Posted by StayingAnon on August 01, 2003 at 11:46:57:
http://gencourt.state.nh.us/rsa/html/lii/506/506-6.htm
Read the part where the “agent” would sign.
Deal Made in Heaven??? - Posted by Matt(MI)
Posted by Matt(MI) on July 31, 2003 at 13:23:16:
I’ve just verbally agreed to purchase an estate from Mr. X’s boys. Mr. X died and his son’s have POA to settle estate matters. I will sign Purch. agreement Sunday or Monday.
I am looking to flip and have potential to make 40-45k with none of my own money. A broker has hard money to lend to potential buyers and said to advertise as “owner financing.”
I am planning to find buyer and do simultaneous closing. Title company will do it for me.
Does anyone have experience in simult. closings, and what type ad will attract the buyers best? I want to watch out for obstacles that could cause this deal to flop.
Should I do a “NO BANK QUALIFYING! OWNER FINANCING.” ad?
Or …any suggestions?
Thanks,
Matt
Re: Deal Made in Heaven??? - Posted by Kristine-CA
Posted by Kristine-CA on August 01, 2003 at 10:27:04:
Matt: that POA may not be of any use to you. Many title companies will not accept a POA, durable or not, if they cannot verify the validity of it to their own satisfaction.
Make sure your title company will insure title using that doc to transfer title to the sons. “Settling” estate matters may mean paying debts that not yet liens, such as Medical/Medicaid debt. My hunch is that there is some kind of probate action in your future.
Sincerely, Kristine
Don’t Pass Go! - Posted by Rick(MD)
Posted by Rick(MD) on July 31, 2003 at 14:53:48:
Whoa there!!
When pops died, the POA became useless. Boys probably
don’t have any legal authority to sell to you or anyone else. Get LEGAL ADVICE before going any further.
Re: Deal Made in Heaven??? - Posted by Investor-Rama
Posted by Investor-Rama on July 31, 2003 at 13:37:41:
Sounds good…
I would only caution that you be willing to do the deal yourself if you lock up the contract. If I were an investor (or a buyer) and you were flipping to me, I would look up a property history, know what they own it for, what the value is, and notice that you are making a chunk of change for doing nothing more than running an ad and taking some phone calls. Any agent worth their salt will do exactly this, and should advise their client of what fair value is.
If you get too greedy, you may not be able to flip it, so use caution, and if you lock it up, be willing to back it up.
Re: Don’t Pass Go! - Posted by Bert NH
Posted by Bert NH on July 31, 2003 at 22:05:57:
The POA needn’t die with the old man if it was a ‘Durable’ POA.
Re: Deal Made in Heaven??? - Posted by Bert NH
Posted by Bert NH on July 31, 2003 at 22:10:52:
If you were the investor that he was flipping the property to, you would know what the value of the property was and would have signed a purchase agreement at that or near that price. How much money he is making for doing nothing has nothing to do with the value of the property. The value is what it is. You may try to negotiate a better price knowing its easy money for the seller but in the larger picture one has nothing to do with the other.
Re: Durable? - Posted by StayingAnon
Posted by StayingAnon on August 01, 2003 at 24:18:12:
It amazes me that you put your name to that post.
Death is a little beyond durable.
Re: Durable? - Posted by Bert NH
Posted by Bert NH on August 01, 2003 at 07:03:18:
Look it up Moron! A ‘durable’ POA is a legal contract giving another specific authority to perform a duty and its powers survive any possible death of the benefactor.
Re: The higher road. - Posted by StayingAnon
Posted by StayingAnon on August 02, 2003 at 22:29:58:
When some people need clarification on an issue, they are often receptive to the information.
You, obviously, have a different agenda.
Give my regards to Ernie,
StayingAnon