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I'm in the process of selling my home in Illinois, I am out of state and will not be physically present for the closing. My Real Estate Agent called and wants me to give HER Power of Attorney! I told her I've never heard of such a thing & have sold other houses while living in another state & never had this kind of request.
In the meantime; the closing documents were sent to a local Certified Closing/Signing Agent for me to sign. The Power of Attorney is included in this package but it is made out to my Real Estate Agents SON! The local agent said the package is complete & she has never seen this kind of request in her 26 years of business.
What kind of scam is this & do I have any recourse? I am refusing to sign my Power of Attorney to anyone; will this create a problem with the closing of this sale?
In part it reads: "FURTHER GRANTING full power and authority to collect and receive any funds or proceeds of said sale in any manner which, in his sole discretion, he sees fit".
She said the Veterans Admin. asked for it... I do know they are not the new mortgage lender.
She said she put her son on the POA because she will be out of town...
I still refuse to sign any POA.
I'd like to report her to her broker.
Illinois is an attorney state for RE transactions. From what little I know, the attorney representing you in the sale may need POA to complete the closing. Not sure why your RE agent needs it. I suggest calling the closing attorney to find out what's needed.
There is no attorney representing me, I have been made aware of. The closing agent is Chicago Title - I still don't understand this request.
There is a Chicago Title in the city I am currently in... and the local Certified Signing Agent said the packet is complete without the POA - she has never heard of something like this.
Then sign the rest of the package and send it back. I would call her managing broker and ask what this is about. If one is really needed - cross out the part about the proceeds and make sure the title company has your bank's wire instructions.
I have had several POA's before from my sellers. One was out of the country when the buyer wished to close. We signed all the docs before they left except the HUD. I signed the HUD and made the deposit into their bank account before they returned.
Most of the time, we just do a mail out. It is what I prefer.
PofA's are common on the east coast where sellers are physically at closing with buyers when the seller's can't attend. On the west coast, we use Bankserve type of services or courtesy signings at local title companies.
Out here the seller only needs to get their documents notarized which can happen at fedex. If the title person says it is complete without the PofA, then I would take that form out and send back the package. Then I would have a conversation with the Principal Broker about it.
If it is common for agents to be granted the PofA where you are selling your home it seems more appropriate to have another agent at the company sign on your behalf that the real estate agent's son. Too weird for me.
Too much of a conflict of interest for me to ever get a POA for a client unless it would be absolutely at a minimum such as signing the HUD 1 as mentioned above. Not sure my broker would even agree to the situation.
It's much safer to have a family member or close friend.
Me and my husband were away for closing and asked our Agent to be our POA and sign the deal. We trusted him though.
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