In a recent survey by realtor.com, people thinking about selling their homes indicated they’re generally willing to allow their agent and some potential buyers inside if done under
How eXp and Technology Are Enabling the Real Estate Process
Dated: April 14 2020
Today, reality is pretty different than it looked just a few weeks ago. We’re having to readjust and learn how to do a lot of things in new ways, from how we work and to how we engage with our friends, family and neighbors. Almost everything right now is shifting virtually, and one of the biggest changes we’re adapting to are the revisions to the common real estate transaction, which all vary by state and locally. EXP Realty and our technology, however, was built for this and made it possible for many of us to continue on the journey to homeownership, an essential need for all.
Here’s a look at some of the elements of the process that are changing (at least in the interim), due to stay-at-home orders and social distancing, and what you may need to know about each one if you’re thinking of buying or selling a home sooner rather than later.
1. Virtual Consultations – Instead of heading into an office, you can meet with real estate and lending professionals through video chat (Zoom, FaceTime, Facebook Messenger, etc…). Whether it’s your first consultation as a buyer or your listing appointment as a seller, you can still get the process started remotely and collaborate on strategizing a plan together. Your trusted advisor is still on your side.
2. Home Searches & Virtual Showings – According to the National Association of Realtors (NAR), the Internet is one of the three most popular information sources buyers use when searching for homes. Your EXP agent can send you listing information and help you request a virtual showing when you’re ready to start looking. This means you can virtually walk through the homes on your wish list while keeping your family safe. As a seller, you can still have virtual open houses and virtual tours as well, so as not to miss those buyers looking to find a home right now.
3. Document Signing – Although this is another area that varies by state, today more portions of the transaction are being done digitally (Via Docusign, Zipforms, DocuHub, etc…). In many areas, your EXP agent or loan officer can set up an account where you can upload all of the required documents and sign electronically right from your computer or mobile phone.
4. Sending Money – Whether you need to pay for an appraisal or submit closing costs, there are options available. Depending on the transaction and local regulations, you may be able to pay by credit card, and most banks will also allow you to wire funds from your account. Sometimes you can send a check by mail, and in some states, a mobile escrow agent will pick up a check from your home.
5. Closing Process – Again, depending on your area, a mobile notary may be able to bring the required documents to your home before the closing. If your state requires an attorney to be present, check with your legal counsel to see what options are available. Also, depending on the title company, some are allowing drive-thru closings, which is similar to doing a transaction at a bank window.
Although these virtual processes are starting to become more widely accepted, it does not mean that this is the way things are going to get done from now on. Under the current circumstances, nevertheless, technology is making it possible to continue much of the real estate transaction today.
If you need to move today, technology can help make it happen; there are options available. To learn about the specific regulations in your area, contact a local EXP real estate professional to discuss your situation, so you don’t have to put your real estate plans on hold.
Originally a Bay Area native, Jason moved temporarily to San Diego in the Summer of 2014, to study for his real estate licensing exam. He passed 3 months later, but fell in love with San Diego, and no....
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