The Value Of Electronic Signatures. Good For The Consumer? Or Easy For The Agent??
Say what you will. The adoption of electronic signatures by the real estate industry has also served to permit consumers to go forward with transactions, whether or NOT they understand what they're signing.
Nothing beats looking them in the eye. If a buyer is local, my practice is still to sit with them and review and explain every single paragraph. I can almost always recognize when that face to face review helps them understand what they're signing. Electronic signatures do nothing to further the consumer's understanding of what they're signing.
So the agent sending the docs understands the content. So what? Are we seeking an easy signature or are we seeking an informed consumer?
Can it be that the ubiquitous use of electronic signatures as an example of "jumping the shark".
Is it possible that many consumers simply shake their head up and down to appear knowledgeable? Or, do they truly understand what they're signing. Sadly, many consumers are like bobbing head dolls.
"E-MAIL IT TO ME!" I don't fault the agents who have moved forward in the electronic age. They're just following industry practice. I see them regularly. We have a written a Contract of Sale for a qualified buyer and want to present it to the listing agent. As surely as the sun will come up tomorrow, the first words out of their mouth will be: "E-mail it to me".
If the listing agent is located within a couple of hours, I insist that I want to review the offer with them in person. I want to present the written offer. However, I also want to present the home buyer. THAT is not a paragraph in the written contract. Of course, we have a lender's letter, that's fundamental. Fact is, I want to know that the listing agent understands the buyer's qualifications.
No doubt I won't change any agent's practices here. However, I suspect that, if more attention is given to the initial contract review process, fewer problems will follow.
Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988, serving home buyers in Loudoun County, VA.
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Honey, we got the contract, but it's really long.
Is it O.K. to initial those boxes?
Sure Honey. They wouldn't send anything that wasn't O.K.
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