Many homeowners in Philadelphia receive repeated calls, letters, and visits from “We Buy Houses” residential property wholesalers offering cash to buy their homes or other property they own. Often, these wholesalers target people who are going through financial hardship and use high-pressure tactics to convince homeowners to sign agreements to sell. They target homeowners in neighborhoods with rising home values, especially in Black and Latinx communities.
These wholesalers often offer far less than the actual value of their property. As a result, long-time homeowners lose valuable wealth and family homes are lost.
This legislation would:
- Require residential property wholesalers to provide homeowners with a Bill of Rights at least three days before a sale.
- Require residential property wholesalers to be licensed with the City and follow a code of ethics.
- Give homeowners important new rights when residential property wholesalers do not follow the law.
- Create a Do Not Solicit list that homeowners can join if they do not want to receive solicitations to sell their house.
- Assesses a fine of up to $2,000 if a wholesaler tries to get homeowners on the Do Not Solicit list to sell their home.