ComplaintsforJM Land Solutions LLC

• Initial Complaint

  07/11/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  This company sent me an offer to purchase my land. They offered pennies on the dollar. I asked how they arrived at the offer price, and they were unable to answer the question. I said this is predatory and he said he could leave a message for someone. This is a predatory practice that has land owners giving up their land for pennies on the dollar and denying them the existing equity. The seller should be offered a FAIR market analysis to show what their property is worth in a current market so they have an informed decision making process.

  Business response

  07/16/2024

  I as the owner of JM Land Solutions LLC take any complaint about my business seriously. I will give some important context about JM Land Solutions LLC and what it is my company does. First, we are not real estate agents and we do not in any capacity act as agents for anyone. JM Land Solutions LLC is a privately owned real estate company that buys property with development and or recreational potential. We look for these properties on the **** I also use direct mail marketing to find property owners who are interested in selling but aren't currently listed with an agent on the **** I attempt to purchase some of these properties for my company. Many of these property owners I send letters to either do not want to pay realtor commissions, title closing costs or have excessive back property taxes. We do not charge commissions when someone sells to us, and we cover all closing costs and back property taxes within reason. I send letters to property owners with property that fits our criteria and is in a location we are interested in purchasing. 

  On these letters I typically include an offer price of what I think we could pay dependent on a full and thoroughly researched "due diligence review." We do this review prior to initiating the closing of the property. If an offer we make to a land owner is not sufficient, we encourage them to name their price and we will see if we can make it work. In cases where they want to sell but we can't come to an agreement on price, I will oftentimes recommend they list with a competent local realtor for a better chance at getting their desired price. We do not force anyone to sell their property to us. 

  I always take into account what fair market prices are when researching a property. After having purchased hundreds of properties since 2017 there are hundreds of satisfied sellers who have worked with my company.

  When you called in and asked how we arrived at our price, you spoke to an assistant. This assistant has nothing to do with pricing or property evaluation. They are simply an administrative assistant. I as the owner of the company am the only one who does property and offer evaluation. That's why they were not able to explain how I came up with the pricing.

  I am sorry you were not happy with my letter. That was never my intention. Sometimes, I can be off on my analysis which affects my pricing. Moving forward I will always be sure to triple check my analysis, pricing and property evaluations. I am taking this complaint very seriously and will do my best to continue to improve my company. Thank you and take care.

  Customer response

  07/24/2024

  [If you do not say why you are rejecting the company's response, BBB must close your complaint.] 
  
  Complaint: 21976387
  
  I am rejecting this response because: 

  This a predatory practice.  You do not search the *** or would realize I am a broker.  Offering 10-15% of what a property is worth is not fair market value.  Zero market analysis was done, or it was done and you figured you would offer 10-15% of fair market value. I own my property outright and there are no back taxes owed.  Once again, a false statement on how you researched this property. 
  
  Regards,
  
  *************************

  Business response

  07/31/2024

  I do research and pull a lot of comps from MLS listed properties. I gather up as many sold and active properties as I can and come up with the average market value of an area, property type and size. I then send out letters based on that average. I send out offers that are below market value as we do not charge any commissions and we cover all closing costs.  Sellers can save commissions and closing costs and we can get a little better of a deal.
  
  When I send out these letters I send them to everyone who owns property in that area. Everyone with property who fits the criteria I am looking for gets a letter. In the past I have bought property from real estate agents. 
  
  Concerning market value for a given area, it can fluctuate highly property to property. Almost no two properties are the same. When I am researching an area, some properties currently listed or previously sold may skew the average higher or lower. If someone calls in concerning the letter, they speak to an assistant. It is not my assistants job to explain or know how I come up with the property averages. They simply collect the callers info and message so that I may give them a call back if the seller desires. If someone wants more money for their property, I will call back and ask them what works for them. I am by no means forcing anyone to sell. With my letters, all I want to do is get a conversation started with a seller and see if we can get a deal done that works for both of us. When we cant come to an agreement on price, I encourage them to list with a local real estate agent so they can try and get more money for their property. 
  
  I promise you that I am taking your complaint very seriously and reevaluating how I go about these letters and my business. I will double check the work I do. I will triple check for outlier comps that could bring down the average too far. And then I will triple check again to ensure that there are no errors and I have the right market value in the math I use.
  

  Customer response

  08/01/2024

  [If you do not say why you are rejecting the company's response, BBB must close your complaint.] 
  
  Complaint: 21976387
  
  I am rejecting this response because: 

  I can not accept that you are diligent in your practice of ascertaining values of properties.  Less than $10,000 for a $78,000 land parcel is not a reasonable difference. 
  
  Regards,
  
  ****

  Business response

  08/09/2024

  I use market value in all of my evaluations. I am not sure what else to tell you. I do not force anyone to sell to my company. I do not pressure anyone to sell to my company. I send these letters to get a conversation started. If someone does not want to sell they are free to ignore the letter or let me know they do not want to sell. For many of those who are interested in selling, these letters get the conversation started and negotiations can begin. If we can't come to terms, I recommend they list the property on the *** to hopefully get their desired price.

  Customer response

  08/09/2024

  [If you do not say why you are rejecting the company's response, BBB must close your complaint.] 
  
  Complaint: 21976387
  
  I am rejecting this response because: 

  You say you use market value? Tell me how an offer of less than $10,000 for a parcel that is worth $80,000 is market value.  I totally understand that you use this technique to get a conversation started.  It's predatory.  You are in hopes the individual has no idea what their property is worth so you can swoop in and pick it up for pennies on the dollar.  Sure they don't have to sell, but if the are misinformed about their property value, they just might and you take it all the way to the bank.  That's shameless and unethical.
  
  Regards,
  
  *************************

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