REO Buyer's Gain More Control Over Services

REO Buyer's Gain More Control Over Services

Anyone who has been involved in an REO purchase knows how strict the sellers contracts are. Up until now REO sellers have required buyers to use the sellers choice of escrow and title (so the sellers can negotiate a special rate for the volume). This has left many buyers (and buyer's agents) frustrated with an escrow that is out of the area (which eats up precious time when sending documents) and often over worked, difficult to reach, and difficult to work with in general.

As of October 11, 2009, buyers need no longer be bullied by REO sellers. The "Buyer's Choice Act" prohibits an REO lender selling residential property from requiring the buyer to use escrow or title services from any particular company. This new law comes with the penalty of up to 3 times the normal charges the buyer incurred to any REO seller who violates. The seller's agent may be subject to disciplinary action of their license as well.

visit: http://www.equityinmotion.net for local san diego and chula vista real estate and financing info.

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