Below $200,000, or with any attractive, well-priced property, the answer is most definitely "yes"!I began using the e-Contracts program about two years ago, and today I couldn't fathom going back to paper. In short, the e-Contracts program allows agents to write purchase offers (and listing agreements, inspection notices, amendments, etc.) online, and then email those contracts over to clients for immediate, electronic signatures.
They can then be forwarded directly to the other agent, who can forward them to their clients for review and another electronic signature.
The point is, in a market where there is such competition for entry-level homes, every second matters. Many properties, especially the REOs, are coming off the market within a day, and sometimes within a few hours of going into the MLS system.
So how many agents are using e-Contracts? Based on my interaction, I would say it's less than one-quarter. That means three out of four agents in the Denver Metro area are still writing contracts by hand, or on the office computuer, and then bringing clients into the office (often after work) to review and then sign them.
The contract is then faxed, where it often sits in a pile behind a receptionist's desk for another hour or two, then carried to the listing agent's office, where it may sit for another hour or two... do you see where this is leading?
The contract is then faxed, where it often sits in a pile behind a receptionist's desk for another hour or two, then carried to the listing agent's office, where it may sit for another hour or two... do you see where this is leading?
Electronically, a contract can be written in 20 minutes, reviewed and signed in 20 minutes, and emailed within a nanosecond. Hits the listing agent's BlackBerry or PDA, gets looked at immediately, and SNAP! - we're under contract!
Do you see who's more likely to get the better outcome?
Buyers, demand e-Contracts!
