Posted by John Merchant on August 04, 2008 at 10:20:47:
WA AG McKenna says now that WA legis went much further than he, his dept and other groups pushing this new law wanted.
And now he and the others (NWMLS, WA Realtors, etc.) are going to go back and ask the WA Legis to unwind and redo this DPL next session beginning Jan 09.
Being a very astute politician, of course none of this was his fault or error. 
This whole sorry scene has been a real “heads-up” lesson for all of us REIs in WA.
You can bet that ANY new RE legislation is going to be read and studied by microscope from now on, by everybody really seriously involved in WA REI,from the time it’s first published.
WA AG speaking on DPL July 24 7pm - Posted by John Merchant
Posted by John Merchant on July 05, 2008 at 09:28:06:
As I’ve posted before, WA State has just enacted a set of laws regarding “Distressed Property” whereby almost anybody (including a RE agent) contacting a homeowner in foreclosure regarding buying out that HO and taking over his obligation to the foreclosing bank does then, automatically, become that HO’s FIDUCIARY.
This went into force June 12 so it’s brand new.
WA law now states that the that person contacting and offering to assist in ANY way, now becomes that HO’s FIDUCIARY and thus takes on a high duty of care to the HO…and is then effectively blocked, probably, from purchasing that home from that HO.
Just as the HO’s own lawyer could not buy that home, no other fiduciary ccould legally do so either.
Our AG, Rob McKenna has publicly announced our WA Legis. went too far and passed a much harsher law than he had presented or wanted and he (along with Realtors Ass’n and NWMLS)is going back to the WA Legis. next session to attempt to modify this set of laws.
AG Mckenna is going to be the speaker for Real Estate Ass’n of Puget Sound (REAPS) our biggest REI ass’n in WA, 7 pm July 24 @ Kane Hall, U of W main campus Seattle.
This will be your chance to ask AG RMc your questions about this new law, what he wants to do to it, etc.
I’d get there early as Kane Hall holds about 1000 and it’s likely to be packed.