REALTORS Testify Before House Development Committee in Support of Senate Bill 155
By Anastasia Kotkovskaya, Manager, Advocacy and Research
Ohio REALTORS® continues to lead the charge for transparency and consumer protection in real estate transactions. This week, two REALTOR® members delivered compelling testimony before the House Development Committee in support of Senate Bill 155, which would establish disclosure requirements for real estate wholesalers in Ohio. Specifically, the bill would require wholesalers to provide sellers with clear written disclosures, including:
- Acknowledgement that the buyer is a wholesaler and is not representing the homeowner in the transaction
- Notice that the contract may be assigned to another party
- Disclosure that the offer may be below market value
- A recommendation that the seller seek legal or professional advice
REALTOR® Seth Task emphasized how SB 155 will bring needed safeguards to the real estate marketplace:
SB 155 proposes creating disclosure requirements for real estate wholesalers to curb these dangerous practices and protect Ohio’s homeowners from exploitation. Having wholesalers clearly communicate their intentions to the homeowner will prevent deceptive practices and bring much-needed transparency to real estate transactions. Ohioans deserve to sell their homes in an environment free from predatory practices that strip them of equity, and this legislation provides essential protections against bad actors in the real estate industry.
REALTOR® Brian Bainbridge shared a real-world instance of how these deceptive practices play out – and who they target most:
A few years ago I had a client that almost fell victim to a wholesaler, who was offering to wholesale property for $100,000, when their property was worth $150,000. I talked them out of it. The wholesaler’s job is to find a homeowner that doesn’t know any better – 75-80% of the time they target a senior citizens, and then con them into agreeing to part with the property for a fraction of what it is worth.
In addition to this in-person testimony, the committee also received 12 other proponent testimonies, including written statements from three additional REALTORS® who voiced their strong support for SB 155 and the need for greater transparency in real estate wholesaling.
SB 155 has already passed the Senate and is now under consideration in the House. Ohio REALTORS® will continue to advocate for its passage and keep members informed every step of the way.
Learn more about SB 155 below:
Breaking: Ohio Senate Unanimously Passes Senate Bill 155
Ohio REALTORS® Testify in Support of Legislation Regulating Real Estate Wholesaling
Senate Bill 155 Receives First Hearing in Senate Judiciary Committee
