I think many would agree that 2021 has been a wild year for transactions. Curious to hear what kind of issues some of y'all are running into on your year end deals.
I'm on the debt side, and I've had two acquisitions run into significant title issues where the company writing our policy has failed to perform due to staffing issues. Insurance review has also been a major headache. I can't be the only one fighting with every deadline…
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Basically every vendor is having problems keeping up with demand right now. Appraisers, engineers, title, lawyers. Too many deals that everyone wants to close by YE and not enough people.
We stopped signing term sheets for YE closes in mid Nov because we already had 10 deals in closing and there was no capacity from anyone to get it done + nobody likes working the last week of the year if they can avoid it.
This, our PCAs and Phase 1s are delayed, putting us in a tight bind when it comes time to go non-refundable. Lawyers aren't answering their phones, escrow agents are swamped, etc.
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