Robosigning is the same as electronic signatures?

I think I heard the DUMBEST thing come from a bank negotiator yesterday. I submitted a listing agreement that was electronically signed with DotLoop. Negotiator rejected it saying that she needed "wet signatures". I decided to question it.

Me "Why would an electronic signature not be allowed? "

Negotiator "Sir, our company does not allow Robosigning"

Me " Can you explain, I do not understand"

Negotiator "I am surprised that you did not hear about the recent robosigning fiasco, it was all over the news. That is why we don't allow electronic signatures"

Me (TO myself) You are an idiot!

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Permalink Reply by Mike Rosania on December 16, 2011 at 12:08pm

I am still pretty new to negotiating short sale deals on my own I can definitely see that unfortunately most of these people are idiots. I had a negotiator call me last Friday to counter an offer I had sent, which by the way was ridiculous as the comps they were using are way off and long story short we left off that I would counter the buyers agent and also send current comps as I already know the buyer or any buyer for that matter would be interested in the property and to call back on Monday with buyers counter and to discuss comps. Well Monday came and went as well as Tues, Weds.....After insisting this morning that someone other than the current negotitor work with me on this file I learn that he only negotiates HAFA files and this file is not HAFA which it was never submitted that way as it is not ownwer occupied!!!Now I have to wait to have file reassigned.

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Permalink Reply by Smitty on December 16, 2011 at 3:27pm

OMG Jeff. These negotiators seriously never seem to shock me. I'm just disgusted recently with the lack of education on their part.

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Permalink Reply by Jeff Payne on December 17, 2011 at 11:22am

Smitty, didn't you hear? There is a room full of robots that randomly sign documents with their electronic inkpens :)

I had a short sale negotiator for a bank back in late 2008 try to convince me that the market is coming back in Florida. She was trying to justify why she counteroffered a price HIGHER than the BPO price. Claimed that prices were actually increasing in Florida because the agents that she talked to told her how busy they were and that the market is coming back.

3 years later and prices are still dropping.

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Permalink Reply by Lucien Vaillancourt on December 18, 2011 at 9:50am

I'm surprised that they told you the BPO value.

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Permalink Reply by Jeff Payne on December 18, 2011 at 2:42pm

i find most will give the value if you ask the right way

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Permalink Reply by Thom Colby 888-391-5245 CA Brkr on December 18, 2011 at 9:42am

It is "interesting" for sure.

A negotiator I chatted with recently explained they are comparing the (wet) signatures on the Listing Agreement, Purchase Agreement, etc. to the original "wet" 1003 and, in many cases, are finding the signatures to be different. This is one of the methods being used to detect mortgage fraud.

It makes sense to me!

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Permalink Reply by Pat Chadwell on December 18, 2011 at 9:49am

Hey Thom, Thanks for this response. As I am sure we all know the potential for fraud is high in short sales.

Others, I agree with the apparent lack of IQ can be high with negotiators.

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Permalink Reply by Connie Whitfield on December 18, 2011 at 10:27am

Jeff, I had this happen, too. It was the particular investor who wouldn't take the electronic signature.

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Permalink Reply by Sharon Miller on December 18, 2011 at 2:23pm

Seriously, if you have done any short sales, you should know that no one accepts electronic signatures. What are you complaining about. This is something you should know.

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Permalink Reply by Bryant Tutas on December 18, 2011 at 2:34pm

Sharon. That's not true. I have recently closed short sales with BofA, Wells Fargo and Suntrust using electronic signatures.

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Permalink Reply by Jeff Payne on December 18, 2011 at 2:40pm

sharon, sorry that you think that but your information is not correct. I just closed a bank of America short sale with electronic sigs from buyer and seller.