Posted by Dave B on February 23, 2000 at 11:50:10:
I also never attend the closing… at least the buyers closing. I sign before, or after, but never while they are there. I have passed the buyers on the way out before… and thats about all I want to be as a part of their closing. THats what the title company gets paid for. Handling closing, and anything that comes up.
As far as work schedules… I gave up my J.O.B. years ago… but I STILL sometimes have to go in at 6-7 pm. My title company has late hours for people with this problem. Maybe you can find one with such hours??
What do I do if I can not attend closings ??? - Posted by reddtrow
Posted by reddtrow on February 22, 2000 at 10:01:41:
Hello everyone!
I hope someone out there can give me advice concerning my situation.
I am a newbie & I will be wholesaling a couple of contracts in the next couple of weeks. Because I work a full-time job and plan to close about 30 “wholesale contracts” this year; I obviously can’t be there for all closings b/c I only have two weeks vacation.
Question:
After 3 or 4 closings, should I use a power of attorney to be there in my place. Is it safe? I’d really like to use “some” vacation days for R&R.
If anyone can relate & recommend a solution; I’d appreciate your advice.
Posted by Paul_NY on February 22, 2000 at 22:33:00:
…says the first real estate course that I bought.
You can go to your closing agent ahead of time and sign all the required documents. Perhaps the evening before the closing. You can close and not be present.
One reason given for not attending closings is:
If the seller is holding a second mortgage, and picks up Aunt Elder on the way to the closing, and Aunt Elder sees that her daughter the seller is privately financing some of the selling price, she may say “Me and yur uncle took a promise-erry note frum sum pencil-neck investa back in 72 and we neva saw a dime frum that bum.” It is now easier for the seller to change their mind if you are present.
The point being that things may come up during the closing. Its best left to a title agent that you know will explain to the buyer or seller that you couldn’t make it, but you have faithfully executed all the necessary items on your behalf.
Posted by David S on February 22, 2000 at 20:24:27:
It seems to be a mindset thing with this thread. I wonder how many deals each of you could do if you decided to take this business serious… SERIOUS!
Reddtrow stated the plan was to do about 30 flips this year. Well, exactly what kind of J.O.B. does this person have? If the average profit in the wholesale business is around 3-4k, that’s a hundred grand plain and simple, maybe more!
Well, best of luck trying to figure out how to pick up the checks.
Funny you asked this question. - Posted by Tony James
Posted by Tony James on February 22, 2000 at 13:35:35:
I a friend of mine will be doing a simo closing. He will have 1 thursday to trigger the funding, and one on the 29th, to pay for the actual place. And he is worried about taking allot of time off from work. I was just about to post the same question. It’s strange that many times I get on to ask a question, someone ask the same question.
Re: What do I do if I can not attend closings ??? - Posted by Ben (NJ)
Posted by Ben (NJ) on February 22, 2000 at 12:26:27:
I always use a power of attorney and have never had a problem. Just make sure it is limited to the specific
closing and is not an all encompassing unlimited one.