Loans By Kathy: July 2011

Electronic Signatures a sign of the future...

 

There are always reasons to keep up with technology and I think the greatest one to come along is the ability to use electronic signatures in a real estate transaction.

So, many, many, many years ago I worked as a part-time real estate agent.  At the time, our MLS printed a book every week with all of the listings and each day we got an update sheet with new listing, price reduction, sold, information.  There was no computer, no Internet, not even a fax machine. 

 

It shouldn't be any surprise, that the way a contract was negotiated differently too!  The contracts were 5 part carbon forms.  By the time all counter offers were written on the contract, they really could be a horrible mess.  And because all parties had to sign on the original contract, the time from contract to closing could be between 45-60 days.  If any of the parties were out of town, you could easily add in another couple of weeks to allow for mail time.  Companies like FedEX, DHL, and UPS overnight services were available, but were outrageously expensive.

With the electronic signature option we can expedite the process, save our natural resources by not having to print as many copies.

I recently had a loan application where the husband and wife were in two difference locations, but using the electronic signatures, we were still able to move the transaction along quickly.  This technology also helps from a compliance standpoint in the mortgage application process.

I say thank you to whoever was clever enough to think of this as an option.

 

 "This post is a submission to the DocuSign/ActiveRain Electronic Signature Stories Contest. It's possible I will win a prize for writing this post. You could win a prize too by going to the Contest Announcement and sharing your own story"

 

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Kathy Sheehan Senior Loan Officer

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770.634.4021

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Bay Equity LLC

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11475 Great Oaks Way, Suite 350, Alpharetta, GA 30002

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The opinions and general information in this blog are soley those of Kathy Sheehan.  Specifics regarding an individual case should be discussed in detail with a loan professional.  For a confidential consultation, please feel free to contact me via phone or email.  All terms and conditions are subject to change.

 

Comment balloon 4 commentsKathy Sheehan • July 22 2011 11:27PM
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