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Bank Owned real estate sales - another step toward fairness for buyers

AB 957 will ensure that home buyers can use local escrow services to provide better service at lesser cost in the purchase of Bank Owned houses.

It is about time that the banks were forced to do what they should have been doing anyway. From now on, REO sales will not be forced to use the bank hand-picked services (and service is not what they are about). We are talking about escrow providers as well as title companies. California "got it right" this time - let the free market, not the banks, pick the best "service" suppliers for real estate transactions.

Why it took so long for legislation to see the light is amazing -- Banks were contracting for the lowest bidders for services, and then everyone else was left to suffer the poor or inferior service. That has all changed now -- life will be a little bit easier and way more fair.

Check for comparable neighborhood prices at www.foustonline.com, Home searches will help you to see what the market is saying. Also review neighborhoods to get a comparison of the areas.

Posted by Robert Foust |North Orange County | Fullerton Real Estate | Brea Real Estate on 10/16/2009 05:53 PM

Comments (3)

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Originally posted at: Foust Team Real Estate Blog: Bank Owned real estate sales - another step toward fairness for buyers

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3 Comments on Bank Owned real estate sales - another step toward fairness for buyers

OCT

I am all for this but it really will not change until it is enforced I just went on our mls and new listings and found some that say must use or Please use this escrow. So until there are some complaints filed and the most important thing that agents need to know is that even the selling agent can be penalized.

You are right about the enforcement - I am sure that I will have to remind the banks about the new law. They do not learn easily.

NOV

Well, it would be easier to be able to use the title company we have a relationship with but there are other considerations. Does the buyer have the extra bucks to pay for all of the closing costs that the bank would have paid for?

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