How Do You Close On A Property If A Owner Lives Out-Of Town?
I have this owner that wants to sell her property in D.C. , but she lives in North Carolina. However the title company says I can't sign a limited power of attorney to sign for her because I am the buyer. I don't know should I find another title company. Or is there another solution you could suggest. Important she will not I repeat not come to D.C. and close but she is willing to sell. I can make like 50,000 just flipping the property without rehabbing it. And she owns it free and clear.
Please Help!!!!
Quote:
On 2003-10-01 15:50, bigdredd wrote:
I have this owner that wants to sell her property in D.C. , but she lives in North Carolina. However the title company says I can't sign a limited power of attorney to sign for her because I am the buyer. I don't know should I find another title company. Or is there another solution you could suggest. Important she will not I repeat not come to D.C. and close but she is willing to sell. I can make like 50,000 just flipping the property without rehabbing it. And she owns it free and clear.
Please Help!!!!
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I don't have an answer for you but for someone who does let me pose another question?
If this lady knew someone in DC (family, friend, etc.) that could sign for her via POA , would that be allowed?
Would it be worth it if you offered them $100 or something for their time?
Bigdredd, It most certainly can be done. I just sold my house in Michigan and moved to Kentucky in April. Though we already had a contract on it, we moved before the closing date. Our part of the closing was done through overnight mail. The cost of postage was still cheaper than the gas. There was no power of attny. involved. When all closing documents were ready, they were overnighted to us, we signed where we needed to, had our local banker here notorize it and overnighted it back. After the "formal" closing we were sent a copy of the closing statements. My dad has also done it this way when he moved from central Fla. back to the east coast. That's who gave me the idea(good ole dad!). So yea, it may just be that particular title co. but it is possible to close with an "absent" owner. We did have an agent at the closing, but that shouldn't matter. All he did was watch papers get shuffled. Hope this helps. Good Luck and Good Investing![ Edited by LarryNut on Date 10/02/2003 ]
Overnight mail is wonderful. Find a notary at your bank (it is often free) and sign away. Mail documents back, and wire the money. Get a copy of signed papers back later (few days). Worked for 2 house that I bought (on in Texas and one in Virginia)