You Choose the Title and Escrow Provider for Your El Dorado Hills Mortgage
In 2009, the Governator signed AB 957, also called the “The Buyer’s Choice Act.”
With that signature, buyers of residential, 1-4 unit foreclosed properties in California could select their own title and escrow companies. Previously, banks and their representatives required REO property buyers to use a particular title or escrow company. Some even went so far as to not entertain offers from buyers who requested to use a different title and escrow company. If you think this sounds unethical, unfair and detrimental to competition, you’re right! The consumer deserves the right to select local service providers that charge less and provide better customer service.
As a El Dorado Hills mortgage broker, I have seen the problem first hand. Prior to the law being implemented, I had three REO purchase transactions where the asset manager for the bank required the buyer to use title and escrow companies in Southern California. The fees charged were higher than those charged by the local competitors and their service was terrible.
So, remember, El Dorado Hills home buyers! You have the power to choose!
Are you home shopping in El Dorado Hills? I can help you with mortgage financing! Please call me at (916) 849-9200!