Summary Video For Wallace Acts 1 & 2

I believe the state of California is going to face the largest foreclosure crisis the state has ever seen if something cannot be resolved with regards to the California Fair Plan. The cancellation notices that are sent out based on roof conditions are the nail in the coffin, and sweeping changes are needed. I have put together a five-page breakdown of what has occurred in Lake County and how to fix this crisis. What I have written has been approved by various lenders and real estate brokers and has been submitted to our local representatives in Lake County and to our state representatives. I am hoping that a unity of the private and public sectors and sweeping bipartisan legislation in Sacramento would significantly slow down the cancellation process, keep people in their homes, and restore some faith in the State of California.

While homes are in contract, lenders should be able to provide a roof certification from a licensed general building contractor or a C-39 roofing contractor that the California Fair Plan will honor in order to avoid cancellations after homes have closed escrow. I believe these inspections should also restrict the licensed inspector from performing any work for 12 months in order to avoid bias from a conflict of interest. 

Home inspectors should be required to have a license in the state of California. Attached is a proposal titled Wallace 3 Act, which focuses on the need to restructure the entire home inspection industry. Wallace Acts 1 and 2 will create jobs where unlicensed home inspectors could still keep their businesses operating. However, for real estate transactions, they should be required to either have a license with the state or carry a general building contractor license.