North Columbus News

Ohio REALTORS representatives testified this week before the House Development Committee in support of Senate Bill 155, which aims to introduce new disclosure requirements for real estate wholesalers in Ohio. The bill would require wholesalers to provide sellers with clear written disclosures, such as acknowledging that the buyer is a wholesaler not representing the homeowner, notifying that contracts may be assigned to another party, disclosing if an offer is below market value, and recommending that sellers seek legal or professional advice.

REALTOR Seth Task addressed the committee about the importance of these measures:

"SB 155 proposes creating disclosure requirements for real estate wholesalers to curb these dangerous practices and protect Ohio’s homeowners from exploitation. Having wholesalers clearly communicate their intentions to the homeowner will prevent deceptive practices and bring much-needed transparency to real estate transactions. Ohioans deserve to sell their homes in an environment free from predatory practices that strip them of equity, and this legislation provides essential protections against bad actors in the real estate industry."

REALTOR Brian Bainbridge provided an example from his experience:

"A few years ago I had a client that almost fell victim to a wholesaler, who was offering to wholesale property for $100,000, when their property was worth $150,000. I talked them out of it. The wholesaler’s job is to find a homeowner that doesn’t know any better – 75-80% of the time they target a senior citizens, and then con them into agreeing to part with the property for a fraction of what it is worth."

The committee also received twelve additional testimonies supporting SB 155, including written statements from three more REALTORS advocating for increased transparency in wholesaling.

Senate Bill 155 has already passed through the Senate unanimously and now awaits further consideration in the House. Ohio REALTORS plans continued advocacy on behalf of its passage.

Further details about SB 155 can be found at Breaking: Ohio Senate Unanimously Passes Senate Bill 155 (https://www.ohiorealtors.org/index.php?src=news&submenu=AdvocacyNews&srctype=detail&category=Advocacy+News&refno=3022), as well as information on prior testimony (https://www.ohiorealtors.org/index.php?src=news&submenu=AdvocacyNews&srctype=detail&category=Advocacy+News&refno=3013) and hearings (https://www.legislature.ohio.gov/legislation/135/sb155).

For official legislative tracking visit 136 General Assembly | Senate Bill 155 (https://www.legislature.ohio.gov/legislation/135/sb155).