2.5 months from start to finish.
We had a real estate nightmare a couple of months ago that we’re still recovering from. We had purchased a lot that we were in the process of planning a new construction on, only to find out that it had never been for sale by the real owner and was part of a lot scam.
Our real estate agent, Redfin, was quick to take action and contact the title company and title forward. We were then directed to file a police report and insurance claim. It was a long and complicated process, but after about two and a half months, we were finally cut a check for the land minus fees and commissions.
We still feel a bit of a lingering dread when we think about our experience, but it’s also been a learning experience. We hope that by sharing our story, future buyers can avoid the same nightmare scenario. We were lucky that the fraudsters never actually got the funds, as the receiving bank had locked them in transfer due to so many scams like this on the rise.
When it comes to purchasing land, it’s important to do your due diligence. Research the market and make sure that the seller is legitimate. Get your lawyer involved early on in the process and make sure you’re dealing with the actual owner of the land. Finally, make sure you’re working with a reputable real estate agent who can help you navigate the legal side of things. With just a little bit of caution, you can save yourself from a lot of heartache.