Housing crisis

Seller Beware, Current Housing Crisis Offers Underselling Value | News

NEWPORT CITY — Over the past week, area homeowners have received unsolicited offers for their homes, some at prices well below market value. Bids are made through a mail campaign and are based on the municipal land value of the property, not the highest market value. This has left many wondering if this is a scam attempt directed at the most vulnerable members of the community.

Ryan Pronto of Jim Campbell Real Estate said the company had received dozens of calls over the past week asking if the offer was legitimate. He posted a notice on the Newport Vermont Hopes Facebook page notifying the public of the deals.

“Our office and our agents receive numerous phone calls daily from sellers who have received an offer to purchase their property in the mail, Pronto said. “Please be aware that this is a mass shipment in the local/NEK area and be sure to do your homework on any buyer before accepting an offer like this.”

Several area residents responded to the notice to Newport Hopes, posting similar complaints. A recipient of a letter said the amount offered was $10,000 less than what he paid for the house 12 years ago and did not reflect the current appraisal value. Someone else

The offer to buy a house is not illegal or necessarily a scam.

Read more in Thursday’s Newport Daily Express…