North Columbus News

Ohio REALTORS have testified in favor of Senate Bill 155, aimed at regulating real estate wholesaling in Ohio. The testimony was delivered by Andrew Huffman, Vice President of Government Affairs for Ohio REALTORS, and REALTOR member Brian Bainbridge before the Senate Judiciary Committee. Written testimonies were also submitted by other members.

Real estate wholesaling involves entering into a contract to buy a property and then assigning that contract to an investor for profit, often without the seller's knowledge. This practice has been unregulated in Ohio and has affected elderly and vulnerable homeowners who may not know their property's true value.

Huffman emphasized the need for transparency and accountability in these transactions. He stated, "Having wholesalers clearly communicate their intentions to the homeowner will prevent deceptive practices and bring much-needed transparency to real estate transactions."

Bainbridge highlighted his concerns about wholesalers taking advantage of uninformed homeowners: "Many of these wholesale deals, the owner is typically older and not fully aware of the market value for their home." He described scenarios where homeowners receive less than their property's worth.

SB 155 aims to establish disclosure requirements and oversight of wholesaling transactions. Ohio REALTORS supports this bill and will advocate for its passage through the Senate committee process.