California Governor Gavin Newsom issued an order to protect homeowners from 'unsolicited undervalued offers' for their fire-damaged properties. Critics argue that the order is performative and offers little real protection, while potentially harming homeowners looking to sell. The article also discusses the difficulties of defining 'undervalued' in this context and highlights the flaws in relying on state regulatory agencies for help.
for my property, typically from investors who don’t use a company name or last name. They often claim to have driven by the house and want this particular one. On occasion, a legitimate real-estate agent will contact me with a potential buyer, but I assume most of these are fishing expeditions from low-ballers and scammers.
It’s annoying, but people have every right to offer to buy stuff. They get the information from public records, but the value of having public records outweighs the annoyance of dealing with aggressive property seekers. I ignore and block them. I remember when the government claimed to protect Americans from unsolicited calls via thevowing to protect devastated owners in affected ZIP codes from unsolicited offers for their burned-out properties.
“As families mourn, the last thing they need is greedy speculators taking advantage of their pain,” the governor said in a. “We will not allow greedy developers to rip off these working-class communities at a time when they need more support than ever before.” Specifically, the order bans for three months “unsolicited undervalued offers” and directs the Department of Real Estate and other agencies to inform owners of their rights.
It’s easy enough to understand “unsolicited,” but how does one define “undervalued”? What is the value of a destroyed property that will require demolition, remediation, permitting reviews and total rebuilding? It’s whatever the market will bear. In many cases, property owners will take their insurance settlement and be thrilled to sell theAnyone who thinks state regulatory agencies will help them doesn’t understand how these agencies actually operate.
POLITICS REAL ESTATE REGULATION GOVERNANCE CALIFORNIA WILDFIRES
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