Military deployment and a new home purchase?
Posted by admin | Under Home Purchase Tuesday Oct 14, 2008I recently starting closing on a home purchase just prior to being activated for a two year active duty deployment – what are my options as far as giving power of attorney to a family member or friend that lives in the area to finalize the home purchase? Is this going to be a nightmare or is this easily done?
Also, as far as renting out the house for the next two years – is that also possible through power of attorney?
Or should I be looking at a different option rather than power of attorney?
Since things work a bit differently in almost every state, your best option is to contact both your agent and the escrow company and ask them for advice.
The escrow company will normally have forms available that will allow them to have someone else sign for you, or will be able to tell you how to get them and what they need to say.
Generic forms may or may not be acceptable, and you really don't want to find out that the whole deal is coming apart because of a form, especially while you're on your way overseas and cannot do anything about it.
Some agents are willing to do property management, some aren't. (It's a hassle, and the money isn't normally worth the headaches.) Still, the person to ask would be your agent, who may be willing to take on the job, since he or she sold you the house. (I'll sometimes do it for former clients, more as a goodwill thing than anything else.)
Some agencies do not allow agents to do property management, and some states have laws that make it difficult or impossible for agents to do property management, but we usually know who does a good job in the area.
As for having a friend or family member do it, well, as I mentioned, it's a hassle, with lots of things that can get a person into trouble. Unless that friend or family member is familiar with the rules and laws (perhaps they have some rentals of their own), I wouldn't even ask them.
Good luck!
This link takes you to generic form. You would only use the first option.
http://www.vtbar.org/Upload%20Files/WebPages/Public%20Information/Power_Attorney_RealEstate1.pdf
As far as renting out your property, personally, I would look into a management company. For a small percentage of the rent (usually 10% or less), you would not have to worry about the day-to-day dealings.
References :
Since things work a bit differently in almost every state, your best option is to contact both your agent and the escrow company and ask them for advice.
The escrow company will normally have forms available that will allow them to have someone else sign for you, or will be able to tell you how to get them and what they need to say.
Generic forms may or may not be acceptable, and you really don't want to find out that the whole deal is coming apart because of a form, especially while you're on your way overseas and cannot do anything about it.
Some agents are willing to do property management, some aren't. (It's a hassle, and the money isn't normally worth the headaches.) Still, the person to ask would be your agent, who may be willing to take on the job, since he or she sold you the house. (I'll sometimes do it for former clients, more as a goodwill thing than anything else.)
Some agencies do not allow agents to do property management, and some states have laws that make it difficult or impossible for agents to do property management, but we usually know who does a good job in the area.
As for having a friend or family member do it, well, as I mentioned, it's a hassle, with lots of things that can get a person into trouble. Unless that friend or family member is familiar with the rules and laws (perhaps they have some rentals of their own), I wouldn't even ask them.
Good luck!
References :
REALTOR, ABR, ePRO