She has agreed in the agreement to close no later than 8/1 and to close within a week when their bank say it is ready. But, she heard from her real estate agent that they want to close in the second week of July to lock in a rate. But, my mom will be in Europe for her vacation with nonrefundable tickets and is thinking to choose me as her Power to sign on behalf of her. My mom really doesn’t want me to be put through all that and I wouldn’t feel right, what if I make a mistake or something. Is there anyway of getting around to it???? Thank you.
2006-06-20 11:59:24 · 10 answers · asked by Diana 2 in Business & Finance ➔ Renting & Real Estate
The other answers you've received are not correct. If the contract states whenever their bank is ready, but no later than 08/01/06, that can mean any time prior to that final date. Also, your mother does not have up earnest money. The buyer is at risk of losing earnest money deposited with the title company. Just have your mother sign the power of attorney prior to leaving. Her Realtor will review the documents prior to closing and make certain everything is correct. The title company will do the same. You'll be there a half an hour. Its no big deal, most all these forms are completely standard and drawn up by outside attorneys who don't represent any of the parties involved. Your mom can leave a travel itinerary even though it probably won't be needed. I've had clients on safari in Africa while we successfully closed on their real estate transactions. The title company and Realtor would not let you sign something that you should not sign. They would not prepare the documents. The buyer's lender would not release the funds unless all documents were completely in order according to the terms of the contract, which is completely negotiated by now. Mom does not need to be there. Help her out, and tell her to have a nice trip.
2006-06-20 12:56:45 · answer #1 · answered by steven s 2 · 1⤊ 2⤋
As long as the contract is in order, there isn't any reason you can't sign as Power of Attorney. Especially if you can contact her while she is away. If she is staying at a hotel with a fax, or email she can have the figures sent over for her review. If she thinks everything looks ok, go for it. The worst thing of it is the length of the signature you'll have to do as PA, but the amount of papers on the seller's side of a transaction are minimal.
She can, however sign in a different country, it's just a huge hassle and takes a week or so to get the papers there and back (depending on where she is). She can get the documents notarized at the American Consulate if necessary.
She can say no. Has the realtor indicated this will make or break the transaction?
Good luck :)
2006-06-20 13:32:31 · answer #2 · answered by Christine 3 · 0⤊ 0⤋
Your Realtor isn't very smart as well as giving you very poor advice. I am SO GLAD you are smarter than she is. This is what I would do if I was your Realtor. I would put your house on the MLS (no one says that they have to put a lock box on your property....get it?) that way you can technically say it's "on the market". All the sellers want to see is a copy of the listing agreement and the MLS printout as evidence it's on the market. I would so write the contingent offer ALONG with evidence of any and all recent sales in the last 6 months to demonstrate how often they were on the market before they sold. If I were representing the seller...that is a VERY good offer if the homes sell as quickly as you say they do. Keep in mind that contingent offers typically allow for the sellers to continue to market the house with a 48 to 72 hour kick-out clause to give you a chance to remove the contingency, should a back up offer come in. Alot of people have posted that have no idea of how a contingent contract really works...it is NO RISK for the seller whatsover if the offer is presented correctly....b/c the kickout clause gives the BUYER one last opportunity to remove the contingency before the seller can move-on to the backup offer.
2016-03-26 23:13:42 · answer #3 · answered by Anonymous · 0⤊ 0⤋
First the real estate agent does not lock in the rate unless they are a mortgage broker too(very bad idea)Beside when I do a mortgage for someone I lock in the rate once I receive some of the paperwork. She should have a lawyer already . Call the lawyer and explain what going on. If your mom give you power of attorney you can sign. The real estate agent is pushing to close sooner so they can pick up their fees.
2006-06-20 12:49:19 · answer #4 · answered by jon g 3 · 0⤊ 0⤋
Your mom can deny the request to move the close date up. This is common practice.
Normally buyers get pre-approved and they lock in an interest rate and they have to close before that document expires, however, as the seller, your mom has control to say no, we need to keep the date as is... and the buyers have to either accept that, or cancel the deal... and if they love the house, they won't cancel.
Besides, banks will often extend the rate date if necessary, as long as it is not too far off.
I was bullied into this thing and learned the hard way...
As an aside, you can call a real estate lawyer and ask them, they shouldn't charge you for a simple question... I have done that too... and this way you will have definate answers.
Good Luck
2006-06-20 12:04:09 · answer #5 · answered by Tawny Amber 2 · 0⤊ 0⤋
Unless there was an addendum to the REPC stating a change in the closing dates, they can not force her to close any earlier than one week before and no later after 8/1. Purchase agreements are legally binding contracts. If she did sign an addendum they she has to commit to the contract or face losing her earnest money.
http://www.lendermark.com
2006-06-20 12:10:09 · answer #6 · answered by lendermark1 2 · 0⤊ 0⤋
Well, it seems that your mom is in a pickle due to the fact that she chose to travel during the sale of her house. Given the circumstances, I would have her attorney draw up some papers giving you the power of attorney to sign the papers for the sale of the house. Upon completion of that, you will no longer have power of attorney over anything. The costs will depend on your attorney for drawing up these papers, getting notarized signatures and such, but better than the thousands of dollars you might lose for rescheduling or cancelling your mothers trip to Europe. Good luck!
2006-06-20 12:04:57 · answer #7 · answered by Sugarbear 3 · 0⤊ 0⤋
I don't think so, however if there is a law abiding contract, there should be no reason why it should change, if both parties agreed to something, contracts don't get amended, unless both parties agree.
2006-06-20 12:05:25 · answer #8 · answered by el_perdido_602 2 · 0⤊ 0⤋
a tell them sign now or sign when she comes back from vacation. but when i bought my house i never meet the people selling it so I don't know why she cant sign them befor.
2006-06-20 12:43:11 · answer #9 · answered by pinkpicklebox 4 · 0⤊ 0⤋
cant she sign the contracts before she goes?
not sure how to help, sorry.
2006-06-20 12:03:49 · answer #10 · answered by pinky 3 · 0⤊ 0⤋