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Updated over 4 years ago on . Most recent reply

User Stats

24
Posts
3
Votes
Tony Barwick
  • Rental Property Investor
  • Knoxville, TN
3
Votes |
24
Posts

Title says they can't send me the reno budget at closing. Help!

Tony Barwick
  • Rental Property Investor
  • Knoxville, TN
Posted

I'm closing on my first BRRRR property on Monday. My private lender was going to wire the purchase cost and renovation budget to the title company, and I was told that title would send me my renovation budget at closing. Today they called me and said it's not possible for them to send me the money. Is this true? I thought I had read that this is normal???? What do I do? I need some help!

Most Popular Reply

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2,893
Posts
2,330
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Caroline Gerardo
  • Lender
  • Laguna Niguel, CA
2,330
Votes |
2,893
Posts
Caroline Gerardo
  • Lender
  • Laguna Niguel, CA
Replied

What is your written agreement with the private lender? They typically control release of funds as work is completed, not the title company

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