Be Careful of Bids to Buy Land After Disasters
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Collapse ▲After a major hurricane, disaster areas are prime targets for so-called “disaster investors” and opportunistic land buyers. Personally, I started receiving texts offering to buy my land in Cleveland County a few weeks after Hurricane Helene. One week it was “Laine from AML,” and the next week it was “Elsa from PLP,” both offering a quick and friendly conversation about what I would want to sell. Supposedly, these were two different people from two different companies, but the text messages were nearly identical.
After disasters, unsolicited and unscrupulous offers like these to buy land in affected areas often increase. In fact, in 2023, offers to buy properties after the wildfires in Maui became so prevalent that the governor of Hawaii signed an emergency proclamation aimed at preventing unwanted solicitations. The purpose of the proclamation was to give landowners “breathing room” and time to process their situations and think through their options.
Taking time to evaluate your options is often in your best interest. Disaster investors frequently use mass marketing techniques to search for emotionally exhausted and overwhelmed individuals who are in a vulnerable state. For instance, a 2019 Wall Street Journal article detailed the techniques of “disaster investors” who flock to areas after hurricanes, wildfires, and tornadoes. Many of these investors aim to offer quick, low-ball cash offers that can be tempting to people facing a long recovery. They often employ high-pressure, take-it-or-leave-it sales strategies to push landowners into making quick decisions using pre-written contracts. Once they buy the properties, these investors quickly flip them by advertising the properties on real estate sites, potentially making $10,000 to $20,000 per property.
If you’re a landowner affected by Hurricane Helene and considering your options, NC FarmLink has access to a database that can show comparable sales from similar properties in your area over the past few years. This report can provide you with a baseline for evaluating what your property was worth before Hurricane Helene. When faced with a significant decision like selling land or property, it’s in your best interest to take the time to think through your options. Remember: the strategy of disaster investors is to create a sense of urgency to push you into a quick decision so they can profit.