Greg's Corner

Real Estate Scam: First-Time Homebuyers Offered Houses at a Fraction of the Cost

By Greg Collier

The county tax assessor’s office in Oklahoma County, Oklahoma, is warning potential homebuyers of a scam that’s recently hit their area. Oklahoma County, includes the capital of Oklahoma, Oklahoma City. According to the assessor’s office, scammers are listing homes for sale that cost hundreds of thousands of dollars for just a few thousand. For example, a home valued at $400,000 was listed for sale on Zillow at just $6000. That price wasn’t meant to be a deposit or down payment, but the full price of the home.

These scammers are preying on people who have little experience of buying a home. In fact, the ads claim the home prices are so low because the seller is rewarding first-time homebuyers. Typically, scammers who list properties like this claim it’s a tax write-off for them while playing the good Samaritan to their victims. These scammers usually insist the buyer be a first-time home buyer who has no representation such as a realtor, bank, investor, or attorney. The buyers are asked to make their payments through platforms like Venmo, or in the Oklahoma County instance, Google Pay.

As you may have surmised, the scammers don’t own these homes, and often the homes are not for sale in the first place. Residents have reported prospective buyers and realtors showing up at their home because of the fraudulent listings.

The Oklahoma County Assessor even called the phone number in one of the phony listings. The person on the other end of the call told them that they’re making a lot of money with this scam, and they can’t be stopped. The County Assessor’s Office said the main problem they’re having is that no victims of the scam have come forward yet. This would assist them greatly in trying to prosecute the scammers.

If you’re a first-time homebuyer, please keep in mind that a homeowner offering a home at such a steep discount for a tax write-off is not a legitimate practice. Anyone claiming this in their real estate listing is trying to scam you. Also, you should avoid making any payments through platforms like Venmo and Google Pay, as once the payment goes through, it’s almost impossible to reclaim your lost funds.

Finally, to safeguard yourself from deceptive property listings, it is advisable to verify information with the county’s tax assessment office. This resource will provide you with the necessary details to identify the legitimate homeowner and ensure a secure and informed home buying process.