Foreclosure in Seattle>Question Details

Patrick Beri…, Real Estate Pro in Seattle, WA

New Distressed Property Law

Asked by Patrick Beringer, Seattle, WA Wed Mar 25, 2009

Governor Gregoire just signed the Distressed Property Law which is effective immediately. So long as agents and brokers do not participate in a distressed home conveyance (essentially a scam transaction), agents and brokers cannot become distressed home consultants.

Buyers who purchase or close a transaction within 20 days of a foreclosure sale will not be distressed home consultants so long as seller is represented by a lawyer or real estate agent/broker. In the case of delayed possession, the possession can be for no more than 20 days and must be for the purpose of allowing seller to relocate to a new residence, and again, seller must be represented by a lawyer or real estate agent.

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Great news, the Realtor PAC made a huge push to get this fixed.
Web Reference: http://SeattleHome.com
0 votes Thank Flag Link Thu Mar 26, 2009
Hey Thanks for the update!! Good news!
0 votes Thank Flag Link Wed Mar 25, 2009
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