KANSAS CITY, Mo. — You could say the practice of wholesaling residential properties has been changed forever in Missouri.
Missouri Sentate Bill 973 recently became law: wholesalers must now give the seller a written notice, 14 days in advance of signing a residential contract.
The state of Missouri defines a wholesaler as a person or entity who purchases a contract for residential property and transfers that contract to another buyer. The wholesaler collects a fee and the other buyer takers the legal title.
Best Offer KC Homebuyer's Mack de Lautour was happy to support the new law as it brings transparency to the forefront for the home seller.
"I think some people would be surprised to know with all of these people who say, we buy houses with billboards and commercials... many people actually aren't the home buyer. That's a wholesaler," explained de Lautour. "A home buyer consummates a sale and gives you the certainty of buying."
De Lautour shared a home seller should look for a disclosure and wholesalers also should be compliant with the law.
Good questions to ask before signing anything:
- Are you the one buying my home?
- Will there be anyone tracing through the property?
- Will there be showing activity?
- Will the closing date potentially change?
- Will there be any in earnest money?
To find out more information visit www.bestofferkc.com.