Buyer’s Choice Act, uh huh…..
Oh me, oh my, the things we do in an attempt to make capitalism an easy and equitable thing for us all. I love ya, Cathleen, (AB 957) , and I understand what you were attempting to do, but sadly this bill, in my mind, has fallen on deaf ears or has just fallen flat.
I admire the attempt to put some of the business back in the hands of the local title and escrow companies and make life a little more bearable for all the REALTORS/real estate agents in the transaction. This bill gives the right to the buyers to choose the title and escrow company which in theory should save them some money. But the bank’s (REO/seller) response to AB957 is to add an addendum/disclosure to the already forest depleting amount of documents that informs the buyer that they have the right to choose the service provider (title/escrow) and that if they (the buyer) choose a provider, other than the one the bank uses, they will be responsible for the entire cost of title insurance.
I think Kris & Steve Berg say it best. The seller holds all the cards in this crazy market and if you want to play, well it’s their game, so you play by their rules. After all, isn’t it really the agent who knows which local title company can get the job done because of the relationships they formed over the so called “normal years?”
Frankly the CEO or marketing director of these local companies should get in there, roll up his/her sleeves, and get the business back the old fashioned way. With good hard work building relationships and showing the big bad banks how they can save money and time, or how we like to say, “the benifits”, of using local title and escrow companies.
In my humble opinion this too shall pass and we will soon be experiencing a new Real Estate market with a new set of rules and a new set of challenges. Until then, keep your proverbial chin up, and wade through the pages and pages of disclosures and rules changes. Remember what is most important; getting your clients real estate service providers at the best prices negotiable and to do it in a positive and supportive manner.
Kelly…
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I have figured out why the Title companies did not have their lobbyists work on our state government to demand that the banks use title and escrow in the county the properties are in. CAR and the lenders associations should have joined forces them to show power and unity. Instead all we got was AB957. It has hurt all of us and has cost many jobs at the local title / escrow companies.
Rick Clark
Thank you Rick,
While I’m not sure that we need more government involvement, it would be nice if the common sense in America and big business would come back to town and yes it is heartbreaking to see the families that have been torn aprt due to the loss of one income sometimes two because the majority of the sales in our counties are going to title and escrow companies in other counties and sometimes fdifferent states.
Thanks again for reading our musings.
Kelly…