E-sign-REO???????

Question

I made offers on two homes today and is hoping to make more in thurday. I finally feel confident enough to make moves! I had a small buyers list from when I started but is continueing to build more via bandit signs and going str8 to the mailing address of the properties if they are different.

But I have two questions:

1. When placing your offer on homes that you are making in the name of your company. do i just sign the compnay name? Or do u have to sign an actually persons name?

2. I'm working with a realtor and we have to meet up evertime i want to place an offer. Is there anyway that this can be done electronically? Like an e-sign or something. Will banks accept that?

The reason why i ask is because in Aug. I'm heading back to school to finish up my degree. The school is an hr away and its not feasible for me to drive down and back up each time. My plan is to e-sign everything (if possible) or have my mom who is registered as a member of my company sign with the company name and not her own.

Thanx in advance.

Jarci

Account Closed · Answer

Also really handy is those Internet fax things like fax. I don't use fax but another service that incorporates phone. My office doesn't have a scanner but it does have a fax, which basically substitutes as a scanner. It has saved my butt in a crunch several times.

Account Closed · Answer

Usually the title company handling the closing will require your operating agreement, basically your llc's bylaws. You draft them yourself with an attorney. Your status as members or managers should be clearly delineated. Furthermore, when you organized your LLC, you should have stipulated whether your LLC is member managed or manager managed. This distinction can allow a manager to have full control as opposed to it's owners. If it is member managed, then technically any member can act on behalf of the firm in any legal capacity. USUALLY your operating agreement will clearly lay out your firms decision making process and stipulate who are authorized to make offers and things. At least it should. I noticed the original poster is working with family. With my brother we just are both members but it's sometimes a hassle for us to have us both sign offers (new bank accts are always difficult since he's so busy with grad school).

Usually what we do with documents including offers, sworn owners statements, etc, we do lots of scanning and emailing.

Jarcelyn Dorsey · Answer

With my LLC we have to members me and my mom I may add my dad. and our titles are members.  So all of use should be authorized to sign correct?

Bill Gulley · Answer

Good point Steve, but your title might just be "Member", the title company will likely want to see a certificate in good standing as well, at closing.

BTW, anything you do in the name of the LLC should be executed in that manner, signing something in you name means you just did the deed in your personal name. You need to transact all business that way. In fact, to properly sign a draft (check) is should be; BY: Gottago Now, but the teller won't likely care. Have a good one! Bill

Jon Holdman · Answer

I never paid any attention, but it appears that is the company.  Its something my agent set up.  There's no e-mail involved in the actual contract.  The contracts are online.  We would look at properties and decide on which ones got an offer and the offer amount. Early on we went through the standard contract line by line and created the template.  We set up all the deadlines a "MEC + 2 days" or whatever. He would take the template, fill in the address, legal description, and offer amount and save that as a contract for a specific property.  I'd get an e-mail with a link.  The link would be to the contract.  I checked it was correct, and if so, I could electronically sign the contract.  Once I signed and clicked OK the signed contract went back to him, and then he electronically submitted it to the listing agent.

Addendums were typically handled by fax.  Some banks want them up front, some after you get the contract approved.

There were times when someone wanted something with an original, physical signature.  In that case one of us would run around to get it to the (troublesome) person.

Steve Babiak · Answer

In Bill's reply, where he has the word "Member" you should substitute the actual title held by the person who will be signing on behalf of the company.  The escrow / title company will want to see the company's operating agreement to be certain that the person who is signing has been properly authorized to sign in that operating agreement.  If your operating agreement does not grant authority, then you should look into changes.

Jarcelyn Dorsey · Answer

Thanx Jon

this is the co you use: https://www.ctmecontracts.com/eContracts/wp/index.htm

Also seeing that u purchase it u sign first, email it to your agent and he/she sent in the offer.

Also with addendum some banks require. Do u sign them before or after the bank accepts the offer?

Thanx both of u guys for your input!!!!!!

Bill Gulley · Answer

Hi, when using a company, it would look like this:
                    
                    Real Es. Invest, L.L.C.
                    
                    BY: _________________
                    Jarcelyn Corsey
                    Member

As to E-signs, I have never used it, I suggest you give someone a specific power of attorney to sign, or, in your Operating Agreement, specify that someone may execute purchase contracts for the LLC. Put an expiration date on the POA and make it for a specific property as well.
                    
                    Maybe you could do what I usually do, use an over night letter, it takes a day.
                    
                    Good luck, Bill

PS> Jon beat me to the button! Now you have it all, good deal Jon!

Jon Holdman · Answer

A person always signs in their name.  If you're signing as an agent of a company, you would put your title and company name, too.

I've used eContracts extensively.  I can sign electronically.  Once we had the basic template set up it took about five minutes work on my agent's part to get the offer ready, then just seconds to sign.