How Technology Is Enabling the RealEstate Process
Today’s reality is quite different than it looked at the beginning of the year. We’re getting used to doing a lot of things virtually, from how we work remotely to how we engage with our friends and neighbors. We’re learning how to function in new ways, especially as each local area moves in and out of various phases of business operation and the pandemic carries on.
One of the big changes we’re adapting to is how the common real estate transaction is being revised. Technology is making it possible for many to continue the quest for homeownership, an essential need for all, especially through the evolving health crisis.
While all regulations vary by state and locality, here’s a look at some of the new elements of the process (at least in the near-term), due to the country’s revised guidelines and protocols, and what you may need to know about each one if you’re thinking of buying a home. Every market is different, so staying in touch about how these protocols continue to change is more important today than ever before.
- Virtual Consultations: Instead of heading into an office, you can meet with real estate and lending professionals through video chat. We can still work together to get the processstarted remotely.
- Home Searches & Virtual Showings: According to the National Association of Realtors (NAR), the Internet is one of the three most popular information sources buyers use when searching for homes. Real estate professionals have access to listing information and can help you request a virtual showing when you’re ready to start looking. This means you can walk through digital tours of homes on your wish list while keeping you and your family safe.
- Document Signing: Although this is another area that varies by state, today more portions of the transaction are being done digitally. In many areas, agents and loan officers can set up accounts where you can upload the required documentation and sign electronically right from your home computer.
- Sending Money: Whether you need to pay for an appraisal or submit closing costs, there are options available. Depending on the transaction and local regulations, you may be able to pay some fees by credit card, and most banks will also allow you to wire funds from your account. Sometimes you can send a check by mail, and in some states, a mobile escrow agent can pick up a check from your home.
- Closing Process: Again, depending on your area, a mobile notary may be able to bring the required documents to your home before the closing. If your state requires an attorney to be present, check with your legal counsel to see what options are available. Also, depending on the title company, REALTOR Magazine indicates some are allowing drive-thru closings, which is like doing a transaction at a bank window.
Although these virtual processes are becoming more widely accepted, it doesn’t mean that this is the way business is going to be handled permanently. Under the current circumstances, however, technology is making it possible to continue much of the real estate transaction as we move in and out of the different phases of the country’s safety protocols.
If you’re ready to make a move, technology can help make it happen; there are options available. Let’s connect to go over the specific options and regulations in our area, so you don’t have to put your real estate plans on hold.