The California State Assembly is about to vote into law a bill that could potentially change your real estate business forever. This fast-tracked Assembly Bill 957 is also called “The Buyer’s Choice Act” and is being sponsored by Assemblywoman Cathleen Galgiani.
Who is opposing this Bill? The same banks that asked the federal government for authorization to sell real estate directly to the public so they could bypass real estate agents. Banks wanted control before and they want it now. You can take back your rights and the rights of your clients by acting now.
The proposed law will empower agents by mandating that the choice of affiliate services is to be made by the buyer and their agents, not by the bank, on all REO transactions.
As you know, agents are often named defendants in lawsuits for inaccurate information or misinformation provided in reports by affiliate services. Recently, it has been revealed that some banks, escrow, title companies and REO asset management groups have been not only dictating which affiliate services are used in your transactions – despite your professional experience – but also in spite of the California law that holds YOU, as the agent, responsible for their bad choices!
Like you, we at RE Insider think the choice of affiliate services in REO transactions should be made by the persons who are ultimately affected, and not be controlled by banks and self-interested title companies.
In order for AB 957 to pass, the real estate community needs to come together and understand what is at stake if this bill is not passed. We need your “Yes on AB 957” help. Right now!
This bill goes before the Banking and Finance Committee this coming MONDAY, April 20th. Your support is needed NOW in the form of a fax or letter sent to the Assembly member of your area who sits on this committee or to the chair of the Banking and Finance Committee, Pedro Nava.
By sending your letter supporting AB 957 your Assemblyman will know that you support your buyer’s right to choose. All you have to do is identify where you work or live, print out, sign and fax the following letter to indicate your support.
Take back control of your transactions!
RE Insider News, Editor
Summary of AB 957
This bill will prohibit banks (sellers who acquired title to residential real property at a foreclosure sale) from requiring the buyer to purchase title insurance or use escrow services chosen by the seller/bank. And it would prohibit a seller/bank from, without good cause, disapproving the use of a title or escrow company chosen by the buyer.
Author of AB 957
Assembly Member Cathleen Galgiani
State Capitol, PO Box 942849
Sacramento, Ca. 94249
FAX (916) 319-2117
INSTRUCTIONS: Copy the following letter, and paste it into a Word document. Or click here to print directly. For your convenience, Assembly member contact information and representation areas are at the bottom of this ACTION ALERT.
Sign and fax this document today to both your local representative, and to the bill’s author, Assembly member Cathleen Galgiani, to demonstrate your support.
RE: Assembly Bill 957 – The Buyer’s Choice Act
Dear Assembly Member:
I am in support of the bill that will enact the Buyer’s Choice Act in residential real estate transactions in California.
I understand that this bill will prohibit banks (sellers who acquired title to residential real property at a foreclosure sale) from requiring the buyer to purchase title insurance or use escrow services chosen by the seller/bank. And it would prohibit a seller/bank from, without good cause, disapproving the use of a title or escrow company chosen by the buyer.
This bill will put the choice of affiliate services back where it belongs, with the consumer. Thank you for undertaking this important legislation in California.
(Street Address, City, State, Zip)
CC: Assemblywoman Cathleen Galgiani, FAX (916) 319-2117
Santa Barbara and Ventura Counties: Buellton, Solvang, Carpinteria, Goleta, Oxnard, Santa Barbara, Ventura
Assembly Member Pedro Nava – Chair
FAX (916) 319-2135
Alpine, El Dorado, Placer and Sacramento Counties: Auburn, Placerville, Rio Linda, Rocklin, Roseville South Lake Tahoe
Assembly Member Ted Gaines – Vice Chair
FAX (916) 319-2104
San Diego County: La Mesa, El Cajon, Santee, Lakeside, Winter Gardens, Bostonia, Granite Hills, Alpine, Harbison Canyon, Crest, Ramona, San Diego Country Estates, Rancho San Diego, Jamul, Casa de Oro – Mt. Helix, Jacumba, Campo, Lake Moreno, San Diego
Assembly Member Joel Anderson
FAX (916) 319-2177
Napa, Solano and Sonoma Counties: American Canyon, Calistoga, Napa, St. Helena, Santa Rosa, Vallejo, Yountville
Assembly Member Noreen Evans
FAX (916) 319-2107
Santa Clara County: Cupertino, Mountain View, San Jose, Santa Clara, Sunnyvale
Assembly Member Paul Fong
FAX (916) 319-2122
Los Angeles County: North Hollywood, Pacoima, Panorama City, San Fernando, Sun Valley, Sylmar
Assembly Member Felipe Fuentes
FAX (916) 319-2139
Los Angeles County: Artesia, Buena Park, Cerritos, Hawaiian Gardens, Lakewood, Norwalk, Santa Fe Springs, Whittier
Assembly Member Tony Mendoza
FAX (916) 319-2156
San Mateo and Santa Clara Counties: San Carlos, Redwood City, Menlo Park, Woodside, Portola Valley, Atherton, East Palo Alto, Palo Alto, Los Altos, Los Altos Hills, Monte Sereno, Los Gatos, San Jose
Assembly Member Ira Ruskin
FAX (916) 319-2116
Alameda County: Alameda, Oakland, Piedmont
Assembly Member Sandre Swanson
FAX (916) 319-2116
Los Angeles and San Bernadino Counties: Chino, Montclair, Ontario, Pomona, Guasti
Assembly Member Norma Torres
FAX (916) 319-2161
Orange County: Costa Mesa, Garden Grove, Westminster, Fountain Valley, Stanton, Anaheim, Newport Beach
Assembly Member Van Tran
FAX (916) 319-2168