who have received offers, the Division of Real Estate and Professional Licensing can verify if it's a legitimate licensed professional by emailing [email protected] or calling 614-466-4100. Scams should be reported to the Ohio Attorney General's Office, and local law enforcement should be contacted if money has been lost or someone feels unsafe due to a scam.
