Finally!  Buyers have the choice of using a local escrow office to handle the transaction, thanks to the California Assembly Bill 957 - "The Buyers Choice Act".  This bill was signed on October 12, 2009 and is now a law in the state of California (only). 

I believe we will need to put our choice on the original contract just to be sure we get it for our buyer.  When the seller (bank) choses they usually chose a company that is located either back East or in Southern California.

If you don't ask..... you probably will not get the escrow office that you want.

UPDATE!

Updated news:  As it turns out this Bill may have holes in where the seller can still get it back to them getting the escrow company of their choice instead of the buyers, but either:

1.  Not choosing offers that ask for the choice of local escrow company or

2.  Bank countering back (on bank's addendum) with the name of their choice of escrow company - which means the buyer will either return the addendum signed and agree to all the terms or they may find that they will not get the property! 

Either way, its a loop hole that may not be to the advantage of the buyer.  This is a "stay tuned" possible improvement.  As it turns out.....The judgement/advantage is still out on this one....

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CHECK OUR WEBSITE: http://www.motheranddaughterrealty.com

Did you know?

K12 Teachers, School Employees, Educators, Members of State Public Employee Pension System, Judges Pension System and Legislators Pension System are eligible for down payment assistance for the purchase of a new home.

And now with the Tax Credit getting the extension approved as well enhanced credit for all new buyers, plus the market situation -- it is well worth the above groups as well as non public service buyers to get up and get a move on in purchasing a new home.

Need an agent?  Give us a call!

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Fannie Mae offers - Deed for Lease Program instead of immediate foreclosure. this is another option rather than foreclosure or Short Sale.

If you do not qualify for a loan modification or have failed a loan modification plan you may be in luck to get in this Fannie Mae Deed for Lease Program.  If your property is a Fannie Mae property you may qualify for the Deed for Lease Program that Fannie Mae just announced.  This program can prove to be very useful and a stress reliever for homeowners that need more time to get their finances in order before completely moving out of their home.  It beats a foreclosure no matter how you look at it.

Borrower must be willing to transfer their property to the lender by completing a deed in lieu of foreclosure and then lease back the house at a market rate.

There are some guidelines that you must meet - here they are in a nutshell: In order to qualify you must meet these basic requirements:  If you answer yes to the questions below, contact your Fannie Mae representative to see if you can get started with this program to avoid foreclosure and evictions.

1.  Is this a Fannie Mae property - Don't know?  Go to: http://loanlookup.fanniemae.com/loanlookup/

2.  Are you living in your property and is it your primary resident?  ** TENANTS may qualify for this program as well

3.  Can you afford to pay a monthly rental that is no more than 31% of your gross income.  Also, that you are willing to take the commitment to pay the rental - on time.

4.  Do you have a second lien and are you able to get them to release you from any obligation of that loan?

Need more information on this program?  Go to www.efanniemae.com.  This is another avenue/option of options to avoid foreclosure? 

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This is the best news for Short Sales that I've heard in a while.  I am researching to see if I can get a list of other banks/lenders that are doing the same or similar programs. 

Homeowners: please check with your agent to see this program is something your bank/lender is willing to do.

Stay tuned and Thank you Mike.

This is the best news for Short Sales that I've heard in a while.  I am researching to see if I can get a list of other banks/lenders that are doing the same or similar programs. 

Homeowners: please check with your agent to see this program is something your bank/lender is willing to do.

Stay tuned and Thank you Mike.

I've been so busy working on the listing side, I have not been noticing the variety of Agent Confidential remarks that are popping up on the listings these days.

This one is one that is becoming more popular and annoying:

Buyer must be pre-approved with the "seller's sponsored mortgage company" - not required to use this lender, can use your own.  This requirement can delay a buyer from putting in an offer in time to be considered, the way properties are moving into Pending these days!  While the buyer is trying to get in touch with the bank's sponsored Mortgage consultant, the property is now in Pending!!!

It works better or faster when the seller require that the buyer is pre-approved by a direct lender -- doesn't it???  And I wonder when this will catch on with short sales too - or will it?

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Dear Listing agents:

Can one of you please explain to me why it is necessary to have the buyer bring the earnest money deposit to you PRIOR to placing the offer?  Is this a way to tie up the buyer's money, with a strong probility that their offer will not be accepted by the seller in the first place and this can delay them from being able to accept another offer and have their earnest money handy to send in to escrow and get the transaction moving on something their offer was accepted???

And will this catch on with Short Sales later on? 

Is this fair to buyers that don't even know if their offer is going to be accepted?

Please advise.

Signed concerned agent.

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This is a really good post, well worth re-blog.  Thanks, Ken!

News release:  CIT has filed for bankruptcy.  OK this might not be a surprise, but has anyone figured out what they did with the $$$$ Millions they got just a few months ago.  Did they too get bonuses all distributed and spent and then went into bankruptcy?

Now what about all the homeowners are caught up in this bank and where are all the mortgage loans going or are they already sold away.... and if yes - where did that money go?  What role did this bank play in the foreclosure/Mortgage crisis?  How many short sale requests did they deny?

These and many many more questions, we will probably never get the answers to.  And now all we can do is wonder which bank will be the next to fall?  And how long will it take it rise it head again?

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Just some quick reminders that there are few basic behaviors that us agents need to continue to do - no matter what the situation is.  In real estate... Haunting time is not just at Halloween if you get too loose with your procedures.

• Buyer Repair Bills - Remember Buyers are quick to agree to purchase AS IS - WHERE IS: But after purchase and the repair bills start to kick in, they forget the AS IS WHERE IS and start looking to blame someone for all the problems they are having with the property! So to protect your buyers and all others...

Recommend that the buyer request from the seller or they GET A HOME PROTECTION PLAN

* Old Republic Home Protection Plan is a good one.

• Buyers not getting a Home Inspection???   Remember buyers tend to forget that you "bugged" them about getting an inspection after the purchase.  So to protect your buyers and all others involved....

Recommend, recommend the buyer to get an inspection FIRST.. if they refuse (have them sign a waiver)

• Buyers would not get a Termite Inspection?? Remember buyers say it doesn't matter, but it will later on!

Recommend, recommend the buyer to get an inspection FIRST.. if they refuse (have them sign a waiver)

• Buyers not asking for more from the seller... ie. 1/2 escrow fees, transfer fees (escrow & closing fees): When its time to close, the buyer begain to feel they are paying too much to close???  That the seller should make more repairs - or all repairs even costmetics????

Recommend that they ask for what they want upfront in the initial offer submitted.  Do not try to ask for less in order to get the offer and then bumbard the seller with addendums to increase the concessions.  MIGHT NOT work - then you run the risk of loosing your deposit if you do not go through with the sale.

These are just a few of the "Haunting" situations that buyers find themselves in after they have submitted the offer, purchased the property and have no place to turn or no one to blame.... but they will!

For more information... Check out our Website and our Blog... - Website: http://www.motheranddaughterrealtyteam.com - Blog: http://activerain.com/brooksrm2042 - Check me out on Facebook

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