Home : Blogs : Beth Young : Beth's Online Transaction Management Blog

The coolest closing ever!

So, today we closed a very special escrow. This was our first transaction where the cooperating agent, that was NOT a client of ours, was also paperless and communicated with us throughout the transaction through our online system and instant messaging. This was a grand experiment and I am happy to report: A TOTAL SUCCESS!!!

First of all, I want to extend a HUGE thank you to that Agent, J.R. McKee with Circarta Advisors, and his assistant, Wendee Sanders. They were a real pleasure to work with and tremendously professional. So, what else was different about this escrow? Let me tell you:

Communication was completely fluid. We all communicated in real time without even having to pick up a phone. I talked with J.R. several times in the evening, late at night, and first thing in the morning. Not only did we know everything about that transaction as it was happening, but I now feel that I have a new friend. I know all about his kids, wife, and his crazy sense of humor! I knew when he was out at appointments because I could see when he went offline and then I could easily talk with Wendee as she backed him up on his side of the transaction. We were able to send each other addendums and needed documents as links on IM as they were signed digitally.

This was a 15 day close of escrow. Every second counted. It was not easy and there was some heavy duty negotiating going on right up until the day of closing. If we had not established clear communication and the rapport that technology allowed us to do in the beginning, we would have NEVER been able to pull this off. This took the efforts of everyone involved. I am thrilled with the way this transaction turned out and I look forward to many more like it.

Technology is a tremendous tool if you choose to use it!

Posted by Beth Young on 11/30/2007 03:08 PM

Comments (11)

transaction, paperless, online transaction, instant message

Post is included in group: Online Transaction Coordination

11 Comments on The coolest closing ever!

Hi, Beth-- Congratulations!

I was wondering whether your "non-client" sides ever get involved, and am not surprised that you have found a new client through an existing one with your unique service.

That raises a question that maybe you can answer for me. Who in the transaction pays for your service? Can it be the buyer's side, or does it always have to be the seller's side?

11/30/2007 06:20 PM

by David Garske ((transition pending))

Great news Beth.

Can you tell me how I can find out if digital signatures are legal in Michigan? If so, how do I create one and can I create them for clients? Right now they sign my tablet which is great, but I would like to learn all ways.

Thanks for information Beth, again good post.

12/01/2007 07:26 PM

by Complete Realty, LLC

David, we handled transactions for agents whether they represent the buyer or the seller. It doesn't matter. We maintain and process a complete transactional file and all the support that goes along with it for our agents typically from the point that they take the listing through close of escrow if they are representing the seller, and from the point of a fully executed contract through close of escrow if they are representing the buyer.

12/01/2007 11:23 PM

by Beth Young (PropertyInfo Corp. - SureClose)

Angie, in 2000 congress passed legistlation that made digital signatures legal and binding nationwide. There are a few good programs out there. If you are using a tablet, you should have Microsoft Journal which will work for the most part except it is NOT secure and many people will have difficulty opening the .jnt format. I use VREO's Real Estate Dashboard software for secure signings on my tablet. You might want to check out docusign. This can allow clients to digitally stamp a verified signature without needing a tablet PC to facilitate it.

12/01/2007 11:32 PM

by Beth Young (PropertyInfo Corp. - SureClose)

Thanks for the response. My office is paperless, so I print to a PDF file. Everyone can open that. I am going to check VREO, thanks you for info.

12/02/2007 09:15 AM

by Complete Realty, LLC

Very nice. I love paperless not only for the ease but for the trail.

12/02/2007 01:35 PM

by Adam Brett - Fullerton, California Realtor (RE/MAX NOC)

Beth, I'm hearing more and more of this paperless type of transaction. I'm glad it went smooth for you.

12/02/2007 01:42 PM

by Gary Woltal - REALTOR® Dallas Ft. Worth (Keller Williams Realty)

Angie, you are welcome. We try to store and send everything in PDF.

12/03/2007 10:26 AM

by Beth Young (PropertyInfo Corp. - SureClose)

Adam, right on! My online files have 10 times the documentation that even the best paperfile can have. We even save our IM conversations to the online file. With the online TMS software that we use, every document, task and message has an automated history. So, I can see what documents were sent and to whom, which parties have viewed each document, etc. It is very cool.

12/03/2007 10:29 AM

by Beth Young (PropertyInfo Corp. - SureClose)

Gary, I'm glad you are hearing more about paperless transactions. It has changed everything for us and for the Realtors that we have the privelege of calling clients. You may be hearing more about it very soon...I'm hoping to move in your direction (Plano) so I hope to be speaking at some events and meeting with Realtors in your area.

12/03/2007 10:31 AM

by Beth Young (PropertyInfo Corp. - SureClose)

good news beth. Congratulations!

12/03/2007 04:48 PM

by Donald Bradbury, REALTOR Bucks County PA (The Bradbury Team at Coldwell Banker Heritage)