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Realtors Not Always ‘Clear to Close’ with Banking Apps

by Peter Thomas Ricci

Rose M. Dante is a Realtor with Baird & Warner, Edgebrook

In order to compete in our market, you must stay on top of cutting-edge technology. Whether you are Droid or Apple user, there are apps for EVERYTHING in the real estate market.

Want to know how much that house on the corner is listed for, right now? Download any number of applications that can pinpoint where you are and tell you what the 10 nearest homes are, with a description, price and how to contact a list agent.

Sounds great right? Sure is! But what happens when the good technology goes bad? Changes are eminent because of what a specific banking application allows its clients to do.

We’ve all been there: getting the clear to close and scheduling the closing. Exciting stuff! You tell your client to bring a certified check made payable to themselves in the amount the attorney has deduced – only to find out that the title company is no longer accepting checks made payable to the client.

Title companies across the metropolitan area have been duped by enough people because of an app from Chase Bank that has this nifty little creation called Quick Deposit. This application allows their clients to photograph a check front and back which automatically deposits into their account, making that check immediately no good.

Unfortunately for the title company, at that moment, there is no way to tell that. The client then turns in the check at the closing and all funds get dispersed and the title company has no idea that check is not going to clear.

So, next time you hear all of our favorite words “clear to close!” be sure you are aware of the title company’s policies on this. Nothing is worse than getting to the table and not being able to close.

Rose M. Dante is a Realtor with Baird & Warner, Edgebrook. She can be reached at:
5430 West Devon
Chicago, IL 60646
773.574.7271 cell
773.775.1855 office

rose.dante@bairdwarner.com

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