Buyer's Choice .... another improvement in the REO world!

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....

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