Powers of Attorney.
When scheduling a closing, there are many people who have to coordinate different processes to ensure that all of the required pre-closing work is completed. Your real estate agent must ensure that all inspections are completed, that all contract contingencies have been met, and that the closing occurs prior to the expiration of the contract. Your lender must ensure that your loan is fully underwritten, that all appraisals and inspections are completed, and that your loan closes prior to the expiration of any interest rate lock. Sometimes the loan underwriting process is not completed prior to the date on which your contract expires. When this happens, your real estate agent must secure an addendum to the contract, which will extend the closing date until the loan underwriting process is completed. Sometimes a closing cannot occur until another property is sold. This may happen if selling your current house is a condition required by your lender before they will approve your loan to buy a new house. All of these things affect the timing of closing, and all of these things have to be resolved before your closing can be set.
Sometimes, after all of the conditions of closing are met and the closing date is set, a scheduling conflict arises which prevents you from attending closing. Sometimes work obligations conflict with closing, and sometimes family obligations arise that cannot be avoided. When this happens, instead of rescheduling the closing, which may affect your contract or your even your interest rate, the better solution is to utilize a power of attorney. If you cannot be present at the closing, we can prepare a limited power of attorney, which allows another person, perhaps a family member or your real estate agent, to sign the closing documents for you in your absence. If you think that you may not be available to attend closing, please let us know as soon as possible. Typically, the use of a power of attorney must be approved in advance by your lender. The sooner we learn about the need for a power of attorney, the sooner we can coordinate with your lender to ensure that the use of a power of attorney is approved so that your closing can move forward. So, if you think you may not be available for closing, let us know as early as possible, and we can get the information we need from you to put together a power of attorney.
Sometimes, after all of the conditions of closing are met and the closing date is set, a scheduling conflict arises which prevents you from attending closing. Sometimes work obligations conflict with closing, and sometimes family obligations arise that cannot be avoided. When this happens, instead of rescheduling the closing, which may affect your contract or your even your interest rate, the better solution is to utilize a power of attorney. If you cannot be present at the closing, we can prepare a limited power of attorney, which allows another person, perhaps a family member or your real estate agent, to sign the closing documents for you in your absence. If you think that you may not be available to attend closing, please let us know as soon as possible. Typically, the use of a power of attorney must be approved in advance by your lender. The sooner we learn about the need for a power of attorney, the sooner we can coordinate with your lender to ensure that the use of a power of attorney is approved so that your closing can move forward. So, if you think you may not be available for closing, let us know as early as possible, and we can get the information we need from you to put together a power of attorney.