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Real-estate groups, AARP and investors back HB 287 to curb predatory wholesaling; advocates urge wording changes
Summary
Supporters of HB 287 told the House Development Committee the bill's disclosure requirements would curb deceptive real-estate wholesaling that can target seniors and distressed sellers; some witnesses urged licensing and broader disclosure language and AARP recommended cancellation windows and contact limits.
Seth Task, a past president of Ohio Realtors, told the House Development Committee that House Bill 287 would create disclosure requirements for real-estate wholesalers and help protect homeowners who may be financially distressed or unaware that a wholesaler intends to assign a contract rather than take title.
Task described the practice: "Wholesaling is the practice where a wholesaler presents themselves as a genuine buyer and enters into a contract to purchase a property with no actual intention to buy it themselves," then assigns that contract to a third party…
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