Home Front

A blog about the economy and the Sacramento-area real estate market.

August 8, 2008
Financial Title's demise: a view from the street
Sacramento Real estate agent Holly Brickner shares a few thoughts on the collapse of Financial Title. She's with Lyon Real Estate:
 
"This is actually a HUGE event, and one that has had many reprercussions for Sac area homeowners and hopeful home buyers.....one full week after the doors were slammed, none of the monies that were in the pipeline for loans that were to fund last Thursday and Friday, and early this week have been released, so no homes have been able to close, some buyers have undoubtedly lost their loan locks and may not be able to requalify with the higher interest rates.
 
Who knows how many van loads of furniture and belongings were not able to reach their destinations, how many subsequent closings on other houses have been postponed or  worse, scrapped, and our understanding is that First American says it will take a week to ten days to get the monies redirected to the proper accounts.
 
This is like a hostile takeover of many, many peoples' lives, plans and dreams. As if a career in real estate isn't challenging enough in today's business climate."
 

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