Proposed legislation aims to protect homeowners from repeated below-market cash offers, with penalties up to $2,000 per violation.
Seattle lawmakers are advancing a Do Not Solicit list to curb persistent, low-ball cash offers on homes, targeting solicitors with fines between $1,000 and $2,000 per violation. The measure follows complaints from homeowners, including a 74-year-old woman repeatedly offered $400,000 to $500,000 for a $900,000 property.
The proposal mirrors protections already in place in Philadelphia and New York. Homeowners on fixed incomes, such as Social Security, risk losing hundreds of thousands in equity by accepting below-market offers, which can also trigger higher Medicare premiums and taxable Social Security benefits.
If enacted, the rule could set a precedent for other cities where long-term homeowners face similar pressure tactics. The legislation reflects growing concerns over predatory practices in high-value real estate markets.