The market minute report in the COVID-19 Market by Mark David Fromm, the SAEZ/FROMM team at The Corcoran Group
W O R K I N G I N R E A L E S T A T E N O W
After listening and speaking with many attorneys, bankers and colleagues in the business, below is a breakdown of what you need to know about how real estate transactions have changed in a few short weeks.
Flatten the curve – that is the common goal in everyone’s mind, while still trying to accommodate any potential closings. It’s more challenging, yet possible to get a contract signed and the deal closed (albeit fewer) during this pandemic.
Below are 8 tactics and strategies currently being used to usher deals to the finish line.
1. Virtual tours – today this is the only way to show a property while following the government mandate.
2. Entire mortgage applications online
3. E-sign technology via DocuSign or similar technology
4. Income and assets digitally sourced with no paper docs required
5. Managing Agents allowing the release of board minutes electronically emailed in an encrypted or password-protected fashion (confidentiality agreements signed).
6. Video conferencing such as zoom for co-op board interviews
7. Virtual Notaries
8. Drive-by appraisals
Please note, all these avenues of transacting are new, or have gone more virtual and more updates we will have in the next few days. I’d love to connect with you on any questions you may have via Zoom or e-mail me HERE.