Can you imagine a real estate transaction without the use of technology? It’s difficult to remember how things were done before using tools like email, electronic forms, electronic signatures, web-based transaction management systems and online MLS listings.
Almost every part of the real estate process is digitized. The listing agreement is often typed, distributed and sent for electronic signature all online. The purchase offer can be handled the same way; completely online and paperless. The lending process can be completed digitally as well, from applying online to understanding the terms of the mortgage in an electronic document. Lastly, in many states documents can be recorded electronically with the county recorder’s office.
With all of this digitizing happening, there is less of a need for buyers, sellers, and both agents to take time out of their busy schedules to review and sign documents in person. There is, however, one part of the transactions that has not been digitized until now: the earnest money payment.
We live in an age where almost every part of our lives is so electronic, yet many agents still collect a paper earnest money check from the buyers. Buyers reluctantly write paper earnest money checks, thinking that it is the only way they can make the payment, but the truth is, times have changed. Buyers can now make their earnest money payment online using TrustFunds. The process is simple, secure, and only takes a few minutes. The buyer simply needs to click on a link provided by their agent, enter their bank routing and account number, and authorize the payment.
Making the earnest money payment online is more timely and protects the buyer’s sensitive banking information. It’s time to complete the digitizing of real estate transactions and the use of TrustFunds is the last step towards making this happen.