What if we can't be there for the closing on a property we're purchasing?

Question

We had a vacation planned a year ago. We'll be out of the country on the date of our closing. We tried to get a 1 week extension but seller won't budge. What papers can we sign before we leave and can I designate my father as Power of Attorney to finish the transaction until we return?

Answer 1

You'll miss a very important party!  Oh well, it's understandable.  Just provide your father with a limited power of attorney and it should be just fine.

Answer 2

You would give your attorney " Power of Attorney" You can also have a close family member such as a mother or father to do this for you to. Just make sure you outline everything and have them fax these to you to review if at all possible because this can also be done. Being out of town is a pain in the butt for some attorneys if your not there, but just think if you were out of state how they would handle it. You can be accommodated for this. I have done this for a couple of my real estate transactions.

Answer 3

I would call your lender asap.  Getting a power of attorney or someone to sign doesn't mean squat if the LENDER WILL NOT AGREE TO IT.  Sorry to be blunt, but it is this simple.  Not all lenders will agree to a purchase being signed with power of attorney, especially in these days of tightening underwriting.  Call the lender first thing monday morning and see if they will approve it, if not, I hate to say it but it is decision time for you, good luck

Answer 4

This is not likely to fly.     Turn your  POA over to an attorney, they tend to make everyone more relaxed.

Answer 5

This is actually a really big deal, and you will have to contact an attorney about this to make sure you get the right information.

Answer 6

Yes...you can give him limited power of attorney solely for the transaction.