Distressed Property Law Changes Realtor® Liability

Changes to the Distressed Property Law have passed both branches of the Washington State Legislature and the bill is headed to Governor Gregoire’s desk for signature. You can read the piece of legislation here. Agents are now exempt “from the definition of “distressed home consultant” when the broker or salesperson is providing services governed under the real estate brokerage laws and the services do not result in a distressed home conveyance.”

Realtors® had been unhappy when their liability increased under the original Distressed Property Law. Many Realtors were refusing to list short sales because of the risk leaving potential clients wade the murky foreclosure waters on their own. Things began to change in early 2008 as the foreclosures began to pile up like. Now thanks to the pending law change Realtors® are now exempt from the DPL. However, not all Realtors® are trained to deal with foreclosures, so make sure your Realtor has attended a certified course and knows what he or she is doing.

Check out Seattle Foreclosures here.