FOR IMMEDIATE RELEASE --- February 2024

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Contact Larry Stein at (405) 713-1201, cell (405) 361-9307

"Can You Fix Your Filters?" Stein Asks. Price-Search Filters with Outrageously Low Values Could Help.

“I’m asking online real estate sites offering properties for sale at unrealistically low prices if they can modify their price search criteria to help prevent real estate sale scams and prevent or reduce the chance of financial abuse of hopeful homebuyers,” said Oklahoma County Assessor Larry Stein.

“When you look for homes online you can set the price range of the property you’re searching for. I’m asking these websites if they can filter sales prices and RED FLAG the information with concerns about properties listed at prices well outside the median square foot price for the neighborhood,” Stein said.

“When setting the market value of property, assessors statewide are required to meet what’s called a ‘coefficient of dispersion’. What that means is all the properties in a neighborhood with similar characteristics are within a value range of ALL the similar properties,” Stein said.

“If the houses in a neighborhood sell for around $185 a square foot, could the online information be filtered to RED FLAG properties being offered for $30 OR LESS a square foot to warn property searchers?” Stein asked.

“Recently individuals found their own home worth more than $400,000 listed for sale at $8,800. Their property information had been taken over by scammers who gave a great story of why the house was available for peanuts,” Stein said.

‘Just transfer $800 to $8,800 to electronic accounts or by gift cards and the house can be yours!’ is the message.

As the bold scammer told me, “We’ve made a lot of money in this deal, you can’t stop me—HOW DOES IT FEEL TO BE SCAMMED?”

“Law enforcement is involved trying to stop this scam and if there are ways to stop the online abuse—I’m urging these websites to help by tweaking their search criteria. Assistance from the websites could help stop these scams or warn individuals who may be the unfortunate enough to fall for these scams,” Stein said.

“Always remember—if it sounds too good to be true—it probably is!” Stein warned.

Stein is familiar with protecting consumers. His media reporting earned the National Press Club Award for Consumer Journalism for the twice-daily program he wrote and produced called “Consumer Comments”. The reports responded to consumer questions and provided helpful hints on ways to avoid consumer scams and save money.

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