- Report: #1502646
Complaint Review: Discount Lots LLC - Chicago Illinois
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Author Not Confirmed
Why?
Discount Lots LLC
166 W Washington Street, Suite 730 Chicago, 60602 Illinois, United States
Phone:
866-268-2260
Web:
http://www.discountlots.com
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Discount Lots, LLC Selling Lots and Land with Wetlands or in FEMA Flood Zones Chicago Illinois
Report Attachments
Discount Lots, LLC sells vacant land on the internet. They have listings in multiple states. Discount Lots solicits investors to buy into their company.
Discount Lots, LLC list the lots and offer rent-to-own or a cash price. They market these lots as being suitable for building homes or investments. Based on my research, some of the lots listed in the state of Florida are not suitable for building. Some of the lots have wetlands and/or are in FEMA flood zones. Discount Lots seems to be aware of this but it is not disclosed on their website or ads for the properties. Sellers are required to disclose flood zones and wetlands in Florida. The average investor or buyer is probably unaware of the issues associated with wetlands and flood zones.
To the best of my knowledge, buyers can accrue equity with rent-to-own contracts in Florida. Legal proceedings may be needed to get rid of a defaulted buyer. Discount Lots Fundable page states otherwise. The lots being purchased at 70%-80% below retail is dubious. It is rare to find lots that are undervalued by that much in Florida. Discount Lots expects buyers and investors to believe that they have found hundreds of these lots. Lots with wetlands or flood zones don't go from being worth $2,000 to $14,000 a month after they are purchased.
Their information is here: https://sec.report/Document/0001822031-20-000002/
