March 17, 2009
Legislation to enact the “Buyer's Choice Act” has been introduced in California. The bill, Assembly Bill 957, by Assembly Member Galgiani, would prohibit sellers of foreclosed properties, including beneficiaries and others who acquired the property at a foreclosure sale, from requiring a buyer to purchase title and escrow services from a company chosen by the seller.
A Sacramento television station has run a story mentioning the legislation and the fact that investigations are underway. The story is entitled “Banks Benefit From Foreclosure Opportunity - Buyers Required To Pay Unnecessary Fees."