Real estate woes lead to a radically speedier process for title insurance

The fact that over the past several decades "nothing has changed in the title industry" is really an opportunity according to Tom Cronkright and Lawrence Duthler, co-owners of Sun Title.

After sifting through "stacks of market research, we listened to what's important for our clients," Cronkright says. The result was a thorough streamlining of their processes so they could offer what he says is the first guarantee of having the title process wrapped up in 15 days or less.

Besides listening to their clients, market forces also played a huge role in their decision to offer this guarantee. "The most dramatic change in the industry, which is essentially a commodity, is the dramatic rise in foreclosures and short sales," he says.

According to Duthler, with the stress of dealing with foreclosures and short sales, both the buyer and seller want resolution in a timelier fashion. "Our guarantee reflects the new realities and what our clients want. The real estate market is radically different. Two years ago, banks were reluctant to have a short sale, now short sales are much more common."   

As the real estate market continues to struggle in West Michigan (and elsewhere), there are some bright spots says Cronkright. "Lenders are more willing to work with existing homeowners," which has led to the increase in short sales.

On the other hand, a dark spot remains as home values continue to drop, making it tougher to get money and tougher to get appraised at previous levels.

To learn more about Sun Titles' new approach, you can visit their website here.

Source: Tom Cronkright and Lawrence Duthler, Sun Title
Writer: John Rumery, Innovation and Jobs Editor