Power of Attorney - Posted by LeonNC

Posted by Joe on April 26, 2006 at 14:58:55:

Depending on the lender, it may or may not be required. Some lenders will deal with you if you have an authorization release. Some will only deal if you have a power of atty. I’ve seen plenty of people recommend avoiding this lender problem by just always getting a power of atty.

If he’s doing a short sale, then he owes more than the property is worth. So, why would your friend care what he does with the deed anyhow? Anyone that is purchasing the property will see the encumbrances that have to be paid off anyhow. Unless the guy seems like a sleazeball, or I’m missing something else.

Power of Attorney - Posted by LeonNC

Posted by LeonNC on April 26, 2006 at 12:27:25:

I have a long distance friend in foreclosure. He has someone attempting to do a shortsale on the house. Is a limited power of attorney required to make this transaction happen?

I know my power of attorney gives me the right to contract and deed the property. And so does the power of attorney he’s been presented. He doesn’t want the investor to have any control over the deed. But he is willing to let the investor try the shortsale.

Any opinions?