Reports of unsolicited real estate offers targeting older homeowners have surged in some parts of Ohio, potentially putting these individuals’ financial well-being and housing security at risk and causing the Ohio Department of Commerce to issue a Consumer Alert.
The practice, called wholesaling, is where individuals contact a seller who wants to sell their property quickly, negotiate a price usually lower than the market value and sign a contract to purchase the property.
Those same individuals then market the property to potential buyers for a price above the contract price, assign the contract to the new buyer, then pocket the difference as profit. These sales typically occur simultaneously, so if an end buyer is not found, the sale may not take place at all.
The Ohio Department of Commerce Division of Real Estate and Professional Licensing, the Ohio Department of Aging, and Ohio District 5 Area Agency on Aging in Richland County are calling attention to this rising trend.
Duana Patton, CEO of the Ohio District 5 Area Agency Aging, says multiple older individuals in north-central Ohio have been impacted by transactions involving wholesaling, and it’s important for others to be aware of the potential risks of engaging in this kind of activity.
“Unfortunately, it isn’t uncommon for wholesalers or other property investors to target older individuals and engage with them to see if they’d be interested in selling their home,” Patton said.
“Depending on the individual owner’s financial situation, they may be tempted to accept an offer that they don’t realize is well below market value. We are eager to work with the state of Ohio to raise awareness of this issue so that we may educate potentially vulnerable seniors and their families.”
In addition to wholesaling, property owners may receive unsolicited offers in the form of complex financial arrangements such as sale leasebacks and reverse mortgages. While some offers may appear enticing on the surface, they could include hidden risks that can leave older adults financially vulnerable or even cost them the homes.
One growing concern involves older adults receiving calls, letters or potentially in-person visits from individuals proposing complex transactions that are challenging to understand or assess.
These offers often misrepresent the true value of the property or include unfavorable terms. For example, sale leasebacks can turn homeowners into tenants, which means after receiving a lump sum for their home, they must begin to rent the property they once owned outright. These kinds of arrangements can include unforeseen costs or obligations.
“It’s important that we do all we can to protect our elderly neighbors and loved ones from these potentially exploitative practices,” said Real Estate and Professional Licensing Superintendent Daphne Hawk. “By engaging in proactive community education, we can inform and empower older adults and their families to recognize these practices so they can avoid potential predatory offers.”
Families and caregivers can play a vital role in safeguarding older adults from falling victim to harmful financial agreements. Encouraging open conversations, verifying the credentials of individuals or companies presenting offers, and consulting trusted advisers are essential steps to protecting elderly homeowners from unnecessary losses.
To support this effort, REPL is working with the Ohio Department of Aging and the Ohio District 5 Area Agency on Aging to highlight resources and experts who are available to help older adults and their families make informed decisions. These resources include tips for verifying offers, guidance on understanding complex agreements and referrals to local agencies that specialize in elder care and financial management.
“The Ohio Department of Aging encourages all older Ohioans and their loved ones to be aware of common scam tactics so they protect themselves from transactions that could cost them their homes,” said ODA Director Ursel J. McElroy. “Whether they are using pressure tactics, asking for personal information, or posing as friends on the internet, scammers target older adults at a high rate in many different ways. By learning the most popular ways scammers operate, older Ohioans can make sure they are safe from scammers.”
The Department of Aging’s website has a section devoted to stopping scams before they start, as well as a page that highlights the most common types of scams targeting older adults.
If you or a loved one have received unsolicited real estate offers or suspect predatory practices, REPL can verify whether you’re working with a licensed professional. The quickest way to get a response would be to email the Division at we*****@co*.gov or by clicking here. If necessary, individuals may choose to call the Division at 614-466-4100.
If you feel you’ve been the target of a scam, you should report it to the Ohio Attorney General’s Office. If you have lost money or feel unsafe because of a scam, you are urged to contact local law enforcement.
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