Transactional lending question
Hey BP, I love it here. I've been doing more fast cash deals lately and I'm now getting approached to use the buyer's title co. Up to this point I've made it policy to only use my personal title co. where I have a 10 year relationship. Has anybody been burned from lending transactional funds by using a title co. they didn't have a history with? Or been burned at all lending transactional funds for 1 day?????
Hey Kris! Love your youtube channel btw. I know several guys who have been burned. Typically it happens due to wire fraud, title companies not listening to instructions, deals with extensions, or the lawyers in the deal disagreeing after the funding has been approved. From what I can gather it happens less than 1% of all deals.