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Alliance Title Woes

In a very woe is me Edgar Allen Poe way, I find it hard to believe what is taking place in the local California Market. For those of you who have not heard yet, the title company with the largest market share in Northern California have shut their doors, 2 weeks before Christmas and in the midst of the holiday season. Part of the problem could be they have bounced checks to their landlords for the last 3 months!

The reason I find this very hard to believe is quite frankly I thought people had business sense, but I am sadly mistaken. In the heyday of quick sales and refinancing every weekend, Alliance title went and purchased all escrow officers that they could, giving huge signing bonuses and raising their fees in turn, in hopes that all agents alike would flock our business there. I for one did not, because their fees were higher. The writing had been on the wall for a while that this was coming, but it has left us in bad shape.

Some of us are still doing business and thriving, but we are left with few choices on who to work with, especially on REO's and some short sales. I just want to take this moment and thank Chicago Title, located next door to us, for at least being honest a year ago and telling us they were cutting back so they could survive, and not lie and act like they were increasing in a "bad market."

Posted by Nick Cameron on 12/14/2007 10:45 AM

Comments (6)

alliance title, closing doors, real estate, modesto, stanislaus county

This post has been included in California Information Stanislaus County, CA Information Modesto, CA Information

6 Comments on Alliance Title Woes

Hey Nick, I read about them shutting thier doors.

http://www.inman.com/inmannews.aspx?ID=65539

Hopefully, they haven't left you in the lurch with any closings. Good luck.

12/14/2007 04:22 PM

by y y (/LSONHC';/.c)

Mark-

They did screw up some escrows in our office, but it has all been resolved now.

12/14/2007 04:27 PM

by Nick Cameron (Keller Williams)

What happens to the people in the middle of closing escrow? Will the funds still get distributed correctly?

12/14/2007 05:20 PM

by Abby

What happens to the people in the middle of closing escrow? Will the funds still get distributed correctly?

12/14/2007 05:20 PM

by Abby

thank you for sharing, the choices that some businesses make, baffles me sometimes. Sounds like you are being taken care of. Hopefully others will find great title companies to do the same.

12/14/2007 06:05 PM

by Christina ONeal ~ Tracy, California realtor (Keller Williams Realty)

Nick- I did a post on my blog about how here in Massachusetts, we do not use escrow companies and/or title companies. Out here, we use Lawyers for title and closing. The listing Agent is the Escrow Agent.

I have bought, sold and have refiananced my condo in Palm Springs, CA.......I really do not like the use of title or escrow companies. Many mistakes occured, the closings costs were higher, and it seems like title or closing companies could care less about details. But, that is my opinion as a customer rather than an Agent.

I feel the process with Lawyers here in New England is much more effecient, deadlines are adhered to, and I like the fact an Attorney is legally representing my Client.

12/16/2007 06:58 AM

by Rick Tourgee - Provincetown and Cape Cod (Century 21 Shoreland)

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