Wednesday, May 30, 2007

N.R.L.L. Offering Low Prices To Lot Owners

LABELLE, FL. -- Property owners around Hendry and Glades county are receiving letters again from N.R.L.L, East, LLC, a California real estate company offering very low cash prices to anyone foolish enough to sell to them at way below market values.

A letter received this week by a Pioneer Plantation property owner said that "after analyzing your property" the company is willing to pay $4000. The parcel is two and one-half acres and worth many times what the company is hoping to buy it for. The letter from "Mark Raymond" adds "please let me know your decision as I have set money aside for this purchase."

N.R.L.L. Inc., a holding company in Irvine, California has been soliciting land owners for many years especially in Florida and California. NRLL buys land at very low prices, then transfers title to the names of one of its other associated companies, and then holds auctions in large cities around the country, reselling the lots at much higher prices, and sells them "as-is."

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 company 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.

More recently, NRLL is sending 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 back in about a week.

Actual prices paid by NRLL to lot owners in Hendry county recently have amounted to just several thousand dollars per lot, according to county courthouse records. But their re-sales prices of land they bought cheaply is a different matter. A Port LaBelle lot sale by a N.R.R.L. company to a Pompano Beach man was $26,500 recently. NRLL gets their mailing lists from the county tax assessor's records, which are public records.

The bottom line: Unless you want to "give away" your vacant lots, knowing the company will soon auction it off for a much higher price soon, don't bother responding to such junk mail offers and wasting your time.

5 comments:

  1. Anonymous2:57 AM

    I got taken, they got $700 in down payment on something I won. These snake oil salesmen are taking advantage of the ignorant and poor. If they pull any shenanigans I will sue them back to the stereo selling business they crawled out of.

    ReplyDelete
  2. The perpetrators of these scams, Robert Friedman and Jeffrey Frieden, are now running a foreclosure auction company nationwide called REDC (Real Estate
    Disposition Corporation.) in Irvine, CA from their offices at:
    1 Mauchly,
    Irvine, CA 92618
    Phone:1-888-880-7332

    At the same address thay have also done business as LandAuction.com and NNRL and there are numerous
    Internet Blog complaints about them, but nothing ever seems to be done. I hope they are sued out of business but it's unlikely.

    ReplyDelete
  3. These snake oil salemen changed the web site to-- www. AUCTION.com/landauction.
    by same asddress

    ReplyDelete
  4. Anonymous7:06 PM

    this land is special,I bought it from Joe Hendry in 1986.I would say Historic,I still own it and will probably leave it to my kids,i spoke with Joe Hendry and he seemed like a wonderful person,he wanted to give people a chance to buy land as he did not need it at the time,i know he has passed away but he is a part of Florida History.

    ReplyDelete
  5. Buyer beware world.... If you are dumb enough to get taken by ANYONE on a RE transaction, than you must have not HDT much to start with ( in brains ) Leave the professions to the professionals... That's why are lawyers and real estate brokers / agents to insure legalize in documents is correct

    ReplyDelete