New state law cracks down on real estate abuse
Law goes into effect July 1
INDIANAPOLIS - A new state law will allow regulators to take quick actions against real estate agents involved in corrupt deals.
The Call 6 Investigators exposed Garden Home Realty and its owner David Garden last Nov.
Garden promised potential homebuyers that he could help them out of a foreclosure. He offered to make arrangements to sell back the properties to their mortgage holder.
Instead, Garden would move tenants into the properties and they would later find out the home was in foreclosure.
Lawmaker Woody Burton, R-Greenwood, said realtors that do this need to be stopped.
“These bad actors keep popping back up again and again in a bad economy. It is like hitting a moving target, we just keep going after them, keep going after them and I think criminal prosecution is the way to go after people, particularly, this guy with what was known as Garden Realty,” Burton said.
Starting July 1, regulators can immediately suspend a real estate agent’s license after three complaints.
Previously, the process was longer and allowed more people to become victims.
Garden has changed the name of his company to Five Star Homes.
Authorities raided the business a couple of weeks ago. Garden was fighting to get his real estate license back.
Follow Rafael Sanchez on Twitter: @rafaelontv
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