So, that swampland you own…

by Alex Stenback on June 1, 2005

Fla_swamp Pop quiz: If you receive a letter in the mail offering to purchase land you inherited in Florida, do you:

a) Sign the offer, cash the check, and toast your good fortune (ka ching!)
b) Find out what the land is actually worth before signing?

Two Minnesota women who chose option "a," then had second thoughts (presumably after finding out what the property may actually be worth,) are being sued by the Realtor whose offer they accepted – and they are not alone.  Over the past year, Fort Myers Realtor Thomas Reidlinger has sued 17 other absentee-owners under similar circumstances, often being awarded legal fees in addition to the right to purchase the land.

Though this realtor’s tactics may be sketchy in the extreme, it is hard to muster much sympathy for these two. Who in their right mind agrees to sell land without any idea whatsoever of its value, in Florida, the home of the original real estate scam (which by the way is alive and well on ebay)?

The sad thing is, this land was probably sold to grandma as a then worthless piece of Florida swamp.  Oh, the irony: Florida Real Estate, the scam that spans generations, and just keeps on giving.
· Realtor Sues to Get Lots [Ft. Meyers News-Press]

{ 1 comment… read it below or add one }

Brett Ellis December 18, 2005 at 6:26 pm

Our market suffered from many fraudelent deed scams and identity thefy last year. Many sellers sold their land too cheap to unscrupulous buyers and agents. It’s always best to hire a reputaboe Realtor to get you fair market value for your land. No more, No less.

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