AB 957 Galgiani (D-Livingston) This law will mandate that buyers of foreclosed homes would have the choice of using a local escrow office to handle the transaction. It also prohibits a seller of residential property from requiring the buyer to use an escrow service company or purchase title insurance chosen by the seller and would also prohibit a seller of residential property from, without good cause, disapproving the use of a title or escrow company chosen by the buyer.
This is Good News! If you have been involved in a purchase of a foreclosed home, you know that the escrow companies were forced on you by the seller. These companies, for the most part, were out of the area, over worked and simply not caring to your needs, since their client was the bank with the foreclosure. Terrible service is usually accompanied with these transactions. Now you can choose your own escrow company, a local company that you or your agent/lender has a relationship with. One that will care for your needs.
A small victory but one that helps!
Thank you,
Matt Steinmetz
Envoy Mortgage- Voted Top 25 Tech Savvy Lenders by Mortgage Technology Magazine
2151-P Salvio St.
Concord, CA 94520
Phone 925-671-9501 x119
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