There is a new law awaiting Governor Schwarzenegger's signature that would allow buyers of foreclosed homes to choose their own title and escrow companies.
California Assembly Bill 957, also called the "Buyer's Choice Act," has been approved by the Assembly and the Senate.
If the governor signs the bill, which he is expected to, this will be GREAT news. How many of us have had bank-owned escrows go bad because of not having any sense of control over the transaction?
And with bank addendums putting such a premise on the escrow, it is more than fair that the buyer has a say in which escrow and title companies they feel comfortable with not only for logistics, but for fees as well.
Wow, this is one of the first things that I've seen in legislature that gives me some hope that we are "getting it".
