An interesting thing happened this week on the way to a real estate sale. Well, the specific sale was not necessarily dramatic, but the proceedings caused reflection upon the past and appreciation for the modern ways a real estate transaction is able to come together today. This week, it was my pleasure to act as agent for a friend, a former colleague and associate in the real estate business, as he and his wife made the move to take advantage of this fantastic time of inventory, low prices and very low interest rates and made an offer for purchase of a great property.
In the handling of the offer process, I could not help but recall how we had to take care of business when my friend and I were young in the industry decades ago when there were multiple parties situated at different locations. I'll try to illustrate.
When confronted with a scenario similar to the one alluded to this week, it was necessary to prepare the written offer by hand on a pre-printed form and then send it by carrier pigeon or pony express, well, not quite that historic, but we did have to send it by postal service to one of the sellers located at a certain place. Then after that party reviewed and approved the documents, it was necessary to mail the same forms on to the other party or parties at his or their respective location(s) for execution or approval and have the one original offer signed by each party separately, then have it returned to the point of origin. This could literally take weeks for the document to make the rounds and be returned to its preparer.
Now, with technology innovations and law and regulation modifications, the process may be accomplished in minutes. The forms can be prepared on a computer, and transmitted by sending them down a tube or via a wire or through space with signals I do not understand, by fax or better yet, email, to the various places and each party can sign separate documents and return them electronically. Each of the counterparts can then be assembled and treated as though there was one individual original. As stated early, it is possible for this to be done in seconds or minutes.
In an earlier day, even when the parties were local, if they were not all in the same room when the offer was prepared, it was necessary to drive to meet with the other party or parties to go over the document and obtain signature and drive to another point of execution. In the case of my experience this week, even though the two different sales representatives, the buyers and one of the two sellers were local, they were at different locations, and most of the communicating and transmitting of documents took place by telephone and online with computer and email. It is amazing to be able to electronically receive a document and affix a signature, even in some cases apply the signature electronically, and return the document electronically. It is entirely possible now to complete a transaction totally paperless and never leave the comfort of ones own chair.
Not only does the process permit the matter to be formed and consummated electronically, it is also quite possible that the storage of the documentation is all done electronically.
Today we are processing transactions with persons not only out of town and out of state, but also out of country by means of electronic technology. It is interesting to process this type of important business in such a manner and never meet the other persons face to face, unless we do it again electronically by video conference and online communication. We may be personally ageing, but because of how quickly and efficiently business can be transacted today, it seems the processing is getting younger. What will we do with our time when we just speak and give direction and the system puts it in motion. Will it come to a point that we just think the substance and it is done?
St. George REALTOR® Jim Coleman is Associate Broker and Partner/Owner of ERA Brokers Consolidated. He Specializes in Residential, Investment and Commercial Real Estate, holding National Designations of Accredited Buyers Representative (ABR), Certified Residential Specialist (CRS), Resort and Second Home Property Specialist (RSPS) and Seniors Real Estate Specialist (SRES). He was recently awarded NAR's new Green designation. You can contact him by e-mail at Jim@JimColeman4Homes.com. Call: ( 435 ) 674-0600; or write: Jim Coleman, 201 East St. George Boulevard, St. George, Utah 84770. This and other columns are available at www.RealtorJimC.com/articles.