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You want to close with a title defect? Are you kidding me?
As a private lender, I work with real estate investors only, not with home buyers.  The nature of my business is such that there are tight timelines for closings, and frequently borrowers initiate the loan process with only a week or so to go before a mandated closing date.  As with many real estate transactions, everything happens at the last minute, and it can be a pressure cooker in the hours before a closing.
All of our loans are contingent on clear and marketable title.  Title defects are a show-stopper.  Because many of the properties we are lending on are short sales and REO's, title defects are common.  In fact, they are the norm.  Seldom does a title search reveal no issues at all.  Most of the time they are paperwork issues that are easily resolved with a little extra time.
Recently a title defect was discovered a few days before closing on a deal where the real estate investor buying the property planned to rehab and then resell.  His construction crews were waiting to start, but had other work lined up, and were going to move on to the next job if they couldn't start soon.  Losing a construction crew meant ... more

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