Posted by Gerry(NC) on February 14, 2002 at 10:04:48:
Karl,
Great idea about the Power of Attorney.
I am going to do the same thing from now on. Would it be possiable to get a copy of what you are using?
Best wishes
Gerry(NC)
Keep the Title until Paid? - Posted by Steve
Posted by Steve on February 14, 2002 at 08:03:50:
When you finance a car with a bank they transfer the title to your name but keep it until the loan is paid off. Do you Lonnie deal experts do the same? Thanks for the advice.
Re: Keep the Title until Paid? - Posted by Karl (Oh)
Posted by Karl (Oh) on February 14, 2002 at 08:57:52:
Yes, put title in their name, list your business as the lienholder, keep possession of the original title, and give them a memo copy. Then, if you have to repossess, you don’t have to chase down the title. At the closing I have the buyer sign a power of attorney that lets me put the home back in my name if they default. That makes repossession easy, then that just leaves the eviction.
Karl Kleiner
Re: Keep the Title until Paid? - Posted by GerryH VA
Posted by GerryH VA on February 14, 2002 at 08:48:20:
Yes. Makes it much easier to track.