The California State Senate passed a bill Wednesday preventing lenders from requiring the use of a specific title or escrow service provider for a buyer of real estate-owned (REO) property.
 
AB 957, or the Buyer's Choice Act, passed the senate, 33-4, after lawmakers adopted an urgency clause on Sept. 1. The legislation awaits Gov. Arnold Schwarzenegger's signature and will take immediate effect upon being signed.
After its introduction in February, the senate passed the bill on May 13, 77-0. Amendments were attached, and the bill went back to the senate for its enrollment in September.   Current federal law prohibits a seller of property to be purchased with federally assisted mortgage loans from dictating to the buyer to purchase insurance from any particular company. The Buyer's Choice Act expands that policy to single-family REO property until Jan. 1, 2015.   The Act does not prohibit a buyer from accepting a title insurer or escrow agent recommended by the seller if written notice of the right to make an independent selection is provided. Sellers caught violating the Buyer's Choice Act are liable to the buyer for three times the amount of all charges made for the title or escrow service.

Call Crescent Moon Realty, & Land N Sea Auctions. @1-888-882-1198 Ext 111.

 

Being a real estate broker takes on the form of leadership. The agent/broker role is to lead the client through the home purchase or sales process and serving them with the highest customer service standards. Crescent Moon Realty, Inc & Land N Sea Auction goal is to help the client achieve as many of their goals as possible - so that both parties feel that they are in a win-win.

Find out the benefits to selling or buying a home traditionally or non traditionally ---Contact us @ 1-760-650-2157 Or visit our websites @ www.LandNSeaAuctions.com or CrescentMoonRealty.biz.

Lorraine or Loretta

 
This post has been included in California Real Estate News
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1 Comments on Buyer's Choice Act ---Soon To Be New Law --- When Choosing Title & Escrow on REO's.

SEP
15
2009
561,252 Points 3 Featured Posts Outside Blog Called Shot Master

Lorraine & Loretta,  In our experience we haven't found much in the way of Seller's dictating specific title companies.  But tripling the escrow fees as damages to the Buyer sure lets the "Seller Beware".  Thanks for posting.
11:16am • #1


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Lorraine or Loretta Kratz-Certified Negotiation Consultants (Crescent Moon Realty, Inc. & Land N Sea Auctions.) Rainmaker_large

Lorraine or Loretta Kratz-Certified Negotiation Consultants

San Marcos, CA

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Crescent Moon Realty, Inc. & Land N Sea Auctions.

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