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Only Slightly better than Completely Useless.

By
Mortgage and Lending with Wells Fargo Home Loans

Did you know, you are not the only one who needs a copy of the signed agreement of sale (AOS)?

That is right, the title company needs it, the mortgage broker and lender need it, and the appraiser even needs a copy of it!

If you are a real estate agent you should know why the Title Company would need a copy of the AOS.  The appraiser needs a copy, because believe it or not, there is a little spot where they need to say they reviewed the AOS.  I as a mortgage broker need it for many reasons 1) I need the agents contact information, listing and selling, 2) I need to know when your commitment date and closing date are, 3) I need to know if there is a seller assist, how much is on deposit, and any other financial impacts on the loan, and 4) the lender needs it for underwriting.

Did you know, a legal size document faxed back and forth more than 2 times that ends up on a letter size paper is only slightly better than completely useless? 

So if you are addicted to negotiating, and I am guilty of that too, then you need to learn some new technology, the FAX MACINE IS NOT FOR YOU!  If you don't want to get with the new millennium and get some electron power in your communications, then you need to think of the rest of the people in the process.  I can not use a copy of the AOS that has been: (1) Faxed to your buyers to sign (2) faxed back to you (3) faxed to the listing agent (4) faxed to the sellers (5) faxed back to the listing agent with counter offers (6) faxed back to you (7) faxed to your buyers to sign (8) faxed back to you (9) faxed to me.

You have some options:

  • Keep legal size documents on Legal paper, so if you are addicted to faxing, get a fax machine that has two paper sizes.
  • Electronic documents. There are PDF copies of sales agreements that you can type in all the information... I know, I have seen them my self.  They are great.
  • e-fax / e-mails.  If you need a magnifying glass, or in the electronic world you need to zoom in more than 100% in order to read the AOS.... it is not clear enough for me.
  • Hand delivery.  You are out on the road most of the time, most of the deals you work on are with local agents with in driving distance.  If you have gotten to the point where your AOS is a Rorschach type smudge a quarter the size of a letter size page of paper... Re-write the entire thing on a new AOS, get it signed (delivered in person), and deliver it to the listing agent and get them to do the same.

In short if you are going to go electronic go all the way and keep the faxing to a minimum, OR go old school and "press the flesh"

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