At least one competitor, iProperty of Bloomington, Ind., is developing a similar product. But with 5.1 million residential real estate deals closing every year, there's likely room for several players in the market. Agent selects vendors such as title company, appraiser, lender, pest control specialist to perform escrow services. Agent creates a calendar of events and reminders for the transactions. Vendors receive their orders and schedule their work.
Vendors post results of their work online via CloseYourDeal.
Those documents can be viewed 24 hours a day. Agent, client and escrow officers review finished documents online. Escrow closes when clients sign documents that have been printed out or sign online using digital signature. One of the biggest benefits of such a system, real estate professionals say, would be to cut back on the telephone tag that's so common when checking on the progress of an escrow. Instead, the players in the deal would be able to use their Internet browsers to see the status of any deal in the works, such as when an appraisal is scheduled, if the title search is complete and whether the lender has run a credit check.