You Choose the Title and Escrow Provider for Your El Dorado Hills Mortgage

By
Mortgage and Lending with WealthWise Mortgage Planning, a Division of American Pacific Mortgage Corporation NMLS #1850 NMLS 244226

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.”El Dorado Hills mortgage

 

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!

 

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What Does Title Insurance Protect Me from?

 

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Are you home shopping in El Dorado Hills? I can help you with mortgage financing!  Please call me at (916) 849-9200!

Comments (6)

Ralph Gorgoglione
Maui Life Homes / Metro Life Homes - Kihei, HI
Hawaii and California Real Estate (310) 497-9407

I think this is great news.

Our Title rep spoke about it this morning, and he is just esctatic about it.

I'm glad, because the banks should not be dictating what the real estate transactions involve.

Oct 13, 2009 05:26 PM
Tim Lorenz
TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA
949 874-2247

I have seen the problem first hand also.  We are suppose to have the power but will they go along with the choice or choose a different offer.

Oct 13, 2009 05:27 PM
Mick Michaud
Distinctly Texas Lifestyle Properties, LLC Office:682/498-3107 - Granbury, TX
Your Texas Lifestyle is Here!

Makes you wonder that they have to pass a law to allow competition.

Oct 13, 2009 05:34 PM
Ed Gillespie
WealthWise Mortgage Planning, a Division of American Pacific Mortgage Corporation NMLS #1850 - Folsom, CA

All great points, especially about passing a law to allow competition.  What a concept! Thanks for your feedback Ralph, Tim, and Mike.

Oct 13, 2009 05:43 PM
Steve, Joel & Steve A. Chain
Chain Real Estate Investments & Mortgage, Steve & Joel Chain - Cottonwood, CA

Ed, Some people/businesses do right because it's right and some do right because it's the law. Thanks for posting.

Oct 14, 2009 01:45 AM
Ed Gillespie
WealthWise Mortgage Planning, a Division of American Pacific Mortgage Corporation NMLS #1850 - Folsom, CA

Thanks for the comment Steve!  I would like to believe that most of us in this business govern ourselves and do the right thing for our clients.

Oct 14, 2009 05:17 PM