south orange, NJ · Member since 2019 · 5 posts · 0 votes
I’m in the middle of a deal. Closing scheduled for end of April. Owner who is 80 years old is now in the hospital with Covid. I don’t have my financing in place yet. I only have $95,000 on a $410,000 contract. My Bank has approved a loan for the balance but I won’t have access to the money for another 10 days. I’d like to propose a structure to the daughter who is handling the sale but I’m not exactly sure what to propose. She already told me that she is open to a proposition.
She would like to close as early as tomorrow. How can I make the sale happen with $95,000 before anything tragic happens to the owner.
Real Estate Broker · Miami, FL · Member since 2018 · 236 posts · 99 votes
6y
@Robert Rebimbas Owner of property will have to sign the closing documents unless the daughter has a power of attorney to handle the closing paperwork. If she has the power of attorney then waiting 10 days is not a big deal while you wait for the remaining funds. Should speak to your title company or attorney and they will know how to handle this. Good luck!
Investor · Milwaukee - Mequon, WI · Member since 2010 · 5k+ posts · 7k+ votes
6y
@Robert Rebimbas a POA is probably the sensible thing to suggest, because that allows the seller not to be inconvinienced by the closing while in care. The POA expires on death. The deed can also be changed to TOD - transfer on death - to avoid the lenghty probate process before you can close. Ask your title company. Good luck!