OLYMPIA – A bill to ensure transparency in solicited real estate transactions has cleared the House of Representatives. Sponsored by Rep. Brandy Donaghy, D-Mill Creek, House Bill 1081 requires companies that are soliciting real estate contracts must inform homeowners of their rights, which include the right to an appraisal. Such transactions often happen without homeowners having a full understanding of what they are getting into. Additionally, the legislation would require soliciting companies to pay for appraisals, since they are the initiators of the transaction.
“This is about transparency and fairness,” said Donaghy. “I believe that companies should be responsible and transparent when they are asking homeowners to sell their property. We shouldn’t be operating under a ‘Seller beware’ mindset. These companies are asking for home sales, they should be transparent and foot the appraisal bill.”
House Bill 1081 passed off the house floor with a 56-39 vote and now heads to the Senate for further consideration.
“Many of these companies are not operating in a predatory manner and are treating homeowners fairly. Some are not,” continued Donaghy. “That is why some basic seller protections are needed to ensure no one is taken advantage of.”
The 105-day session is slated to end on April 27.