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WHITE HOUSE✒ EDITORIALABSURDITY:
The signs offer quick cash for homes. But states want more oversight.
Filed 1h ago · Via Stateline · The Buffoon Desk
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Marty Gots a Plan
Kevin MacLeod · incompetech.com · CC BY 4.0
Photo: Rijksmuseum · CC0 · via Wikimedia Commons
Real estate wholesalers solicit distressed homeowners through yard signs, texts, and door knocks, getting properties under contract at a discount before reassigning that contract to another buyer for a profit. Critics say the practice can leave sellers, often low-income, elderly, or minority homeowners, unaware of their home's real value or who will ultimately own it.
At least 15 states have moved to regulate the industry, including Missouri, where a new law requires wholesalers to disclose their intentions at least 14 days before closing. Other states now require wholesalers to hold real estate licenses, while industry representatives argue the crackdown, while understandable, may be overcorrecting against a business that also serves owners of distressed properties nobody else wants.
The full dispatch is available from the source below.
✒ FROM THE EDITORIAL DESK
A sign nailed to a telephone pole promising fast cash for your house is not a public service announcement, it's an opening bid, and the fine print about who really ends up owning the place tends to show up after the ink dries. Fifteen states deciding people deserve two weeks notice before that happens is not exactly heroic legislating, it's just closing a barn door that's been open a long while. Still, better late than never, especially for the folks who didn't know there was a barn door.
