REMARKS
Explanation of proposed legislation: Introduction 888
0:05:23
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57 sec
Council Member Hudson explains her proposed legislation, Introduction 888, aimed at protecting homeowners from predatory buyers.
- The bill would require purchasers to disclose in writing the estimated market value of a residential property when making an unsolicited offer.
- This requirement applies to properties that:
- The owner has not listed for sale
- The owner is not actively selling
- The owner did not intend to sell
- The owner was unaware of their ownership
- Benefits of the legislation:
- Protects homeowners from being taken advantage of by potential buyers
- Ensures owners have information to sell their home at a fair price
- Discourages potential buyers from knowingly making low offers
- The council member looks forward to the administration's feedback on this legislation.
Crystal Hudson
0:05:23
Before I close, I wanna highlight my bill, introduction 888.
0:05:26
This critical legislation would require that when a purchaser submits an offer to buy a property that the owner has not listed for sale, is not actively selling, did not intend to sell, or where such owner was unaware of their ownership of the property, that the purchaser must disclose in writing in a clear and com conspicuous manner the estimated market value of the residential property.
0:05:47
If enacted, this legislation would protect homeowners from being taken advantage of by potential buyers and would help to ensure that owners have the information they need to sell their home with the confidence of knowing that they are getting a fair price.
0:05:58
It would also discourage such potential buyers from seeking to take advantage of homeowners by knowingly making low offers.
0:06:04
This legislation would be another valuable tool that the city can use to ensure that New Yorkers can remain in their homes, retain the value of their properties, and be free from harassment by forces that seek to take advantage of them.
0:06:16
I look forward to the administration's constructive feedback on this legislation.
