Stick with it until itโ€™s dead. ๐Ÿ’ช
We funded a $10k EMD in Alaska today โ€” it was a bloody long road. ๐Ÿ”๏ธ
The title company wanted us to sign a third-party funding agreement that wouldโ€™ve stripped us of any claim to our EMD. Their attorney rejected our title acknowledgement and said we couldnโ€™t fund unless we signed their document ("not gunna happen").
We told the borrower weโ€™d look for options, ๐Ÿ“žso I called an Owners Club contact in AK for an alternative "creative" title company, and unfortunately, the one person that did these deals started the holiday early and was already out the Wednesday before Thanksgiving.
We kept pushing the original title company with alternatives.
By the start of this week they finally gave ground โ€” giving written answers to our process questions and an email confirming we didnโ€™t have to sign their third-party agreement.
We funded.
Lesson: Don't give in on our funding standards, Insist on written confirmations, lean on your network, and be persistent โ€” "what we bring to any deal we bring to every deal." ๐Ÿ›ก๏ธ
Also โ€” weโ€™ll sleep better with a few $10M DC deals to offset this one. Anyone got a few? ๐Ÿ˜‚๐Ÿ’ฐ
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7 comments
Paul Brown
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Stick with it until itโ€™s dead. ๐Ÿ’ช
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