Advice on off-market purchase?

[Brian Harris]

Hi everyone,

My wife and I have been wanting to buy a place in NC for STR / personal use a couple times a year to visit my family. We saw an off-market listing on Facebook in a local market type of group. 2 red flags right there, but wanted to see how people would deal with this. My mom spoke with the guy (she lives near there, I'm on the other side of the USA) and was going to meet with him tomorrow. He claims he's selling for his friend who has medical issues. This feels like a major scam, but is a super nice looking property so I'm torn. Of course I told her don't give him any money, we'll find a way to verify that this person can sell the property.

Sketch scam or protect ourselves and find out?

Thanks so much, I am new to all this and don't want to waste time or money.

[KC Pake]

Quote from @Brian Harris:

Hi everyone,

My wife and I have been wanting to buy a place in NC for STR / personal use a couple times a year to visit my family. We saw an off-market listing on Facebook in a local market type of group. 2 red flags right there, but wanted to see how people would deal with this. My mom spoke with the guy (she lives near there, I'm on the other side of the USA) and was going to meet with him tomorrow. He claims he's selling for his friend who has medical issues. This feels like a major scam, but is a super nice looking property so I'm torn. Of course I told her don't give him any money, we'll find a way to verify that this person can sell the property.

Sketch scam or protect ourselves and find out?

Thanks so much, I am new to all this and don't want to waste time or money.

Hi Brian,

It's great that you're being cautious with this potential property purchase in NC. Buying real estate, especially off-market deals, requires careful consideration to avoid scams. Here are some steps you can take to protect yourselves:

Verification of Ownership: Ensure that the person selling the property is the legitimate owner or has the legal authority to sell it. This can be verified by checking property records at the local county office or through a title company.

Professional Assistance: Consider hiring a real estate attorney or an agent who specializes in off-market transactions. They can help navigate the process, verify the legitimacy of the deal, and handle legal aspects.

Inspection and Appraisal: Before making any decisions, have the property professionally inspected and appraised. This not only verifies its condition but also ensures you're paying a fair price.

Escrow Services: Use a reputable escrow service for any financial transactions. This adds a layer of security, as funds are only released when all terms of the transaction are met.

Meet in Person: Since your mother is nearby, it's good that she can meet the seller. However, ensure it's in a public place and she's not alone. Personal safety is paramount.

No Rush Decisions: Scammers often try to rush decisions. Take your time, do thorough research, and don't let anyone pressure you into making quick decisions.

Background Checks: Do some background checks on the seller or the person acting on behalf of the seller. Simple online searches can sometimes reveal useful information.

Documentation: Ensure all agreements and claims are documented. Verbal agreements should be taken with caution.

Remember, if something feels off, it's better to err on the side of caution. Real estate scams can be sophisticated, and it's wise to approach such deals with a healthy dose of skepticism.

Best of luck with your property search!
KC