Investment Real Estate topics throughout California and sometimes further! Mario Pinedo has been a Realtor since 1991 in Silicon Valley and has sold throughout California and the West. His primary investment vehicle is multi-family rental properties. Mario focuses on major markets from San Diego, Orange County, Los Angeles, San Jose, San Francisco and northern California. He currently lives in Irvine, CA.
Thursday, July 31, 2008
Financial Title - messy situation
Financial Title shuttered its doors yesterday morning. Unfortunately for some buyers and sellers, there were escrows that were pending to close that day and in the next few days. We are helping with one right now that funded yesterday - into a black hole may I add. The accounting department could not be reached by phone, so no word on whether the wire reached, was rejected, or what. The situation was also worsened by the fact that today is the last day of the month - typically an accounting nightmare for escrow companies normally - and bank commitment letters tend to expire at the end of the month too. Many of the families that planned to move in or out this weekend will have to scramble because these transactions will be in limbo for a few days - if they're lucky. It's a mess and I wish those families the best in this situation.
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