In some places, residential real estate is an essential service (open houses allowed) and in others not. Virtual, internet showings are becoming more important.
But some of the particular marketplace institutions, of closing and title ceremonies (including notarized signatures) resist social distancing, and in many U.S. states must be conducted in person. Of course, the security of undisputed ownership is of huge importance in real estate, and online security is imperfect (I'm told...), so it isn't clear how to proceed here.
Here's a story from the Washington Post:
With hand sanitizer and elbow bumps, real estate agents are still selling during pandemic
By Kathy Orton
"Now, as nonessential businesses are shuttering to wait out the pandemic, some real estate professionals are carrying on as usual — albeit with masks, gloves and hand sanitizer. Agents were holding open houses until they were prohibited by local officials. Nearly 200 open houses were listed last weekend and more than 600 open houses the week before in the D.C. region on the area’s multiple listing service. Mayor Muriel E. Bower (D) banned open houses as of Saturday; Maryland Gov. Larry Hogan (R) and Virginia Gov. Ralph Northam (D) forbid them as of Monday.
"Home appraisers and inspectors are donning masks and gloves. Settlement companies are putting buyers and sellers in separate conference rooms and opening a new box of pens for each client who comes to a closing.
...
"Illinois, despite being hit hard by the coronavirus outbreak, has said that real estate is an essential service, and therefore is not required to close like retail outlets and restaurants.
"But California, New York and Pennsylvania have said it is not. Seattle’s multiple listing service no longer allows agents to post open houses.
...
"The number of 3-D home tours created on Zillow went up 326 percent on March 20.
...
"Although many aspects of buying a home can be done online, certain parts of the process — inspection, appraisal, closing — typically are done in person.
...
"According to Todd Ewing, chief executive at Federal Title, Fannie Mae and Freddie Mac are reluctant to buy loans without legislation that allows for remote online notarization.
"Some states, including Virginia, permit remote online notarization, but others such as the District and Maryland, do not. Federal legislation was introduced on March 18 that would allow it in all states."
But some of the particular marketplace institutions, of closing and title ceremonies (including notarized signatures) resist social distancing, and in many U.S. states must be conducted in person. Of course, the security of undisputed ownership is of huge importance in real estate, and online security is imperfect (I'm told...), so it isn't clear how to proceed here.
Here's a story from the Washington Post:
With hand sanitizer and elbow bumps, real estate agents are still selling during pandemic
By Kathy Orton
"Now, as nonessential businesses are shuttering to wait out the pandemic, some real estate professionals are carrying on as usual — albeit with masks, gloves and hand sanitizer. Agents were holding open houses until they were prohibited by local officials. Nearly 200 open houses were listed last weekend and more than 600 open houses the week before in the D.C. region on the area’s multiple listing service. Mayor Muriel E. Bower (D) banned open houses as of Saturday; Maryland Gov. Larry Hogan (R) and Virginia Gov. Ralph Northam (D) forbid them as of Monday.
"Home appraisers and inspectors are donning masks and gloves. Settlement companies are putting buyers and sellers in separate conference rooms and opening a new box of pens for each client who comes to a closing.
...
"Illinois, despite being hit hard by the coronavirus outbreak, has said that real estate is an essential service, and therefore is not required to close like retail outlets and restaurants.
"But California, New York and Pennsylvania have said it is not. Seattle’s multiple listing service no longer allows agents to post open houses.
...
"The number of 3-D home tours created on Zillow went up 326 percent on March 20.
...
"Although many aspects of buying a home can be done online, certain parts of the process — inspection, appraisal, closing — typically are done in person.
...
"According to Todd Ewing, chief executive at Federal Title, Fannie Mae and Freddie Mac are reluctant to buy loans without legislation that allows for remote online notarization.
"Some states, including Virginia, permit remote online notarization, but others such as the District and Maryland, do not. Federal legislation was introduced on March 18 that would allow it in all states."
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