On March 19, 2020, California Gov. Gavin Newsom announced a statewide “stay at home” order in an attempt to prevent the further spread of COVID-19. With this order in place, many Sellers hesitated to show their properties, particularly when there were occupants residing in them. Buyers also hesitated to visit real estate properties for apparent health concerns. Once the property was in escrow, both parties had reservations about in-person meetings when going through the transaction process. This led to an increase in virtual real estate buying and selling options.
The real estate industry was quick to adapt to Virtual Home Buying Programs. For the past few years, real estate companies, and related vendors, built online tools and transaction platforms to go through the process electronically. Real estate agents are now using these tools to help Buyers to buy properties in California.
Virtual Consult
Real estate agents can schedule a virtual appointment to learn what you are looking for and create a personalized game plan for you. They will go over your budget, needs, and preferred home feature. They will also help you set up a virtual appointment with a lender or mortgage broker to pre-qualify for a loan. Agent like Stephen Haw of Keller Williams Palos Verdes Realty uses the company’s state of the art consumer app enhanced by artificial intelligence for Buyers to easily search for the perfect home.
Home Favorites
Once your real estate agent narrows down preferred locations and home features, he/she will begin to email or text you listings matching your criteria the moment they hit the market. Be prepared that the initial list may be more general. It is important that you let your agent know what your likes and dislikes are to better fine-tune their list. At the same time, you can search for available homes in your downloaded app. Once you see something you like, you can alert your agent for action.
Virtual Tours
Many homes for sale on the market offer individual property websites. It will contain interior, exterior, and even drone photos of the house. Some will include a video of the property, while others will add an interactive 3-D floor plan that allows you to roam around the house. In addition, it will list the property details and location for your review. The use of virtual reality in showing houses started not long ago. It is very likely that this method will gain popularity in the near future.
Your agent can also arrange a virtual tour through Facetime, Zoom, or other communication apps. This allows for more personal interaction and a detailed look at the home to be able to offer your agent immediate feedback.
Electronically Sign
Once you select a home, you will sign all documents electronically, from the comfort of your home. Beginning from your offer, acceptance, and property disclosures until the end of the transaction. You can digitally sign paperwork anywhere and anytime at your convenience.
Earnest Money Delivery
You have basically two choices in sending your earnest money deposit into escrow. First, you will personally verify wiring instructions with your escrow officer, then instruct your bank to wire money to the designated account. Alternatively, you can request a mobile title rep to pick up a check from you.
Inspection
Yes, there are still physical inspectors who are willing to do a thorough inspection of the property you are buying. The inspector will send you an inspection report with detailed photos and descriptions, so you will get to know every part of the property.
Closing Time
A mobile notary will bring your closing to you. Whether it is signing any escrow documents or loan documents needed to close the transaction, they are ready to travel to YOU.
Welcome Home
Your agent will gladly deliver the keys to you after closing!
If you’re planning to purchase a home in California’s South Bay area, we’d like to help! Our team of real estate experts offer unparalleled expertise on the market, so you can reach your real estate goals in the fastest, most hassle-free way possible. Virtual home buying might not be for everyone, and will still have the option of doing any of the above in person. But for every step of the process, we make virtual real estate an option to make things easier for you.
Call 310.503.9886 or email [email protected] for professional guidance from The Stephen Haw Group, your local experts with international connections.