What Seattle's New Law Against Predatory Home Buying Means for You

As a real estate broker, my job is to help you navigate the complexities of the housing market. Recently, the Seattle City Council unanimously passed new legislation that is vital for homeowners to understand, especially those who receive unsolicited offers for their property. These new protections are designed to safeguard our community, particularly seniors, low-income families, and residents in historically marginalized communities, from deceptive and high-pressure tactics.

This is a significant win for local homeowners, and here's what you need to know about the new protections:

1. You Have the Right to an Independent Appraisal

If a potential buyer makes an unsolicited offer on your home, they are now required to inform you of your right to a fair market appraisal. If you choose to get one, the buyer must pay for it. This is crucial because it ensures you know the true value of your property and aren't tricked into selling for less than it's worth.

2. You Get More Time to Decide

A key part of the new law is the extended cancellation period. If you sign a purchase agreement after an unsolicited offer, you now have 10 business days to cancel the contract without penalty. This gives you valuable breathing room to consider your options, consult with family, and seek legal or professional advice, free from pressure.

3. Buyers Who Break the Rules Will Face Consequences

The city is cracking down on unethical practices with fines of up to $10,000 for buyers who violate the ordinance. Beyond the city-imposed fines, the legislation also establishes a "private right of action," which means you, as a homeowner, can sue a predatory buyer in civil court. This provides a powerful tool for recourse if you are harmed by these tactics.

4. It Combats Displacement and Protects Generational Wealth

As Mayor Bruce Harrell noted when signing the bill, predatory home-buying practices have disproportionately targeted communities of color, contributing to displacement and hindering the building of generational wealth. This law is a powerful step toward ensuring that long-time residents can stay in their homes and communities, protecting the equity they have built over the years.

How This Empowers You as a Homeowner

If you're a long-time resident, an elder, or simply someone who is approached with an unsolicited offer, this new law shifts the power dynamic in your favor. Here are my recommendations for navigating this new environment:

• Don't Rush into a Decision: If you receive an unexpected offer, remember you have a full 10 business days to consider it. Use this time wisely.

• Insist on an Appraisal: Take advantage of the buyer-paid appraisal. Knowing your home's actual value is your best defense against a lowball offer.

• Talk to a Professional: Before signing anything, consult with a trusted real estate agent and legal counsel. The new law is designed to give you this opportunity.

• Know Your Value: The Seattle market is competitive, and your property could be worth more than you think. A real estate professional can provide a market analysis to show you what your home might sell for on the open market.
  

Your home is a valuable asset, and being informed and empowered is key to protecting it. As your local real estate expert, I'm here to help you understand your options under this new law and ensure you get a fair deal. For a confidential consultation, please call me at 253.777.6653 or email me at joana@joanaevans.com today.