Power Of Attorney To Put Property Into Land Trust/Warranty Deed?
If I am doing a short-sale and want to get the property into a Land Trust and assign beneficial interest and such, can I just get the homeowner to sign a power of attorney and then I sign the warranty deed, assignment of beneficial, and land trust documents myself through that power of attorney? Or is it 100% necessary to get the homeowner to sign all the documents himself when it comes to the deed and such?
May I ask why you are using a land trust as appossed to taking ownership?
Apparently this one does! If a foreclosure cost that much the lenders would just give most of the foreclosures in Michigan to the owners to save money. Very few go for over $65k! But no- they will foreclose and list properties for $25k and less, netting under $20k- so you can be sure that they are paying far less than that for the foreclosure!
The only thing I can think of is that whoever purchased the note must have recourse that is different depending on how the issue is settled.
Anyway, what difference does it make how much it costs them? The house is worth what the house is worth, no matter what they have in it. Anyone unwilling to accept $190k for a house that honestly comps at $200k in this market is unwise- just the commission will ensure that they net less than that if they go to REO, without mentioning holding costs and etc. It might be worth that $21k difference to get rid of it now- after all owning the REO restricts their lending ability and looks bad on the books...
Chris