Monday, January 22, 2007
Out-Of-State Land Buyer Low-Ball Offers
N.R.L.L. From California Offers Amazingly Low Price For 2.5 Acres
CLEWISTON, FLORIDA -- As previously reported here on December 26, property owners around Hendry and Glades county are receiving postcards from N.R.L.L, an out-of-state real estate company offering to buy "for cash" if you are "interested in selling your vacant land quickly." But, be very careful. If an offer sounds "too good to be true" it probably is, experts warn.
We received our "quick" offer today in the mail. A letter informed us that "after analyzing your property" the company is willing to pay $4000 for our parcel. The parcel is two and one-half acres in Pioneer Plantation. The letter from "Mark Raymond" adds "please let me know your decision as I have set money aside for this purchase." Well, Mark....thanks but no thanks.
N.R.L.L. Inc., a holding company in Irvine, California has been soliciting land owners for many years in Florida and California. NRLL buys land and lots at very low prices, buys or transfers title in the names of one of its other associated companies, and then holds local auctions in large cities around the country, reselling the lots at much higher prices, and sells them "as-is."
Locally, in Hendry county, NRLL has offered Port LaBelle lot owners prices that seemed to be reasonable at first. One owner reports that an offer was made to buy a lot for $26,500 several months ago by NRLL. On contacting the company they wanted the owner to sign a sales contract that did not provide any closing date, so the buyers could theoretically close whenever they wanted. After the seller objected, they sent a contract that did provide for a 90 day closing, but that still didn't get a quick sale either. The contract "was subject to inspection" and sure enough, NRLL contacted the seller and said they weren't interested at the contract price after a so-called "inspection" of the property, but would "maybe" buy for $10,000 instead of $26,500. The seller elected not to go for what he believed to be a scam, and NRLL would not commit to a price at the time.
More recently, NRLL is sending postcard solicitations to owners in Pioneer Plantation, again offering a "quick sale." When contacted at their 800 phone number, the company takes your information, and says because they are "so busy," someone will call you back in about a week. We never did receive a phone call, but did receive the letter about four weeks after we called them. So, much for a "quick sale."
Actual prices paid by NRLL in Hendry county recently have amounted to just several thousand dollars per lot, according to county courthouse records. But their sales of land they bought cheaply is a different matter. A Port LaBelle lot sale was from a N.R.R.L. company to a Pompano Beach man for $26,500 last month. NRLL gets their mailing lists from the county tax assessor's records, which are public records. So, consumer beware. Unless you want to basically "give away" your vacant lots in Hendry county, don't bother responding to such junk mail offers and wasting your time.
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posted by KQ4YM | 1:29 PM | 1 comments