3 comments | Sunday, October 18, 2009
I know we all try to stay up to date on what is happening in the world of real estate… here’s abit of information about real estate you might not have heard about on TV , the internet or newspapers…
AB957 is known as the “Buyers Choice” act… If passed, it will require that the buyers of property be able to select the closing escrow company, not the bank (REO or short sale transactions), as they do now.
Thousands of owners are losing their property in short sales and foreclosures (REO properties), the banks have been dictating to the buyers who they are to use for the escrow company… (at the buyer’s own expense).
This may be a good bill because in some cases, the banks are writing their own rules in the sale and closing of their REO and short sale properties… It’s true that the banks are losing millions of dollars in all of these sales of distressed properties which are all upside down (or under water)… Rules are rules… We’ve abided with the rules of real estate for many years and now we have a few banks dictating all NEW rules to buyers, sellers and real estate brokers… NOT Good… it’ll be good if this one passes…
Wow! When will this be voted on?
Not sure… but as soon as I hear will absolutely post it here… please keep checking my blog or add http://www.isiwu.com to RSS feed.. Thanks
Since you asked the question Ron… it prompted me to do some digging around… here it is… Assembly Bill AB957 was overwhelmingly passed and became LAW on October 12, 2009… Hooray for the little guys & gals!!…
This new law prohibits sellers, realtors, banks, lenders from dictating who the buyer has to use as the closing escrow co… for their REO (bank owned) or Short Sale properties. this does not apply to all real estate & only includes properties with 4 or less units (residential properties).
Please check back with me often at http://www.isiwu.com I welcome everyone’s questions and comments… its all about communication!…