REALTORS Testify in Support of HB 287
By Anastasia Kotkovskaya, Manager, Advocacy and Research
This week, Ohio REALTORS® advocated for stronger protections against predatory real estate wholesaling before the House Development Committee.
Testifying in support of House Bill (HB) 287, past president of Ohio REALTORS®, Seth Task, urged lawmakers to take action on behalf of vulnerable Ohio homeowners. Ohio REALTORS® member Brian Bainbridge also provided in-person testimony in support of the legislation. HB 287 is a commonsense consumer protection bill that would require real estate wholesalers to disclose to the homeowner their intent to assign contracts. This bill aims to prohibit misleading marketing practices and ensure that sellers understand who they are actually dealing with when they are approached by a wholesaler.
In his testimony, Task highlighted the deceptive tactics that wholesalers often use: posing as buyers, making empty promises, and flipping contracts for profit at the seller’s expense.
He shared with the committee his personal experience with wholesalers:
“On a personal note, I knew an elderly woman who was taken advantage of by a real estate wholesaler who presented himself as a cash buyer offering a no-contingency deal. She trusted him, signed the contract, and made major life decisions based on that promise—including entering into a lease and moving out of her home. But the wholesaler never posted the earnest money, never intended to buy the property himself, never made any mention of attempting to resell it or explain the assignability clause in the contract, and instead tried to sell the property and assign the contract at a much higher price. When he couldn’t find a new buyer, he simply disappeared, leaving her without the sale she was counting on, stuck in a lease she couldn’t afford, and with emotional and financial stress she never expected. This kind of misleading behavior is exactly why we need safeguards in place to protect Ohio’s homeowners.”
Ohio REALTORS® strongly supports this legislation and urges lawmakers to act swiftly to ensure a fair and honest housing market that does not take advantage of vulnerable homeowners or allow deceptive practices to go unchecked. A similar measure (Senate Bill 155) passed the Senate with unanimous support earlier this month and is now pending in the Ohio House.
Find more information about HB 287 below:
136 General Assembly | House Bill 287
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