Financial Title closed its doors this morning in California, Arizona and Texas. When I arrived at the office, news was already buzzing. Rumor has it that Financial Title notified its employees last night at midnight that the company would cease operations today at noon, and nobody had a job there anymore.
Fortunately, I changed all my escrows to Chicago Title over the past couple months, and I have no open escrows at Financial Title. Word has it that First American Title might assume its business, but that's only through the rumor mill at this point. At the least the people I used to work with at Financial Title saw the writing on the wall and split several months ago. For other agents, home buyers and sellers, this could be a trying time.
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Broker-Associate at Lyon RE. Selling since 1974, helping buyers & sellers in Sacramento. Land Park resident. Midtown office. Home Buying Columnist for New York Times' About.com. DRE license #00697006
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Elizabeth,
Thanks for the post. The mortgage meltdown does not discriminate. Any and all businesses connected to the real estate industry are subject to falter in this business climate.
elizabeth
How do you make time for all your work.
Sincerely
Tom Braatz
Elizabeth, our office put out a notice on this one today as well. Many struggling in the housing-related functions.
Hi William: It's sort of like natural selection. The best and strongest will survive.
Hi Tom: How do I make time for all my work, you ask? Let me tell you, I am so organized juggling the kitchen remodel with home showings with closing escrows with writing for my About.com site and posting on Active Rain that yesterday morning I put my pants on inside out. I could not figure out why the zipper flappy thing was on the inside.
Hi Gary: I hope you didn't have any escrows at Financial Title. But knowing you, as much as I know about you, I'd say you didn't.
Elizabeth, LOL....I'm reading your story about putting your pants on inside out. LOL...anyway, title companies are definitely negatively affected by this fiasco as well...;-)
Elizabeth, things are really getting more difficult in every sub-category of the real estate industry. It almost makes me not want to read the news... This too shall pass, but when? I hope the market turns around soon. The Prez signed a new bill. Lets see how that turns out for us...