Does anyone know about WA State Wholesaling Laws & Title Closing?

Question

I would like to find out the WA State Wholesaling Laws & Regs and Title Company legal closing procedures in the state. I also would like to find out if Lease Option contracts are allowed by Wholesalers in WA State. Thank you. Shaunna Karlous

Jay Hinrichs · Answer

lot of Vancouver folks cross to PDX here is what the state of Oregon says about it.

The Agency is well aware that unlicensed “wholesalers” are rampant in our jurisdiction.  Addressing the problems is like trying to put out small individual fires in a forest that is burning.  The Agency’s investigations are complaint driven, so we rely heavily on the public, and our licensees to bring these individuals to our attention.

Thank you again for the information, if I have further questions for you during the investigation I will certainly reach out.

Best regards,

Frances Hlawatsch | Financial Investigator

State of Oregon - Real Estate Agency

Shaunna Karlous · Answer

Thanks much Liz! I have that.

Liz Cole · Answer

I think the link to WA Distressed Property law is here:

http://apps.leg.wa.gov/RCW/default.aspx?cite=61.34

Natalie Kolodij · Answer

http://apps.leg.wa.gov/RCW/default.aspx?cite=61.34.050

I would start off looking here - I believe this is the code section that covers our distressed home owner law

Shaunna Karlous · Answer

Appreciate the input Jay! Am trying to find a RE Attorney as we speak and will call Dept of RE. Have been also talking with several Vancouver WA title Co's but none are familiar or atleast are vaguely familiar of Assignments but not Double Closes. I will try to word it to them how you presented it. Very helpful! I will ask the RE attorney about the Lease Option contract.

Shaunna Karlous · Answer

Thank you SO very much Natalie for replying and your helpful info. It has been difficult to find the info I need on Wholesaling here in WA. I will definitely go to that class & learn more. I appreciate your help!

Natalie Kolodij · Answer

@Shaunna Karlous

We have a couple tricky things here regarding marketing to distressed home owners with regard to wholesaling. I HIGHLY recommend taking the 1 day class that REIAWA does on wholesaling. Shirley and her husband have been wholesaling here for decades and provide a ton of knowledge. Well worth the...$60? I think that the class is.

Check it out and feel free to shoot me a PM if you have questions. Also- Welcome to BP!

Jay Hinrichs · Answer

you could talk to the department of real estate and or look up the regs.. also a local RE attorney.

then you could call a title co.. and see if they allow A B C closings with B needing NO money.. most won't

I have not heard of options having any issue like Texas.