3rd Deal and Power of Attourney

this is the fun part of real estate; you never know what you might run into. There is probably nothing you could have done differently as there is so much weird stuff out there, you can't be prepared until it happens. And if you get the house, I might rent the little green house from you in the back yard as another office! LOL

it is, a friend of mine bought a house with a POA and had no trouble at all at the closing table. He thought it was going to be a nightmare but it closed like any other property.

You know that is still available LOL might need a door and maybe some upgrading:)

Shaun: I am glad they did, I know that I have two attorneys going at it, One saying yes one saying no LOL. We will see how it pans out.

Usually when the seller/owner is not able to make the closing in person, a Power of Attorney can be excersiced. As long as everything on the contract has been agreed upon by both the buyer(s) and the seller(s). For instance, i had a closing scheduled before i left for a trip out of the country in December 2010, and i could not be here in person to do so. However, i have granted a Power of Attorney to my attorney to do the closing for me. When i returned from my trip, i found a nice check in the mail. I hope this help and good luck with your third deal!

Lloyd

of REI in a nutshell. Pass the Merlot!!!...Jan

The deal came from a call off of one of my bandit signs. I qualified him and inspected the home. We agreed to terms, signed contracts, got a copy of the POA, and I began marketing the property to my buyers, online, and so forth. A month passed and I found that my buyers just dont want a 2 bed period even if its priced right. So I looked into teaming up with another wholesaler to see if they had buyers for it. Finally I did a search on solds in that zip code, got the info by doing some research and we made contact. Well this in turn gave us another refferal who is now the person on the contract to purchase the home. Sent all the info to the title company and now we are stuck on the POA But hopefully Not for long!

I know you will make it work!

Thank you Karen

OOOO I wanted to ask when is a good time to talk I would love to call you but not sure when LOL

keep the faith and it will work out

In my experience, it's best to read over the POA first (or at least know what it contains). There are multiple types of POA (ie. general, durable, limited, etc...), which can all do different things. Knowing which type of POA and authorities they have is good to know before engaging in a deal.

Lenee LOL I should have asked you on the phone LOL We should talk about that tomorrow LOL! I have tons of questions

Here is an update on my 3rd deal. We were set to close on friday, Then got pushed to Monday. Today it was pushed back even further to Wednesday. So hopefully we will be finalized and all worked out on Wednesday:) POA got worked out. The one attourney/title closer saw my original PAS agreement and saw that I had the Seller sign it correctly with the POA. So we should be good to go:) YAY! See you guys Wednesday with an Update.

Ok so we have finally worked out the POA problem with the closing. Now there was new found information. My seller got married in Cuba. And so now the Wife has a marital interest in the property. She has to sign the deed and release her interest in the property in order for us to have clear title.

The problem we are facing now is that there is no communication between the US and Cuba because of the whole embark deal. And there is also not a notary available in Cuba in which we could have her use. We must have originals in order to close on the property with clear title.

We are still trying to figure out the situation. It looks like it will be a while before we close on this one.

Sellers wife has no visa, no passport, no citizenship and no rights basically. Except the right to have interest in this property here in the US LOL! * sigh * it will be worked out but it will take more time.

If anyone has any information on this as far as notaries in cuba or ways to get things notarized in Cuba I know long shot but please let me know:) More heads are always better.

Thanks in advance for anything helpful.

dont be surprised if this deal gets serious delay time. Pay attention to it, but start looking for its replacement in the meantime; putting all your attention on it will take you away from other less time consuming deals that can bring your money in faster

Thank you Elix,

I am working some leads now. We are on our way to check out some of the pre foreclosure listings I received from Michael we will see where they lead. Also I have been calling on FSBO. So far its been misses but its a numbers game I am trying to lock up 4 by the end of the week hopefully we will have some new properties available.

I have partnered up with two dg members as well as with another wholesaler so hopefully we will have something soon.

If the seller wants to sell the property they will come up with the way to get it done. I agree with Elix there are to many deals out there to wait on that one. I hope is does go through for you.

Steve.

If so he can probably go on base and get it done. I am not sure if we have any troops their are not. you would be surprise were we have some troops at.

Randy

We checked into the military base and my title company contacted the state embassy there is a place in Havana that does notary for us citizens for us documents so we are looking further into that.

The base what a great idea Thank you so much randy:)

I was in Gitmo in 1988 when I joined the Navy

Do they still have that outdoor movie screen??? Bats the size of horses used to fly directly into the screen.

Makeba, I hope this works out for you. I've closed somewhat like this before. My military client was overseas. So we sat here stateside with his wife and the attorney, and he was there with JAG. (military attorney) They scanned docs back and forth to make sure that it was in his best interest. The attorneys worked it all out to their comfort level. So, I would check with the base, if I were you.

Keep Pushing!!