looking forward to the lawsuits against the indignant banks

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With the California Governor Arnold Schwarzenegger, signing into law today AB 957, homebuyer’s can no longer be railroaded by banks, on which escrow and title company will be used to complete a transaction. Any bank that so bullies these terms could find themselves facing triple damages.

I love it. I'm looking forward to helping my clients these bad boys. Next they need to do something about these 14 page addendums that banks give you on any REO purchase. It's total bullshit that they can get away with rewriting the entire contract and call it an addendum.

REALTORS are not lawyers so technically you should be employing a lawyer to read through the 14 page addendum, but no one does, since no one wants to pay th emoney Banks should be forced to either use one standard contract per state, or to use the contract prevalent for the county. Any deivation is an unnecessary burden to the buyer. For more about AB957 read here.

For commonly asked questions surrounding AB 957, please see the CLTA’s Buyer’s Choice Act FAQ.



-Sunil Sethi
SMA REALTY



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