North Columbus News

Ohio REALTORS are actively seeking legislative action to address the issue of predatory real estate wholesaling. This week, they advocated for Senate Bill 192, which aims to limit these practices. Rich Cosgrove from Keller Williams Legacy Group Realty and Andrew Huffman, Assistant Vice President of Government Affairs at Ohio REALTORS, presented their case before the Senate Government Oversight Committee.

Real estate wholesaling involves a middleman entering into a purchase agreement with a homeowner under false pretenses. The wholesaler then sells the contract to an investor for profit without disclosing their true intentions or taking ownership of the property. Vulnerable groups such as seniors and low-income homeowners are often targeted by these misleading offers.

Rich Cosgrove shared experiences from his Canton-based team about deceptive practices by wholesalers who pretend to be buyers but intend only to assign contracts for fees. He stated: "This person in my opinion was practicing real estate without a real estate license." His team’s vigilance prevented one seller from falling victim to such tactics.

Andrew Huffman highlighted the broader impact on Ohio's housing market, stating that these practices erode trust and exploit homeowners: “Wholesalers often indicate that they have the homeowner’s best interest in mind,” he said, “yet their main goal is to earn as much profit as possible for themselves.” Huffman emphasized that SB 192 would require greater transparency from wholesalers and protect homeowners from exploitation.

Testimonies supporting SB 192 were also provided by REALTOR members Linda LaFleur and Mary Vedda. Ohio REALTORS continues its advocacy efforts as this legislation progresses through the legislative process.

For more information about SB 192, visit the Ohio Legislature website.