Unsolicited offers to buy property

[George Odell]

I have been contacted multiple times by out of state firms, offering to buy land that I own at seemingly “above market” prices.

They ask that I sign a so-called purchase agreement… A one page document… Which appears to tie up the land for at least 90 days. 

My attorney has advised me to stand clear so my question here is, is this a scam and exactly how does it work?

Thank you for your help.

[Dominic Mazzarella]

Quote from @George Odell:

I have been contacted multiple times by out of state firms, offering to buy land that I own at seemingly “above market” prices.

They ask that I sign a so-called purchase agreement… A one page document… Which appears to tie up the land for at least 90 days. 

My attorney has advised me to stand clear so my question here is, is this a scam and exactly how does it work?

Thank you for your help.

Yeah, this happens a lot. It’s usually not a scam in the legal sense, but most of the time the buyer isn’t planning to close. They’re trying to lock up your land so they can flip the contract to someone else. If they don’t find a buyer, they just walk. Meanwhile, your property is tied up and off the market. Unless they’re putting up real earnest money and can prove they’re serious, your attorney’s advice is spot on.