Abby Louis, Real Estate Pro in West Palm Beach, FL

I’m a competent Senior Citizen who plans to allow my adult son/daughter handle my Short Sale transaction without a Power of Attorney is this okay?

Asked by Abby Louis, West Palm Beach, FL Thu Jun 27, 2013

1. It’s imperative to have your son or daughter sign a Power of Attorney and keep a copy for your files because without one there’s not much the son or daughter can do on your behalf (i.e negotiations, signing document or etc...). Kirschbaum Law Office, LLC Phone:(561) 340-1440

2. How well does the adult son or daughter handle their own affairs? With this in mind, your trusted son or daughter could do the absolute opposite and sabotage the Short Sale by not cooperating?

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Why? If you are competent why burden them and risk something happening you don't want or don't understand? For the seller, the process of handling a short sale involves making the home presentable as in any sale. Getting scarce for showings. Preparing your financial documents for the bank and hiring a very good agent with short sale experience.
Hiring the right agent is something your child can assist you with, but signing paperwork, gathering bank statements, taxes, income documentation is something that you will need to do yourself.
Having your kids help can be fine, but they need to either be fully involved or not. One of the worst experiences anyone can have is the drive by "expert" who knows nothing but thinks they know everything and confuses everyone. Either they are by your side all the way through or they keep a safe distance.
Short sales are complicated, but not uncommon anymore.
0 votes Thank Flag Link Thu Jun 27, 2013
Dan, I totally agree with your response and it’s sad to share that an actual competent Seller who is a senior allowed her son to handle all of her Short Sale affairs and the trusted son would take months to review contracts (he wasn’t allowed to sign but to instruct his mother which contract to accept), return phone calls or schedule appointments to meet at the premises and would never show up. I could go on about this matter but situations like this do exist # Florida.
Flag Fri Jun 28, 2013
Kevin McLaughlin, AFP A Louis isn't a Senior :) but know of many who is currently dealing with this matter and in need of the Rea Estate Pro's insight.
0 votes Thank Flag Link Thu Jun 27, 2013
Not sure who is asking this... AFP A. Lewis doesn't appear to be a senior citizen...
0 votes Thank Flag Link Thu Jun 27, 2013
Unless they are real estate attorneys or use a very good real estate attorney, no way.
0 votes Thank Flag Link Thu Jun 27, 2013
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