Another future use for Docusign that would save me time every day is becoming a reality. I process a lot of short sales for my clients and I have always wished that it would be easier to collect the signatures on the voluminous documents that are required in order to get a sort sale approved. Well, good things come to those who wait!!
Short sales require a lot of forms and a LOT of signatures and frequently, the signatures are from multiple parties….buyers, sellers, agents for both parties and an attorney or negotiator. I have often wished that we could use electronic signatures because this would expedite a lengthy process and it would save a lot of scanning and faxing.
Bank of America recently announced that they will accept electronic signatures on their short sale documents!! As we all know, whatever Bank of America does, others are sure to follow!! It will now be possible to process short sales more quickly. As an example of this powerful use of Docusign as a valuable tool, I could save time on every short. I have been waiting for two weeks for signatures on a Wells Fargo short sale. On another one I have been waiting for documents for three weeks because the husband and wife sellers are separated.
Since electronic signatures are acceptable for contracts, it only makes sense that they should be acceptable for short sale documents as well. There is an even larger time savings with the use of electronic signatures in short sales than there is in contracts and traditional sales!!
There is no question that Docusign and other electronic signature platforms save time and that they are becoming widely accepted. As more uses become available, the use of e – signatures will grow exponentially and this will save a lot of time for all of us. Welcome to the 21stCentury!!
Paddy Deighan J.D. Ph.D
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