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Please get the document signed ASAP… Again!!!

By Richard Weisser

Real Estate Broker/Owner with Richard Weisser Realty

August 26, 2012 10:30 PM

With all of the new document management technologies that are available today, you would think that a large, International financial corporation would have no trouble maintaining files.

However, that is not the case. The frequency of requests for documents that have ALREADY been executed and provided is continually on the rise.

If you so much as utter a word of protest, you are immediately threatened with cancellation of the transaction.

As a result, we track down the buyers and sellers and agents and get the same documents signed again, and again, again.

And if, by some miracle, you make it to the closing table, don’t be surprised if you have to sign the same documents AGAIN!

It’s frustrating, but we do what we have to do to get the job done!

Because SOMEBODY has to be responsible and do it!

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Richard Iarossi

Coldwell Banker Residential Brokerage - Crofton, MD

Crofton MD Real Estate, Annapolis MD Real Estate

Lack of standardization of what is required by all the entities is a challenge. I can be working with three different banks and the processes and documentation requirements are all different.

Rich

Aug 26, 2012 10:40 PM

Lucas Taylor

Keller Williams Miami Beach - Miami Beach, FL

Thank you for the great education. I learned so much from your post.

Aug 26, 2012 10:53 PM

Adrian Willanger

206 909-7536 AdrianWillanger-broker.com - Seattle, WA

Profit from my two decades of experience

Richard, unfortunately this is just part of the process, hard to except sometimes. I like your attitude of being responsible and getting the job done.

Aug 26, 2012 11:32 PM

Mark Loewenberg

KW of the Palm Beaches - Palm Beach Gardens, FL

KW 561-214-0370

so if it needs to be signed 10 times to get a transaction that is what we do and yes have had to have docs resigned many times, part of the job

Aug 26, 2012 11:36 PM

Dianne Goode

Raleigh Cary Realty - Raleigh, NC

Realtor/Broker

I imagine, and tell my clients to imagine, that our file is on the desk of an hourly employee who was hired yesterday and hopes to quit tomorrow. He is sitting in a cublicle with a hundred files on his desk, in the middle of a warehouse-size room surrounded by hundreds of other cubicles, each containing a desk with a hundred files on it. The comployee doesn't care when or if he gets to our file; he's going home at 5:00 regardless. Plus, if he makes a decision, he risks getting in trouble for it. So if he can, he will take our file and slide it into somebody else's pile when they go to lunch.

It's a very different scenario than what we're used to, which is dealing with a seller who's eager to sell.

Aug 26, 2012 11:42 PM

Richie Alan Naggar

people first...then business Ran Right Realty - Riverside, CA

agent & author

Whatever happened to accountability? I send you something and you say you did or did not get it...We go from there

Aug 26, 2012 11:49 PM

Kathryn Maguire

GreatNorfolkHomes.com (757) 560-0881 - Chesapeake, VA

Serving Chesapeake, Norfolk, VA Beach

Isn't it so funny...no real estate agent or home seller would be able to get away with this. But banks continue to demonstrate their incompetence. They hold all the cards and they know it.

Aug 27, 2012 12:08 AM

Dr. Paula McDonald

Beam & Branch Realty - Granbury, TX

Granbury, TX 936-203-0279

Just had to do this last week. One of my Buyers is in Germany so getting docs fe-signed was a bit tricky. Jumping through hoops for sure.

Aug 27, 2012 12:14 AM

Chris and Dick Dovorany

Homes for Sale in Naples, Bonita Springs and Estero, Florida - Naples, FL

Broker/Associate at Premiere Plus Realty

The fault of those large institutions lies with the HR department. They hire unqualified, bottom of the barrel, high school "graduates" to understand and maintain important legal paperwork in the most up to date manner possible.

Aug 27, 2012 12:17 AM

David J. Stiles

Waynesville, NC

Save some time, unless there is a legal or privacy reason prohibiting you from doing so, have multiple copies of a document signed. Keep the extra originals in your file. FHA Amendatory Clauses and smoke alarm affidavits are often lost by processors, title companies or building inspectors.

Aug 27, 2012 12:32 AM

Andrea Swiedler

Berkshire Hathaway HomeServices New England Properties - New Milford, CT

Realtor, Southern Litchfield County CT

Going through it right now as a matter of fact. If I kept track of my docs they way they do, I would be saying "would you like fries with that?"

Aug 27, 2012 01:32 AM

Richard Weisser

Richard Weisser Realty - Newnan, GA

Richard Weisser Retired Real Estate Professional

John...

No it will not. THX.

Pam...

With all of this technology it should be easier. Lol and thanks.

Rich...

We need some kind of system, that's for sure. Thanks.

Lucas...

That's why we are here! TY.

Adrian...

I just know that if I don't do it, no one else will! Thanks.

Aug 27, 2012 02:23 AM

Melissa Marro

Keller Williams First Coast Realty - The Marro Team - Orange Park, FL

Jacksonville Real Estate and Home Staging

Richard - This seems particularly true in short sales. It is crazy that so many things get lost. Still, its best to just "suck it up" rather than get annoyed that you've already done this once or twice before. It really doesn't matter how you feel about it, it still needs to be done. Nice blog!

Aug 27, 2012 02:34 AM

Harry F. D'Elia III

WEDO Real Estate and Beyond, LLC - Phoenix, AZ

Investor , Mentor, GRI, Radio, CIPS, REOs, ABR

Just sign the papers, again. I agree that we just sign and close the deal.

Aug 27, 2012 02:45 AM

Ben Gerritsen

Mortgage Miracles Happen, NMLS ID: 1289680 - Ogden, UT

Mortgage Loan Originator

Document management vs. E-Signature companies vs compliance issues for a myriad of reasons. Personally, I think each real estate brokers, mortgage company and bank is very good at maintaining documents and keeping records. As far es effeciency in getting documents signed, e-signatures are widely used and speed up the process in 92% of all documents that can be signed. There are only about 6 forms that I have seen that need a wet original signature in a transaction. The 3rd option is for compliance. As time has progressed over the past few years, we have had more regulations placed upon each of us. This has created more stringent requirements that are only requiring more paperwork, etc.. etc.. The CFPB has proposed new rules and regulations in the past 2 weeks that will require additional constraints upon each of us and what timeliens can be done with certain disclosures and documents in the transaction process. If we don't know about each of these, then there is frustration by not knowing what takes palce and what is supposed to take place. If the transaction is a cash transaction, then life would be soo simple and a lack of headaches. But that is very seldom for most real estate agents as a whole. Only certain agents and certain markets experience consistent cash transactions. We live in an era that the regulation has entered the market place makes some agents and clients frustrated. This is what we have to go through to stay in compliance.

Aug 27, 2012 02:49 AM

Beth Atalay

Cam Realty and Property Management - Clermont, FL

Cam Realty of Clermont FL

We should almost be grateful that they ask us to sign the papers but yet again rather than just ignoring the file. This is probably more common with Short Sales, some take longer than others and forms become outdated. Now I let my clients know that if we don't close within 60 days of accepted offer, they should be prepared to sign the same forms multiple times.

On one file I've had for over a year, we had to sign "Arms Length Trans" form 4 times. Still haven't closed so I'm guessing will be signing it for the 5th time.

Aug 27, 2012 03:12 AM

Sandy Acevedo

951-290-8588 - Chino Hills, CA

RE/MAX Masters, Inland Empire Homes for Sale

Hi Richard, the hoops we have to jump through over and over again just to get the job done.

Aug 27, 2012 03:51 AM

Paul Francis

Francis Group Real Estate - Las Vegas, NV

Las Vegas Real Estate Agent - Summerlin Homes

Lots of laughing... Perfect timing on the post. Your Mondays must be like mine with filling out and re-sending documents over and over again.

Aug 27, 2012 06:25 AM

Greg Nino

RE/MAX Compass - Houston, TX

Houston, Texas

Certainly gets old. I just did a deal with an agent who not only didn't understand electronic signatures, but she couldn't comprehend how to upload something as a PDF file versus a JPEG. SICK!

Aug 27, 2012 02:27 PM

Lisa Von Domek

Lisa Von Domek Team - Dallas, TX

....Experience Isn't Expensive.... It's Priceless!

Good morning Richard,

After months of this scenario not occurring, a closing last week required every document to be signed again...frustrating for those signing, but this won't go away for awhile yet.

Aug 27, 2012 10:01 PM