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 real estate wholesalers, with requirements ranging from disclosure mandates to state-issued licensing in Maryland, Ohio, Oklahoma, Texas, Illinois, South Carolina, and Rhode Island.
- Lawmakers and consumer advocates are pushing for stricter limits because many property sellers do not fully understand the wholesaling process or realize the true market value of their homes before signing contracts.
- Missouri Republican state Rep. Chris Brown sponsored a law enacted earlier this year requiring wholesalers to give sellers a written disclosure at least 14 days before closing, while Rhode Island Sen. Robert Britto's measure mandates state-issued real estate licenses.
- Jenn Jones, AARP vice president for retirement security and livable communities, said the organization aims to protect older adults' financial security, though Jeff Watson, general counsel for the National Real Estate Investors Association representing 43,000 members, argued some wholesalers operate ethically.
- Terrell Walls, president of the Greater Kansas City Association of Real Estate Brokers representing Black real estate professionals, called predatory wholesaling the "modern-day cousin" of redlining, linking current practices to historical wealth denial.
15 Articles
15 Articles
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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