Power Of Attorney
What are the important reasons in obtaining a "power of attorney" from the seller in a sub 2 deal?
In reading a standard limited power of attorney form it reads " for the following specific and limited purpose only:"
What should I include?
I am worried that I have not obtained a POA and how that might be a problem for me as I have already closed the deal with the seller, obtained a warranty deed and re-instated the delinquent 1st
Thanks for the knowledge.....
i have that same problem[ Edited by newbee78 on Date 01/16/2007 ]
When you get advice from John on "sub 2" you can take it to the bank. He is one of the true experts on the subject.
They call it PMS because MadCow Disease was already taken.
[addsig]
The problem here is a combination of no seasoning and wanting to do cash-out to the new value.
There are lenders that will do no-seasoning REFIs. There are lenders that will do cash-out to new value. And there are lenders who will do a 100% REFI on an investment property.
The problem is when you want to do all of them all at once.