Posted by River City on April 27, 2006 at 13:14:10:
Whether or not your “long distance friend” wants the investor to have control, he should work very closely with the investor to ensure that everything is worked out to benefit everyone involved. In addition, in this particular case, the investor IS in control. Investors are not required to take a short sale. If they are willing to do this, then they are making a huge effort to work with your friend. If your friend has questions regarding powers of attorney, he should ask the investor exactly what they need and when.
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.