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What you need to know about Washington State's NEW Distressed Property Law

Governor Gregoire has signed SB 5221, the NEW Distressed Properties Law for Washington State. Here are some Highlights as reported by Washington Realtors®.

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Effective immediately, the Distressed Property Law has been revised. There is now a general exemption for all real estate agents and brokers who provide real estate services pursuant to the Agency Law. 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.

Finally, under the revised law, a distressed property does not have to be owner occupied but seller does have to have lived in the residence within 180 days of when the purchase agreement was signed or closed. Also, condo units in buildings with more than four units can be distressed properties.

"With this bill, we will have overcome an important hurdle on the path to reviving our housing market," said Greg Wright, President of Washington REALTORS®. "Being able to help homeowners prevent foreclosure is a real key to stimulating the real estate market and critical to economic recovery.

These solutions are the result of extensive work by an alliance of interests that REALTORS® forged with consumer advocates, the Attorney General, Department of Licensing and Financial Institutions and legislators (especially our bill sponsors, Sen. Rodney Tom and Rep. Roger Goodman), all focused on the goal of protecting consumers while ensuring that professional real estate assistance isn't hindered, especially at a time when homeowners need that assistance the most.

source: Washington Realtors®

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Additional Real Estate Resources:

Help me to Avoid Foreclosure - Foreclosure Prevention Tips

The Trey Affolter Team, Keller Williams Realty, always welcomes comments and is available to answer questions about Tacoma Real Estate and the surrounding cities within Pierce County Real Estate, South King County Real Estate, and North Thurston County Real Estate. 

253-222-6000

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