Realtors, Homebuyers Race to Find Innovative Ways to Close Amid Increasing Restrictions
Committing to a home is already one of the most stressful decisions many Americans make. Within the context of a global pandemic, homebuyers are under even more pressure as they scramble to close on a property. In order to soothe buyer fears as best they can, real estate agents are adapting at a rapid pace, signing paperwork in parking lots and finding digital ways to conduct what was a traditionally high-touch process. But even if agents hustle while taking precautionary measures, delays in appraisals and local government procedures remain as additional hurdles in an increasingly complicated affair.
Real-estate agents are rushing to help home buyers and sellers close pending house sales, as the pandemic poses unprecedented obstacles to a high-touch process traditionally done in person.
House hunting usually involves a lot of contact, from the initial tour or open house to the final inspections and appraisal. The official closing is often an in-person meeting with a notary or attorney who oversees document signings.
With the coronavirus pandemic bringing shelter-in-place orders, the real-estate industry has been compelled to find workarounds for every step of this process, often having to navigate local requirements and consumer anxiety.