Good day BP Community. I'm in a bit of a pickle as it stands now as I venture into beginning my investment portfolio, while working on borrowed time. I currently work overseas as a contractor for a private company (Afghanistan) and I spend very little time in the USA every several months. On the vacation that I am currently taking, I spent time in Atlanta where I planned to locate potential properties to purchase. The issue falls in the fact that the finance manager refused for my realtor to allow me to view any properties BEFORE confirming all financing, to include my 2014 tax returns (in which I haven't received the W2 for yet...). Wasting my time and theirs due to inactivity for the two free days that I was able to squeeze into my busy travel schedule, I am left with nothing. Do you have any advice or information to help further me along in this process?
Also, note that they have a policy that investors (apparently) need to provide a SPECIFIC Power of Attorney to the property under contract, versus the general POA that I have used to purchase a property in the past.
Peace & Blessings.
@Corey Edmonds Spinning wheels is indeed frustrating. Is this a policy specific to this one real estate brokerage? Or because you don't think you'll personally be available to close on the house and want an agent to do it for you? I've not run into any situation where financing was even mentioned before we started looking at houses -- but I've always been right nearby. Have you talked to a different RE agent/company?
Having your financials ready and available is one thing but they should not precede a showing. You don't know if you will WANT to make an offer on what they show you or even if you will WANT to do business with them. 2014 tax returns??? You posted this in January. Who has tax returns completed in January? Last I checked, taxes are filed in April, there are personal circumstances that cause you to want them done early, but certainly it can't be a prerequisite to viewing a property.
On the POA, I was informed that a general one would not work and a specific was required. I had it done and when the closing actually took place the closing attorney we used, did a "mail away" which was actually an "e-mail away" I received the documents, signed and scanned them back to them so the POA was not even needed.
Hang in there! Sounds like you need to establish a team and without one things can get ugly fast. May be a blessing in disguise.
Best wishes, just don't give up!
We have dealt with buyers that are out of state or out of country, we usually just email the docs to them, and then they print and find a US notary at the consulate or elsewhere and take the package there to sign everything. Then it back vis Fed-Ex or whatever is available. Might be harder from Afghanistan though.
Find a different realtor. You need someone who understands your situation and will help you along, not put up artificial roadblocks. They are providing a service and get a fat check for it at closing.
(On the flip side, we as investors should not waste agents' time either.. But this sounds like taking things too far).
Regarding the POA - I think I would be more comfortable personally, using a specific POA for the individual property - but this is only required to close, so you have plenty of time. Offers and such can be done via Docusign. I'm assuming a US based would have a notary service, if not definitely the consulate.
If you encounter not being able to find properties in the future, you could try contacting listing agents direct. Some may be responsive and they also would be able to show you other properties.
I think looking for another agent would solve a lot of the issues. Ideally your agent could also be a property manager - or have a very good recommendation for one.
Thank you all for the feedback and sorry for the late response! I'm currently in the process of locating other realtors in the area that are comfortable with dealing with overseas contractors and are willing to go forth. I've had my ups and downs but I remain hopeful as this is something I intend to better understand, simplify and continue in the future, being as though this will not be my only property purchased this year. Thank you all...
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
You must be a BiggerPockets member to post on the forums
Join the world's largest, most open Real Estate Investing Community online, 100% free forever!