How the COVID-19 Has Forever Changed the Process of Selling a Home
In normal circumstances, selling a house involves interacting with a lot of people. In-person house tours, roundtable closings, and handshakes are all standard formalities.
But in a world rocked by the COVID-19 pandemic, safety and social distancing are a must, and real estate professionals and sellers have had to adapt to a new way of doing business. That means altering how they approach open houses, closings, and even personal greetings. (We're all too familiar with the elbow bump.)
“It has been amazing to see how quickly our industry has evolved,” says Tricia Hausler, director of sales for Lexington Homes. “We have banded together throughout the many facets of our industry to create positive solutions that allow us to continue to comfortably and safely serve our prospective clients and buyers.”
Many of these safety solutions—like self-guided house tours while wearing personal protective equipment—are still in place in states seeing surges of the coronavirus infection. But even after rates fall out of the high-risk zone and a COVID-19 vaccine has been widely distributed, experts predict some of these solutions will have staying power.
The pandemic ushered in many new methods to facilitate selling a home. Here are some of the practices experts say are here to stay.
Curbside and no-touch closings
Perhaps the most exciting part of the home-selling process is closing day. It means that your house is finally sold! But curbside and no-touch closings were enacted during the pandemic to comply with social distancing recommendations.
How does a curbside closing work? According to Chicago-based title insurance firm Proper Title LLC, a title expert walks out to the client’s car to gather signatures on paperwork that an attorney has prepared ahead of time, instead of the traditional process of completing all the paperwork with an attorney in a conference room.
And in instances where remote online notarizations or remote ink notarizations are permitted, all documents can be signed remotely through an approved online notary platform (e.g., Notarize) or audiovisual portal (e.g., Microsoft Teams).
Moving forward, experts can see curbside and no-touch closings becoming the norm.
“Everyone is looking to save more time in their lives, and that’s exactly what curbside and no-touch closings let us do,” says Kathy J. Kwak, executive vice president of operations and counsel for Proper Title LLC. “These new closing options not only reduce travel times for most parties involved, but they also help mitigate some of the scheduling challenges that surrounded the closing process before the pandemic.”
Kwak says most of their clients appreciate the changes made and would like to continue with these new closing procedures postpandemic
Dec 21, 2020|