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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