Buying a house with a relative, but everything has taken longer to go though then we thought. I'm going away soon and need to know weather I need to be here to sign documents or is there another way around this?
2006-10-23 04:31:43 · 15 answers · asked by sexylove 2 in Business & Finance ➔ Renting & Real Estate
Ask your bank (lender). You could probably sign a document allowing someone else to sign papers in your name but make sure it's legal and that it specifies what documents exactly that person is allowed to sign for you.
2006-10-23 04:33:10 · answer #1 · answered by IC 4 · 0⤊ 1⤋
I hope this helps: 1. Your lender may allow you a new loan, but it will depend on how much you owe on the current one. People used to qualify for a 'bridge loan', where they could have two loans at the same time, with hopes that the first one would be paid off if a home sold quickly. Unfortunately, there may not be a lot of Buyers for a 900 square foot home. 2. Yes, sometimes some closing costs can be incorporated into the loan - however, the total still can't exceed the appraised value amount. 3. Can't tell about closing costs, because of the unknown costs, i.e., origination fee, survey, attorney fees, escrow funds, condo dues,etc. So, before you purchase, have your Buyers Agent create an Offer to Purchase to include Seller paying closing fees (perhaps $5000). 4. FHA max is 3.5% down. If the new home is in a rural setting it might qualify for a USDA loan - which can be 100% - little or no money down (see web below). $130,000 is not a lot of money, however, be sure that a lender will loan you money for it. Some lenders will not finance a condo that has a high number of renters (properties used mostly for investment). Also, too many renters may negatively impact your home value. Do you really want to raise children in a condo which usually have little yard space? With the market as it is (and not knowing the amount of your current loan), I hope you'll try harder to sell first. Then, you'll have smooth sailing for your next purchase.
2016-05-22 01:15:28 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Unless you want to go thru all the trouble of hiring a lawyer to write up a power of attorney, stick around. You HAVE to be present to sign mortgage documents, since the closer is a notary, and the documents must be notorized. Call your lender and bug them about it. Tell them you will be out of town and ask them to give you an idea of how much longer this whole thing will take.
2006-10-23 04:37:00 · answer #3 · answered by Justin 3 · 0⤊ 0⤋
All the advice given here is right on the button - however unless you are leaving the country for a period of time - could you not make arrangements to travel back to your solicitors on the day you need to sign? If you really want the property then surely it's a small sacrifice to make to secure it? Alternatively could your solicitor not make arrangements for the documents to be signed immediately after you come back - perhaps approaching the seller for agreement to this might be an idea?
2006-10-25 11:47:13 · answer #4 · answered by Anonymous · 0⤊ 0⤋
I assume you're waiting for your formal mortgage offer after having a survey done. You will need to sign the mortgage offer once it comes through, or otherwise the solicitor won't be able to exchange contracts. I don't know if there is any way round this - you'll have to talk to your solicitor and possibly the bank.
2006-10-23 09:38:03 · answer #5 · answered by nemesis 5 · 0⤊ 0⤋
You can appoint someone as your power of attorney but you need to see a lawyer about this. Your power of attorney can sign the documents in your absence. I had to do that.
That person could either be a trusted relative, your bank manager or even your lawyer. I chose my mother.
2006-10-23 04:33:58 · answer #6 · answered by lollipoppett2005 6 · 0⤊ 0⤋
If you have to really leave town you can get what is called a Power of Attorney and elect someone you trust to sign the docs for you in your absence.
2006-10-23 05:15:48 · answer #7 · answered by shaundy1714 2 · 0⤊ 0⤋
I would think both of you are going to have to be there. In the past I was out of town, and they faxed me the documents. I think, however, some are more important than others, like the purchase agreement, and you may have to be there in person for those.
2006-10-23 04:36:16 · answer #8 · answered by djbod2006 2 · 0⤊ 0⤋
YOu can have POA (Power of Attorney) on your behalf - I would suggest someone you know and can trust. This will be a LIMITED POA for this transaction only. Call your mortgage broker / Lender and let them know you will be leaving the state and they will let you know if you can use a Attorney to draw up the POA or use the Title Company to draw up the POA for you to sign. But please read the POA carefully, since you are giving someone else to make decisions on your behalf on this transaction ONLY.....Make sure it is a limited POA for this transaction ONLY......
2006-10-23 18:16:01 · answer #9 · answered by W. E 5 · 0⤊ 0⤋
Talk to your realtor. They can get you a Power of Attorney which will be good for the closing on the house only. It can't be used for anything else. So, you don't need to be there.
2006-10-23 04:36:08 · answer #10 · answered by Daphne 3 · 0⤊ 0⤋