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i had fully executed purchase agreement which i took to a team i often use at Chicago Title and due to some of the particulars in the deal they referred me to a gal at Fidelity National Title. so, i go down to the FNT office that i have gone to for years only to find that they have moved from W Shaw to a new location at N Palm. no surprise – N Palm has become THE place to have a brand spankin’ new title office. want to know why those title companies can afford all those beautiful new buildings? because the industry is so profitable and pays out so little with respect to what they take in. here’s a staggering stat:

In 2003, according to ALTA, the industry paid out about $662 million in claims, about 4.3% percent of the $15.7 billion taken in as premiums.

Translated, this means the consumer is getting ripped off! i have heard (and am inclined to believe) that the payout ratio of title insurance companies for claims is the lowest among all classes of insurance. virtually every real estate transaction has title insurance premium (generally paid by the seller) tacked on to. its a form of public embezzlement built into the system. don’t get me wrong, i wouldn’t suggest that you purchase property without title insurance; i just think the premiums they charge are exorbitant relative to the service they provide.

so, i go up to the N Palm branch of FNT and its a little after 5:00 p.m. and the office is still open only it looks like a ghost town. i tell the receptionist that i’m there to see so and so and she calls her and tells me she is on the phone and cant get through to her. so i wait. now i spoke with the escrow officer only minutes before on my way over to tell her i was going to be a few minutes late because i went the wrong office. anyway, the receptionist pages her a again and this time gets through to her and lets her know that i am there. so i continue to wait…. and wait. you would think that with the dearth of business these folks would treat anyone bringing them business with the utmost respect. she could have told the receptionist that she was busy and it would be so many minutes, but no, i’m left there waiting in an empty foyer until i say to myself “ enough! im leaving.” i left the contract with the receptionist and told her to be sure it got to the escrow officer.

i know she has my number because she called me the other day. one would think that she might be courteous enough to call me and apologize for not being able to see me as well, as to give me verbal acknowledgment of being in receipt of the contract. a simple “thank you” for the escrow would also work. well, NOT. i can assure you that its unlikely that i would ever do an escrow with this officer again: first impressions.