PHILADELPHIA – council member Alan Domb introduced legislation that would provide protection for homeowners from solicitation and related problems by regulating the practice of wholesaling.
Legislation would require a license and a background check, require wholesalers to inform homeowners of the fair value and all resources before selling the home.
The license is labeled Residential Property Wholesalers License in order to do business in the city. however, there are no exam requirements as of now but if you are planning to remain wholesaling it may be wise to obtain your Real Estate Lisence.
This legislation would amend the Protection Against Unlawful Discrimination and establishes monitoring of residential assignment contracts. This is to protect homeowners from harassments from “We Buy Houses” entities that have been using predatory tactics on homeowners across America.
In addition there will be an official “Do not solicit” list for property owners that have expressed that they do not want to be solicited to sell or rent their real property. This list would be managed by the cities managing director or assigned commissioners.
“The work on this thoughtful legislation is a true collaborative effort of Community Legal Services, community stakeholders, Councilman Domb and his team, and the Greater Philadelphia Association of REALTORS (GPAR),” said Stephanie Biello, President, Greater Philadelphia Association of REALTORS. “We are proud and grateful to work with such committed partners. Once enacted, this legislation will increase consumer protections for property owners, preserve generational equity built through homeownership, give the City tools to combat predatory home purchasers, and raise the level of professionalism in the real estate community.”