There are dozens and dozens of people who have their jobs to do to bring a real estate transaction to the closing table. Each party must do what they are tasked otherwise the closing may be delayed or not close. Everyone is relying on each individual to perform their tasks and we are not able to check on the layers of tasking and don’t know many of the people even involved. From processors, to lenders, to appraisers, to underwriters, to title closers, to the county, the city and inspectors….the layers are even deeper. Point being….if one thing is missing…..it’s a problem.
Recently, our first-time home buyers were a few days from closing when we got the call. The Sellers arrived at their pre-signing and brought a photo copy of their Power of Attorney. What’s wrong with this, you ask? Photo copies don’t cut it. The Sellers needed to find the original. Well, the POA was drafted in 2007 and their Attorney retired to Florida. No one had the original. The closing did not happen. Our first time buyers re-upped their lease and we were all very very frustrated and disappointed and so sad for them.
The Sellers had to pursue a Conservatorship through the courts which could take months.
When we work with Sellers who have POA’s we always require an original copy prior the signing of any listing documents. We were not the representatives of this particular Seller. Our team is now going to add it to our tasking to ask the Listing Broker if they have originals of any required documents, not photo copies.