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Updated over 3 years ago on .

User Stats

9
Posts
1
Votes
Noel Peralta
1
Votes |
9
Posts

Need Advice on Closing properties in US while in the Middle East

Noel Peralta
Posted

Hello BP family, 

I've ran into an issue while trying to close on a property in Bahrain and I am looking for some solutions so I can continue investing while here. My husband and I are here as he is on Military Duty for the Navy.  Last week we attempted to close a wholesale deal in San Antonio but we were not able to proceed because we couldn't guarantee that our wet signature would arrive within 24- 48 hours. 

Bahrain doesn't offer 24hr overnight mail service. FedEx offers international priority which is 2-3 days with no guarantee. When I called FedEx they said it would likely be 3 - 4 days. DHL , which I've used in the past to close a conventional loan from Bahrain, said 3 - 4 days (it ended up being 5).  

We asked if we could switch title companies to one that offered a remote online notary (RON) but we were denied as the wholesaler had a contract with the title company that didn't offer that service.  

We were asked to get a POA but that would have been subjected to the same time delay because they both needed verification sent to The States. Ultimately, we lost the deal.

I thought a solution would be to get a POA before getting into another deal, but I am told that the POA won't be accepted unless it has a specific property address that we are purchasing. This would be a problem with wholesale deals because once we know about a specific property, the next day we would need to rush and get a POA for that specific deal (not guaranteed with Base Legal being busy), then we would have to ensure it is PERFECT and not rejected by Title. You see the hassle here...

We are looking for advice on how to navigate this situation. We'd like to continue to invest while we are in Bahrain. 

Thank you for your help!