Update from Think Realty Government Relations Committee

by Abhi Golhar

• New Jersey foreclosure auction financing. Bidders, including homeowners, whose intention is to occupy the property for a period of 84 months can pay a 3.5% deposit instead of a 20% deposit. What does this mean? Prospective homeowners will give real estate investors more competition during the bidding process as the homeowner will have a distinct advantage. Since it makes real estate investors look bad if we fight the homeowner, the GRC decided to leave this matter alone. If you’re a real estate investor and feel strongly about any of these issues, we’d love to hear from you. •

eal estate investors and housing providers must pay attention to any legislation that may affect their world. The mission of the Think Realty Government Relations Committee (GRC) is to champion your ideas and feedback R

on important legislation and make them heard. During the last few months, we unpacked and discussed the following issues:

• California Flip Tax (AB 1771). This legislation would charge an additional 25% tax on profits generated for homes sold within three years of ownership. • Double closing 48-hour wait requirement in South Carolina. This was an attempt to remove real estate wholesalers from participating in deals in South Carolina. The consenses of the GRC is to leave this matter alone for now.

Abhi Golhar is a real estate investor, entrepreneur, three-time nationally syndicated radio show host on the Wall Street Business Radio Network, and media figure, whose experience encompasses print, podcasting, radio, and television appearances.

74 | think realty magazine :: july – august 2022

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