Hello Rainers!
I am here requesting some feedback on what your process is for EMD's for REO's. If your office holds their own EMD's, at what point do you recieve them and what is your process?
I ask this because I have seen a situation where the Listing Agent office holds their own EMD's in their own trust account and that amount is deducted from their commissions at closing. While this can be a great process if handled correctly, it also leaves open doors for mistakes and EMD's never recieved. My questions are these:
When do you require EMD to be in your possession?
What is your intake process for EMD's when your office holds them?
Is there a way for Title to have to verify reciept of EMD before closing in this type of scenario?
I am more curoius than anything on these processes and how offices handle it when they hold their own trust account.
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