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With financial stress worsened by COVID-19, I worry more about folks-especially older folks in gentrifying nabes- getting preyed upon by predatory investors looking to take advantage of difficult times..1/5
@WestmorelandATL @KeishaBottoms @Andre4Atlanta https://blockclubchicago.org/2019/09/18/developers-face-up-to-10000-fine-for-harassing-homeowners-to-sell-under-new-city-rule/
@WestmorelandATL @KeishaBottoms @Andre4Atlanta https://blockclubchicago.org/2019/09/18/developers-face-up-to-10000-fine-for-harassing-homeowners-to-sell-under-new-city-rule/
… to scoop up properties for well below true value. Not sure the Chicago approach above is likely to be the most effective one - but local & state governments concerned about #RacialWealthGap & racial justice need to address predatory homebuying. One idea to consider is... 2/5
...to require investors or "wholesalers" to present homebuyers w/ a legitimate home value estimate before allowing valid contract to be signed. Should be a valid estimate from acceptable automated valuation model (AVM) vendor, e.g. a Zestimate (Zillow estimate). If the AVM...3/5
...value is more than X% above offered price, some additional protections should kick in, including perhaps an extended period of time to cancel the sale and the ability to obtain a fee appraisal. If fee appraisal shows value is more than Y% above contract price, the... 4/5
...seller should have the option of cancelling the contract. 5/5 @stephannnnie @wmariano @ThatSeanKeenan @emilymbadger
