REO Buyers May Pick Title Company

If you're a homebuyer in today's market, the deeply discounted real estate is definitely there. But if you're distressed by the fact that sometimes the bank wants to call all the shots and you seem to be playing only their game, this news might comfort you a little.

The California Association of Realtors claims that "new language" in AB 957 - Choice of Escrow Bill - "protects fair negotiation over settlement services" like title and escrow providers. So basically, if the seller wants to pick a specific title company they will have to cover title and escrow expenses.

So if you're a homebuyer out there, don't assume you cannot pick title and escrow companies. The new bill claims to impose new penalties on banks who violate this law.