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e-Sign is Vital EVEN WHEN the Lender Will Not Accept


e-Sign is Vital EVEN WHEN the Lender Will Not Accept




I was reading John McCormack’s entry to the Quick as Lightning - Slow as Molasses challenge. When I went to comment on it, I was reminded of an incident of my own. John, after reading my comment, personally EMAILED me and encouraged me to write my post today!! Thank you, John!!

 


John’s post described a situation where a bank would not accept electronic signatures. I have this same problem as my FAVORITE local mortgage company does not allow electronic signatures either.

 


Here’s the solution that I have come up with to speed things along.

 


In Texas, electronic signatures are legal and binding -- regardless of whether or not the lender likes them.

 


So...

 

  1. Have all parties sign contract. Use electronic signatures where necessary. Collect Earnest Money and Option Fee (if applicable)

  2. Execute Contract

  3. Overnight Contract to the people who electronically signed for original signatures.

  4. Take Earnest Money and Copy of Executed contract to the title company. (The title company accepts electronic signatures. ☺)

  5. Option Fee, if applicable, to seller.

  6. In Texas, the option period can begin (That’s another blog.)

  7. Buyer can now order and begin inspections.

  8. Once inspections are complete and buyers and sellers are happy -- Termination of option period can be executed.


 

Sometimes ALL before the original signatures get back. No time was wasted, because your buyer can move forward with the things he/she needs to do anyway.


 

So electronic signatures have a vital part in making sure things are not SLOW AS MOLASSES.... EVEN when the lender will not accept them!


 

Thinking outside of the box! ☺


e-Sign is Vital EVEN WHEN the Lender Will Not Accept


 

This has been brought to you by YOUR Huntsville / Lake Livingston Area real estate professional. Before you buy or sell, call Joni Bailey at (936) 650-9017. I look forward to earning your business and exceeding your expectations. Broker Associate with Berkshire Hathaway Home Services - Anderson Properties. Mike Huff, Broker.  BerkshireHathaway Hom Services is a member of the franchise system of BHH Affiliates, LLC. Each office is independently owned and operated.

TEXAS REAL ESTATE COMMISSION CONSUMER PROTECTION NOTICE

TEXAS REAL ESTATE COMMISSION INFORMATION ABOUT BROKERAGE SERVICESJoni Staples, Broker Associate BHGHRE-AP (936) 650-9017

 Copyright (C) Joni Bailey     (936) 650-9017  www.LivingLakeLivingston.com

 

Licensed in the state of Texas (0518539)                         

 

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Comment balloon 19 commentsJoni Bailey • October 26 2012 07:30AM
e-Sign is Vital EVEN WHEN the Lender Will Not Accept
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