Hard money loans and fast closes may not always be as good as they sound. An agent presented an offer that promised a 3-day close. Of course, that did not happen, but it did fund after seven days.
We have some title issues as the seller had previously refinanced and borrowed an additional second loan. Both were paid but the payoffs were not filed. North American Title had handled one of the loans and our escrow officer at Placer was able to clear that one up. The second loan is taking more time.
Of course, the buyer’s agent has shared lots of drama about why we did not close on time. It was explained to him that the lender had an entire page of conditions that the buyer had to complete, so the hold up to date was caused by the lender. Hard money loans and fast closes do not always go as smoothly as they are promised to be.