Do you need power of attorney to sign a real-estate purchase agreement for a foreclosure?
Question by Piper: Do you need power of attorney to sign a real-estate purchase agreement for a foreclosure?
I recently signed a purchase agreement for the purchase of a foreclosed property. The original purchase agreement was signed, but the signing seller did not identify themselves. We later signed an extension to the agreement and on that form the signing party on behalf of the seller identified himself. This person does not have power of attorney and is an REO broker. Is there any way this is a valid agreement?
Answer by OldJimmy
No, the agreement must be signed by the owner/seller, or their attorney in fact as specified by a power of attorney. The REO broker can not sign for the seller without a POA.
That being said, I don’t think your deal is down the tubes. Just ask to have it corrected (either correct signature or copy of the POA) as soon as possible before you put any money into your inspections, survey, etc.
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