natural hazard disclosure report class action settlement

California home sellers who sold a home in recent years might qualify to get cash back. It depends on whether a seller qualifies as a class member under the Property I.D. Natural Hazard Disclosure Report class-action settlement. A class-action lawsuit was filed against Property I.D. and a handful of California real estate brokerages, claiming brokerages violated the federal Real Estate Settlement Procedures Act (RESPA) and California's Unfair Competition Law by receiving kickbacks for referring business to Property I.D. Some brokerages believed they could get around RESPA by forming joint ventures with Property I.D. The lawsuit stems partially from the fact this relationship was not disclosed to the sellers who paid for the NHD reports.

The defendants denied the charges. Although the Court did not reach a verdict, all parties decided to agree to a settlement.

If you were a home seller in California, you may participate in the settlement if you sold a home through RE/MAX (August 23, 2000 through February 28, 2003); Century 21 (July 31, 1996 through June 30, 2006); or ERA Real Estate (July 31, 1996 through June 30, 2006) -- and in southern California only: Coldwell Banker (July 31, 1996 through June 30, 2006) or Prudential California Realty owned by Pickford Realty (July 14, 2000 through August 16, 2005).  The home must have been your principal place of residence or vacation home. Rentals, commercial, vacant land or agricultural over 25 acres does not qualify. The home must have been purchased by a buyer who financed the transaction by taking out a mortgage.

You need to fill out a NHD Report Settlement Claim Form to participate in the class-action settlement. Payments will vary between $99 or $114 and depend on how many people submit the claim forms. There are several settlement classes, depending on which brokerage the seller hired.

The case, Berger v. Property I.D. Corp., will be heard on January 26, 2009 at 9:30 AM, at which time the Court will consider disbursement. For more information, go to Natural Hazard Report Settlement web site.

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Elizabeth Weintraub is an author, home buying columnist for About.com, a Land Park resident, and a Land Park real estate agent who specializes in older, classic homes in Land Park, Curtis Park, Midtown and East Sacramento. Weintraub is also a Sacramento Short Sale agent who lists and successfully sells short sales throughout the four-county Sacramento area. Call Elizabeth Weintraub at 916.233.6759. Put 35 years of real estate experience to work for you. Broker-Associate at Lyon Real Estate. DRE License # 00697006.

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Lyon Real Estate is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. Photo: Unless otherwise noted in this blog, the photo is copyrighted by Big Stock Photo and used with permission.The views expressed herein are Weintraub's personal views and do not reflect the views of Lyon Real Estate. Disclaimer: If this post contains a listing, information is deemed reliable as of the date it was written. After that date, the listing may be sold, listed by another brokerage, canceled, pending or taken temporarily off the market, and the price could change without notice. It could blow up, explode or vanish. To find out the present status of any listing, please go to elizabethweintraub.com.

 

 
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13 Comments on California Home Sellers May Get Cash in Natural Hazard Disclosure Class-Action Settlement

OCT
17
2008
565,047 Points 38 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master

Featured @ Club Chaos
10:32am • #1
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Thanks for the feature, C. :)

elizabeth weintraub sacramento real estate agent in land park
10:55am • #2
1,262,465 Points 2 Featured Posts Outside Blog Hit Router

Elizabeth

It amazes me what a wealth of information you are.

Sure is cold her in Wisconsin.

Sincerely

Tom Braatz
12:21pm • #3
985,900 Points 106 Featured Posts Localism Sponsor Outside Blog

Hi Tom: It's going to be 82 degrees today in sunny Sacramento! <snicker>

elizabeth weintraub sacramento real estate agent in land park
12:24pm • #4
148,295 Points 5 Featured Posts Outside Blog

You always keep on top of things. Great job Elizabeth.
12:52pm • #5
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Hi Fred: If it concerns home sellers and home buyers in California, I try to stay abreast of the news. :)

elizabeth weintraub sacramento real estate agent in land park
1:13pm • #6
1,520,303 Points 112 Featured Posts Localism Sponsor Outside Blog Called Shot Master

Elizabeth:  I sat in on a RESPA class yesterday.  Fascinating stuff.  Evidently, more and more enforcment is being done every year.  The lawyer said the Feds are using the money they make in violations to hire more investigators. 
3:18pm • #7
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Ah, Chris Ann, sort of makes one yearn for the good old days when title companies used to wine and dine and pay for extras. :)

elizabeth weintraub sacramento real estate agent in land park
3:27pm • #8
565,047 Points 38 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master

Oh my word, what a career move. Good to know, Chris Ann.

Elizabeth, you are very welcome. 82 degree, eh? It's 58 over here. :-)

Fred, I'm with you, E is a fountain of information (LOL).

Tom, I feel for you. I have been cold all day. No bloody heat coming up. Geez...
4:50pm • #9
937,923 Points 51 Featured Posts Called Shot Master

Elizabeth - Well Shucks, I usually recommend Prop ID because I like their format.  But I've never taken a kick back for it :-)

I also liked your comment to Chris Ann about the good old days.  To me the "good old days" were when we had a one page contract, and absolutely no disclosures.  We kind of have the "no disclosure" thing going on now with all the REOs.  BUT, we have the buyers sign their lives away on disclosures with lines through them, and stating that the banks are exempt from disclosure. . .LOL!
8:38pm • #10
985,900 Points 106 Featured Posts Localism Sponsor Outside Blog

Hi Myrl: I recommend Property ID as well because they are insured for millions more than any other property disclosure company. But, I do remember the one-page contracts from the good-old-days, and I up you one. There were no home inspections, either. HA.

elizabeth weintraub sacramento real estate agent in land park
8:46pm • #11
NOV
06
2008

Hi Elizabeth,

Excellent way to educate everyone about this topic.  I remember back in the day when you could look at a FEMA map on the wall and determine if the property was in a flood zone and contracts were written on the hood of your car.  lol! 

By the way, there is much more to that insurance topic...  If interested, please let me know.  Have a great day! 

      
4:24pm • #12
985,900 Points 106 Featured Posts Localism Sponsor Outside Blog

Hi Marcie: Tell me more about that insurance topic. I am always interested in learning something new!

elizabeth weintraub sacramento real estate agent in land park
11:06pm • #13

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Elizabeth Weintraub, Sacramento Short Sale Agent, Land Park, East Sac, Lyon RE

Sacramento, CA

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Broker-Associate at Lyon Real Estate, midtown Sacramento. Selling since 1974. Home Buying Guide at About.com. Sacramento short sale agent.
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Author Bio: Elizabeth Weintraub is a Sacramento real estate broker, author, home buying guide for About.com, a Land Park resident, and a Land Park agent who specializes in older, classic homes in Land Park, Curtis Park, Midtown and East Sacramento. Weintraub is also a Sacramento Short Sale agent who lists and successfully closes short sales throughout Sacramento four-county area. Call Elizabeth Weintraub at 916.233.6759. Put 35 years of real estate experience to work for you.

 


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