The signs offer quick cash for homes. But states want more oversight.
New state rules require disclosures, licensing and cancellation rights as lawmakers seek to curb aggressive marketing and protect sellers from undervalued deals.
- At least 15 states have recently approved new regulations of wholesalers, with requirements ranging from disclosure mandates in Maryland, Ohio, Oklahoma and Texas to state-issued licensing in Illinois, South Carolina and Rhode Island.
- Lawmakers worry that many property sellers do not fully understand the wholesaling process or realize the true market value of their homes, creating vulnerability to predatory practices that can deprive owners of significant equity.
- Missouri Republican Rep. Chris Brown sponsored a law enacted earlier this year requiring wholesalers to give sellers written disclosure at least 14 days before closing, while Rhode Island Sen. Robert Britto's measure mandates state-issued licensing.
- Jenn Jones, AARP vice president for retirement security and livable communities, said the organization aims to protect older adults' financial security in their homes, though Jeff Watson of the National Real Estate Investors Association contended some wholesalers operate ethically.
- Terrell Walls, president of the Greater Kansas City Association of Real Estate Brokers, called predatory wholesaling the "modern-day cousin" of redlining, highlighting historical equity concerns as states strengthen industry oversight.
18 Articles
18 Articles
The Signs Offer Quick Cash for Homes. But States Want More Oversight
WE BUY HOUSES. CASH 4 HOMES. FA$T CA$H. The signs, text messages and mailers promise cash, quick sales and a seamless means of unloading unwanted homes. But advocates say the business of buying homes for cash can confuse vulnerable homeowners and rob them of home equity. And now, many states are cracking down. Wholesalers often
The signs offer quick cash for homes. But states want more oversight. • Rhode Island Current
WE BUY HOUSES. CASH 4 HOMES. FA$T CA$H. The signs, text messages and mailers promise cash, quick sales and a seamless means of unloading unwanted homes. But advocates say the business of buying homes for cash can confuse vulnerable homeowners and rob them of home equity. And now, many states are cracking down. Wholesalers often […]
The signs offer quick cash for homes. But states want more oversight. • Kentucky Lantern
WE BUY HOUSES. CASH 4 HOMES. FA$T CA$H. The signs, text messages and mailers promise cash, quick sales and a seamless means of unloading unwanted homes. But advocates say the business of buying homes for cash can confuse vulnerable homeowners and rob them of home equity. And now, many states are cracking down. Wholesalers often […]
Louisiana Illuminator
The signs offer quick cash for homes. But states want more oversight.
WE BUY HOUSES. CASH 4 HOMES. FA$T CA$H. The signs, text messages and mailers promise cash, quick sales and a seamless means of unloading unwanted homes. But advocates say the business of buying homes for cash can confuse vulnerable homeowners and rob them of home equity. And now, many states are cracking down. Wholesalers often […]
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