This has been a pet peeve of mine for a while – it’s about time we get more righteous Consumer compaints.
Many of us in the Real Estate Business have been involved in a Bank Owned Property Sale in which the Asset Manager for the bank/investor stipulate in their “contract addendums” the requirement that a “preferred” Settlement/Escrow Company is to be used.
Most of these companies are in Southern California, have business practices foreign to Northern California and they have been known to “pad their fees” to the detremint of many our buyers.
Here’s a link to a Trulia Q & A that I answered from a concerned Buyer going through this process now. You’ll see the responses from other Real Estate Professionals as well. We hope that this will help you or a friend if you going through this experience.
We’d like to know about other instances so if you or someone you know is getting burned… please let us know.
I hope this helps.
Make it a Great Day.
Ed Favinger, Broker CRS, GRI firstname.lastname@example.org 916-203-1260
Also check out this article
- Home-Price Reductions Stabilize, For Now (blogs.wsj.com)