2 Ways To Do A Remote Closing

One of the things I love about this industry is that it gives me freedom…

Financial freedom, yes…

But I REALLY love that it gives me the freedom to travel AND still do deals while I’m away.

There are great methods so you can close deals even if you’re not in the same city where the property is. Heck, even if you’re not in the same country!

So today, Matt Andrews at your service to share 2 smart and simple ways to do remote closings, so you can keep your business going without you even being around.

#1 Set Up Power of Attorney

We’ve done this in my own investing business and it works really well.

So, my family and I were taking a vacation to Costa Rica. (Stunning nature doesn’t even begin to describe how beautiful it was there!)

We were there for an entire month.

Obviously, I can’t just walk away from my business for that long… marketing still had to get done, leads called, offers made… and yes, closings too.

We also had no idea which rainforest would have WiFi and whether we could scan and email documents… [I know, I know, first-world problems. ;)]

So, before we left town, we set up a power of attorney (POA).

With a POA, you just assign someone else the power to sign documents in your place at the actual closing.

It was a super-simple process.

Our title company drew up the legal document for me. (There’s usually a small charge for this.) I signed it and my POA signed it. And that was it.

For me, it made the most sense for another investor to be my POA because he was familiar with the title company and he obviously understood investment closings, so this was a no-brainer.

I’ve also known investors who have their spouse as their POA, if they’re in town. It could really be anyone you want though:

another family member
non-relative
friend
real estate agent

My last piece of advice on the POA matter is this: Don’t wait til the last minute to do this. Make sure you get in touch with your title company as soon as you know you’ll need to go this route.

#2 Mail Away Closing

The way this closing method works is by having the title company mail you all the closing documents.

notary You’d print them out, sign them—in the presence of a Notary Public—and scan them back to the title company. And you’ll likely have to FedEx the originals too.

I have done deals when the title company didn’t need the originals, but most of the time, you do have to send those in. Of course you should make copies for your own records.

And, in addition to the paperwork, you’ll need to wire the funds over too. The easiest way to do that is to send them from your online banking portal.

One last note about this method… not all states allow mail away closings, so be sure to check with your attorney or title company first!

So…

Now, you don’t have to let closings hold you back from enjoying the sandy beaches or powdery ski slopes – anywhere in the world.

The next time you’re out and about and a deal is ready to close… you’ll know what to do.