This is a quick blog update of the New Washington State "Distressed Home Owner" law that comes into effect today, June 12th 2008.
I will be updating the blog later and getting in to much more detail of this new law.
I went to a class this morning regarding "Distressed" homes in the either for sale now, or on their way to being put on the market.
There are several new rules that we as agents need to be updated on. We of course have several new forms that we must include in both listing homes of someone who is or "might" become a "distressed" Home owner!
Who qualifies as a "distressed" seller? Pretty much everyone! If you have missed a mortgage payment, or THINK you might miss a mortgage payment in the next three to four months, you are a "distressed" home owner.
At that point, any agent who helps you list or sell your home could be qualified as a "distressed home consultant" , which opens you up to lotsssssss of litigation.
The new law is there to protect home owners from scams that have risen by people who realize you are in trouble, come in to help you keep your home, and then turn around and not keep their word and victimize the home owner all over again.
Agents have been sucked into the mix by the nature of our business of helping buy and sell homes.
Stay tuned for updates and details...........
