Title companies almost costing us deals.

[Matt Shope]

Hey BP, I have a question about title companies. I live in Albuquerque, New Mexico and we are trying to close on our second wholesale deal (technically wholetale). We've used two different title companies and both almost lost us the deal. The first one knew the double closing process inside and I really liked working with them but communication was horrible and she tried changing the closing date on us the day before the contract expired. I told her that was unacceptable and I stayed up re-emailing them documents until 1:00 in the morning. In the end she came through but it was still a little too close for comfort. The second one said beforehand that she was familiar with double closings but isn't and has had horrible communication. I know things always come up that you don't expect and I'm ok with that but it seems like both companies didn't crack open our file until a couple of days before closing.

We have called around to all of the other large and small title companies in Albuquerque and most of them were afraid to touch a wholesale deal unless we used transactional funding which seems to cost between 1,500-2,500.

What should I expect? Are title companies just going to be one of the challenges we have to get through or am I right to expect good communication and honoring dates? Based on what I've heard on podcasts and read in forums they should be eager to keep us happy but it seems like they don't care. Any Albuquerque investors have recommendations? Thanks

Matt Shope

[David Torres]

Matt, only a few in town know how to work with wholesalers.  The one I like, is so buried right now I have a hard time getting their attention.  The market is hot and it seems like every title Co is struggling to keep up.  Give me a call or email and I can pass along the 2 I know.