No e-Signatures by Banks is Slow as Molasses
I'm a big fan of electronic signatures. This excellent and timely technology has saved me and my clients countless hours, paper, drive time and potential errors. My story is about a recent transactions that had we been allowed to use e-signatures the entire process would have been smooth, efficient and timely. Instead it was cumbersome, problematic and just a plain slow as molasses transaction.
My client had made an offer on a bank owned REO property. We knew the home was priced well, in an excellent area of town and in optimal condition. Knowing this we also knew that multiple offers were likely forthcoming. We crafted a smart offer and wet signed the contract. I was scheduled for a needed vacation and set out for a lengthy road trip. I planned accordingly and made sure I was somewhat mobile for this client and others at different stages of their transactions.
While away I get the call that the REO bank has countered slightly, the agent needs a response ASAP because other offers are forthcoming..go figure! No problem, please just email me in PDF and I will upload to an e-signature format. He then says the REO bank will not accept anything but WET signatures. We call them wet signatures but in reality what we are providing is a COPY of a wet signature, not the real deal right? Regardless the bank says no. There are also documents needing my signature. I am mobile yes, but I do not have a viable scanner/printer option. The listing agent is also traveling and away from his office. So instead of a simple, clean and straightforward e-signature option I now I have to jump through hoops to find an office supply center to print the document so I can sign, then have them scan it and drop it onto a thumb drive. I then can email the document to my client for her signature. My poor client does not have a home printer or fax, so she too must find a printer source, print, sign then fax to the other agents office who in turn must scan and email to him. The process is SLOW AS MOLASSES and my client and I are feeling the pressure of a competing offer. The REO bank accepts the offer but contingent on an array of addenda and disclosure..standard procedure yes, but guess what, they want it all in their archaic WET format. So both myself, my client and the listing agent had to go through this agonizing dance just to appease a bank that is apparently out of touch with today's technologies.
The entire contract, counter and addenda could have easily been handled within an hour using an e-signature solution. Wake up corporate America and Banks, e-signatures are an excellent, safe and reliable tool for getting these short sale and REO transactions moving through the system. Take heed and implement the obvious so you can be Lightning Fast NOT Molasses Slow!