(The Center Square) – A new proposal from Seattle Mayor Bruce Harrell would create regulations targeting predatory homebuying practices in the city.
Council Bill 121039 would require potential homebuyers to disclose rights to the current homeowners, including how to access fair market value of the property and their rights to appraisal.
Harrell’s proposal would allow the city to fine any person or business that does not comply with the new regulations. According to a presentation to the Seattle Housing & Human Service Committee on Wednesday, violations may result in penalties ranging from $7,500 for a first violation to $10,000 for second and subsequent violations…