Electronic signatures still not accepted by some REO banks? Say it ain't so!

Not once has any listing agent, seller, title company, lender refused to acknowledge or accept use of electronic signatures on offers that my clients have signed via DocuSign. The only time anyone insisted on a "wet" signature was on a one-page FHA document.

Until today.

Sunday. Submitted offer. Shortly after, the agent acknowledged receipt.

Tuesday. Deadline to submit offer. Agent emails me at 6:45 am saying that electronic signatures are not accepted. She didn't say by whom.

When I protested to tell her the Elecrtronic Signatures was signed into law in 2000, she said "it's legal but not law."

ISSUES

1. Some sellers will not accept digital signatures. I have not run into this problem before, and I'm flabbergasted that any bank would refuse. After all, their form letters are all digitally signed!
2. Listing agent should disclose this critical information in the confidential remarks, or in the offer instructions. We can follow instructons --- but make sure it's there!

PUBLIC LAW

Just to be clear, PUBLIC LAW NOl 106-229, the Electronic Signatures Act was signed by President Clinton into law in June 2000.

WHY USE ELECTRONIC SIGNATURES?

• Current market conditions are spurring us to be fleet of foot, i.e., once an REO becomes available, and is in the preferred location, configuration and price range my clients want, we write an offer immediately.
• Offer deadlines. Time is almost always an issue. We've written offers on listings --- regular sales, short sales and REOs ---- and did not run into any problems.
• Schedule conflicts. Availability to meet is a challenge. But my clients and I can communicat via emails
• Email offers. Many agents prefer emails
• Go GREEN!

Getting electronic signatures is efficient, productive and innovative. This is a call to action for REO lenders to get with the times. GO DIGITAL!