Hud Contracts and the Archaic Way of requiring Wet Signatures.

Hud HOmes can be a great buy and alot of buyers take advantage of the opportunities that they afford them but if you have a buyer from out of town it can be next to impossible or at least difficult to complete a purchase.  I just recently had an out of town purchase and accepted offer but it wasn't easy.  The buyer lived 3 hours from the property that he purchased.  The forms had to all be wet signed and HUD doesn't accept any other form of signature, not faxed, scanned or electronic. 

It was like going back to the horse and buggy, pony express days.  We signed everything up front before he left but we still had to have one form we missed signed and then there was the Title Company's request after the accepted offer for a form to be wet signed and sen back t to them.  

Between me and the buyer we did complete the transaction but Please Hud make it easier on us Realtors and the Buyers who want to purchase.

I have been using Docusign for a long while now and can't imagine life without it.  Its so convenient and wonderful for out of town home buyers and Out of town Home Owners that want to sell their home.  Its the best invention ever for the Real Estate industry and should get  a Green award for all the Gas it saves accross the country.

The United States Passed a law in 2010 (The Electronic Signatures in Global and National Commerce Act) that states its illegal not to accept Digital signatures.  So Why doesn't Hud an entity of The US Goverment accept them.  I am looking forward to the Day when Hud Does accept digital, faxed or scanned in documents.  It will be a day to remember.

Shannon Thomas Realtor

Selling Indy Metro, LLC

E-Signatures on Contracts For your Convenience!

Cell: 317-681-4044

Shannon@SellingIndyMetro.com

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Comment balloon 5 commentsShannon Thomas • June 19 2011 07:49AM

Comments

Hi Shannon, We have been using docusign for a couple of years too...its interesting, sometimes the deals fly with the signatures and other times they don't ... seems like an underwriter call.  Don't know why they can't just grab an original at closing if they feel they need one.

Posted by Brin Realty Associates Team At Bean Group, Amherst NH homes and Southern NH real estate (Bean Group | Brin Realty Associates) over 6 years ago

I agree Rene, I have had some bank issues time to time but all and all digital is well accepted.  Hud foreclosed homes though they don't period and it was very time consuming for no reason.

Posted by Shannon Thomas, Managing Broker, E-Pro, ABR,SRS, SFR (Selling Indy Metro, LLC) over 6 years ago

It amazes me every time. Buyers and Realtors and closing attorneys want to send money to lenders stuck with REO's and short sales, yet they refuse to consider the offers over a technicality.

Posted by Dave Halpern, Louisville Short Sale Expert (Keller Williams Realty Louisville East (502) 664-7827) over 6 years ago

and the HUDaches continue... ;)

 

b

Posted by Brent Kluge, I do mortgages REALLY well and I WON'T RIP YOU OFF (Senior Vice President, Secured Funding Corporation) over 6 years ago

Hud aches so true Brent.  One small seemingly missing item for Hud can ruin the whole deal.  take care Dave.  Dave!

Posted by Shannon Thomas, Managing Broker, E-Pro, ABR,SRS, SFR (Selling Indy Metro, LLC) over 6 years ago

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