A Guy Wanting To Buy My House Wants To Pay Mortgage Under My Name Until He Buys It Outright, But Wants Power Of Attorney. Is This Even Normal?
Location: MN
I'm selling my house, I no longer live in it, and am facing foreclosure if it doesn't sell soon. I've had a realtor showing it for about a few weeks now.
The realtor mentioned a potential buyer who wants to catch the mortgage up, then make payments in my name, before buying it in 6 months or so.
A few days later, before saying much of anything at all, or agreed to anything, the potential buyer called. He mumbled his name, and I didn't catch it at all. He said he was looking to buy my house, but wants interest rates lower before he does.
Yesterday he calls, and says he needs me to call my realtor and set up a time in two days to sign the papers. He needs to do it now because he's flying somewhere the next day.
I asked the realtor about this. They seemed surprised the guy called me, and said they'd look into it.
Today the realtor sends me the paper of "terms", and all it is is a "Durable Limited Power of Attorney
(Property, Mortgage and Insurance)" form, citing statutes from a completely different state.
Is this EVER a thing, or is this guy trying to scam me and take control? The realtor has been doing this for a few years, so I would have thought they'd be able to spot a scam, but it seems fishy as heck to me.
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