MEMORANDUM FROM DRE COMMISSION JEFF DAVI
*** From: firstname.lastname@example.org Sent: Fri 2/27/2009 10:52 AM
Subject: Clarification of information provided by the Real Estate Commissioner Jeff Davi, at Rancho. REO Agents and the way in which they are handling transactions.
In reference to a lender/seller's ability to require a buyer to use a certain lender through the listing agent; there is nothing in the California Real Estate Law that makes such a requirement illegal. It is literally a term or condition of the purchase agreement, and if a seller insists on a certain lender, then the buyer needs to consider that as part of the negotiation. The buyer may certainly elect to use any lender he/she wishes, but the seller may also elect to reject or counter the offer with the lender that the seller is insisting upon. Until one of the parties accepts or concedes on this point, they don't have a deal. For a buyer who refuses to use a seller mandated lender, it may be that the buyer cannot ultimately purchase that home. It is all considered a negotiation of sale. For further information, contact Bill Moran at 916/227-0782.RANCHO SOUTHEAST ASSOCIATION OF REALTORS