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....
↑ Grab this Headline Animator
CHECK OUR WEBSITE: http://www.motheranddaughterrealtyteam.com
;)
;)
So sorry to contradict you but there is a completely legal way the REO vendors have to go around the bill. I consulted many attorney's on this issue and here is their response. "A counter offer is a mutual agreement by both parties to the contract" If the bank counters with their choice of title and escrow and the buyer wants the property the whole buyers choice goes out the window. The only thing this does is exactly what RESPA already does and does not allow the lender or their agent to mandate in advance of the contract (which is exactly what the counter will do) where the escrow will be held. This was a waste of good legislature time and effort in my humble opinon.