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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Answers

6
Terry McCarl…, Agent, Cape Coral, FL
Tue Jul 2, 2013
Your lender won't be able to discuss your account with your son or daughter without written authorization to do so. You will also need to list the property with a licensed real estate professional experienced in short sales. If your son and daughter are licensed real estate agents you should have them refer you to an agent that is not related to you. I have seen numerous cases where people were doing a short sale and listed with a relative (brother, sister, son, daughter etc...) and even when the bank approved the short sale they wouldn't agree to pay commission to the relative that listed the property.
1 vote
Fred Herman, Agent, Staten Island, NY
Sat Jun 29, 2013
no.

How will the bank or anyone know it's ok to discuss your affairs with someone other than you or sign documents on your behalf without a power of attorney?
0 votes
Maureen Bye…, Agent, Oceanside, CA
Sat Jun 29, 2013
Ask your bank. Short Sale Bank[s]/Title/Closing/Escrow will require written POA to kiddos or whomever you delegate in seller/bank short sales. You are a Realtor and you know best. maureen@landangel.com
Web Reference:  http://www.coastal.biz
0 votes
Bob Brubaker, Agent, Lake Worth, FL
Fri Jun 28, 2013
The Larger question is why would you have someone " handle "
your affairs without authorization? Further, why would you
avoid using professionals to perform duties that require both skill
and experience?
Are you shure about your compentancy? Get the help you need!
Get it done!

Bob Brubaker Highlight Realty Palm Beach County Fl. 561-876-6649
Web Reference:  http://pbc-realcam.com
0 votes
marc jablon, Agent, Boca Raton, FL
Thu Jun 27, 2013
Even if you are comfortable having your son take care of the details of your short sale, almost all banks will require you to use the services of a licensed real estate agent.

Real estate agents often work with title companies and attorneys to navigate the various pitfalls that are part and parcel of short sales.

If you are certain that you wish to go ahead with the short sale of your home, call your bank and talk to them. Because short sales are commonplace today, and have been for several years, banks can discuss the procedures with you.

Also, the bank will send you details about the financial information and other items they will require from you and from your realtor in order to effectuate the short sale process.

Marc Jablon, The JablonTeam
RE/MAX Complete Solutions
JablonTeam@gmail.com
561-213-6139
http://www.JablonTeam.com
0 votes
Amy Givoni, Agent, Boca Raton, FL
Thu Jun 27, 2013
What do you mean by handle? Are they simply signing documents for you, or are they negotiating the short sale? Have they ever negotiated a successful short sale before? It's a complicated process. Is one of them a Realtor? Who will put your house on the market? Among other paperwork, your child will need an Authorization Form, to speak with your bank. Are your children familiar with the paperwork? Do you qualify for the HAFA program?

I would suggest you use a professional to get your short sale closed. If it doesn't go through smoothly, you could end up with foreclosure on your credit. Our short sale services are FREE for homeowners. We have been successful in getting homeowners off the hook for the deficiency, as well as, getting homeowners up to $23,000 in relocation assistance. We would be happy to explain this process to you, and your children, in a complimentary phone call. Feel free to visit our websites, to learn more about our services. http://www.shortsaledepartment.com and http://www.amygivoni.com.

Please call with any questions. We look forward to hearing from you.

Amy Givoni
Givoni Realty Corp.
Phone: 561-361-8555
Efax: 786-345-5806
Email: amy@givonirealty.com
http://www.amygivoni.com
http://www.givonirealty.com
http://www.shortsaledepartment.com

Re: Short Sales
MARS Disclosure for General Commercial Communications
IMPORTANT NOTICE:
Givoni Realty Corp. is not associated with the government, and our service is not approved by the government or your lender. Even if you accept this offer and use our service, your lender may not agree to change your loan. If you stop paying your mortgage, you could lose your home and damage your credit.
0 votes
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