All Forum Posts by: Lawton Michaels

the title company will draw up a FSBO (for sale by owner) contract between the 'seller' and the 'buyer'

the POA (power of attorney) is so that the 'seller' doesn't have to show up to the closing to sign the papers, the 3rd party now has authorization to sign the closing docs for the 'seller'

typically I use a bird dog to be the 3rd party POA

is there still a contract between the wholesaler and the buyer in this transaction.

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Originally posted by Nick Johnson:

here ya go guys/gals.

My very first video. Feel free to pick it apart and ask specific questions. I feel I generalized or made it seem to easy. But really it is :mrgreen:

http://www.youtube.com/watch?v=POZhSuACkE4

Also feel free to subscribe to my channel, eventually I'll become better at making video's I promise

whats the name of the contract that the title company has between the seller and the buyer? whats the power of attorney for? im lost.

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Originally posted by Chris Knight:

If you are wholesaling a home directly from a seller the pof should not be needed.

If you are trying to wholesale REO or through a Realtor/MLS, you will most likely need the pof.

If you need one, contact a HML and they will most likely write up a generic one for you.

whats a hml.

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Originally posted by Tim Krueger:

coastal-funding.com will give you a POF letter from their website.

is the fee large for that? thanx.

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what sources can you use for proof of funds if you dont have the cash readily available to purchase a property you intend to assign? do hard money lenders offer a service just for this?

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can someone give me a example on how to do a double closing when doing a wholesale.

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All Forum Posts by: Lawton Michaels

Lawton Michaels has started 12 posts and replied 26 times.

Post: Example of a double closing

Post: Example of a double closing

Post: Proof of Funds

Post: Sources of proof of funds

Post: Sources of proof of funds

Post: Example of a double closing