Using Technology to Close a Home

Using Technology to Close a Home

The American Real Estate Society is aware of the difficulty that the pandemic has brought to the real estate market. Despite the challenges, the industry remains adaptive. Technology has stepped in to keep real estate alive. Before the COVID-19 pandemic, the real estate industry hesitated to adopt technological advancements. Now, there is a positive transformation taking place since you can now close a home digitally. Here’s what you should know regarding the use of technology in closing a home.

 

Virtual Home Tours

 

A virtual property tour provides you a good view of the home in the safety of your space. Agents or sellers can record video tours of the property for you to review. They can also upload it to numerous listing services. If you are a buyer, you can access these videos so that you can tour the home virtually. Virtual tours can also happen in real-time through video chat services such as Skype, Zoom, or Facetime.

Online Meetings

 

If you are a home seller, you should interview real estate agents. Realtors list your property and come up with a selling plan for you once you have settled on the right one. The pandemic hinders you from going to many agents’ offices to have in-person meetings. You can take advantage of the many platforms that are available for these virtual meetings.

Digital Signing

 

Each state has its own regulations regarding real estate transactions and digital signatures. To be clear, check your state regulations. These real estate transactions allow the lender or agent to upload the documents online so that you can sign electronically. You can do this on your phone, tablet, or computer.
 

Desktop or Drive-by Appraisals

 

Part of the closing process is getting a proper appraisal of the property. This provides the appraiser a chance to assess the property’s condition. Many real estate agencies are now allowing desktop or drive-by home appraisals. With the pandemic lingering, contactless appraisals can keep everyone safe.

 

Sending Funds

 

Contactless purchasing has been a common practice since before the pandemic. This happens in other industries, as well. Check your money sending service and the local regulations regarding sending money online to find out if this is an option for you. You can wire money from your bank, leaving a check for pickup, or send a check through the mail. You should carefully review the details first before you send money to avoid being a fraud victim.
 

Drive-thru Closings

 

This is a safe way to socially distance while closing on a house. Instead of making people gather in a closed space around a table to close the home, title companies allow drive-thru closings. This happens by driving through the title company and performing closing activities with minimal contact. It is the same practice when you have drive-thru bank transactions.



Technology keeps evolving. This digital transformation helps many industries survive the pandemic. At Team Prehoden, distance and safety are not problems anymore. If we need to meet the client, we have protocols in place to ensure the health of everyone. 

For more on the virtual home closing process, contact Ed Prehoden at Team Prehoden in Encinitas, CA at (858) 217-5400 today to schedule an appointment.

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