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Monday, 07 January 2013 00:19

Best Homes Title Agency acquires The Closing Office

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GRAND RAPIDS —For the past 24 months Farmington Hills-based Best Homes Title Agency sought a strategic acquisition to expand its operations statewide.

 

Today, the title and closing services company announced it has acquired Grand Rapids-based The Closing Office Title Agency.

The deal took approximately six months after negotiations started this past summer, said Neil Sherman, Best Homes Title president and co-founder.

With the company already doing a good deal of business on the west side of the state, Best Homes Title looked to acquire The Closing Office because it wanted to expanding its brick and mortar presence as well as it personnel in the region, Sherman said.

Best Title averages approximately 2,500 closings a year. With the acquisition, Sherman expects the business to grow about 40 percent.

“There is a lot of synergy here for us from a marketing perspective,”Sherman said. “Grand Rapids is a cool market and a market that is coming out of hard times faster than some others in the state. We see it as an economic hub and a place we see significant growth for our brand and team in general.”

He said anticipated changes in federal compliance regulations over the coming years have led Best Home Title to invest heavily in personnel, technology and processes, including disaster recovery replication system for company data.

“Those investments on our end helps make us attractive,”he said. “We work with a number of larger institutions that require us to meet stricter guidelines. Making those investments is something a smaller title operation may not be able to do, so for them it’s tremendous value.”

Read 2828 times Last modified on Monday, 28 January 2013 11:57