Who falls under 'distressed home seller' category? | Jan Zufelt

Distressed Home Sellers

Dear Jan: We are confused. We heard on the news about a new law regarding “Distressed Home Sellers.” Who falls into this category?

DF & LL

Dear DF & LL: This law is brand new and became effective June 12. It was designed to protect home sellers, who are – or get this – think they might become behind on their house payments in the four months following listing their home, or once the home is listed and they fall behind on their house payments.

If the seller falls into this category they are a “Distressed Home Seller.” Real estate agents/brokers then have rules to follow and decisions to be made as to whether or not they want to be a “Distressed Home Consultant.” You may also be asking what the seller is being “protected” from.

Well, I am sure it won’t surprise you but there are unscrupulous people out in the world taking advantage of people who are in a financial bind. To protect the public, the legislature stepped in and created the law. Most local real estate offices have had meetings and classes to educate their agents on this new law, so if you fall into this category, know that locally you should be in good hands. Just ask your agent if they know the law.

Oh, and bottom line … at your listing appointment, don’t be surprised when your agent asks you, “Are you current on your house payment?” They aren’t being nosey; they must follow the law!

Email Jan Zufelt at janzufelt@telebyte.com.