Virtual closings

Two articles, two very different last lines:

"It’s just a much more tedious process. Unless we can perfect it a little bit better, I don’t see it continuing.”

https://therealdeal.com/2020/03/31/closing-in-the-time-of-covid-19-were-pulling-out-all-the-stops/

"It was pretty much a no-brainer. Even without the coronavirus, i don't see me going to the closing table anymore."

https://www.wsj.com/articles/coronavirus-forcing-home-buyers-to-scramble-to-close-deals-11585656002

We currently have two tentatively scheduled, however due to the nuances of closing in New York City especially with finance coops, it's problematic.

Each bank is different and we are also seeing a lot of refinancing by the banks these days

We had a few fedex closigs this week- the key is if can have a title company act as middle person/settlement agent.

The cash ones are easier than the bank ones need more timing due to funding approval and bank wires.

Each deal takes precision but some are possible where they are open to go to the title co and we will send a bank closer and attorneys speak to them through facetime.

The notary is the key if doing a fedex, then need a notary to come to their house.

All depends on the clients and the various parties- as some people will not leave the house or touch papers; and some will go out to do certain tasks.

I would think it's much easier on Sponsor unit because they have control of more of the pieces.

From Wells Fargo:

"Home appraisal process changes
Our top priority is to protect the health and well-being of our customers, business partners, and communities. The purchase business is also a high priority, so we understand the need to keep home financing transactions moving forward. Because those transactions often involve a personal visit by an appraiser, Wells Fargo has decided to pause most interior inspections across the country.

To keep the home financing process on track, we will use alternatives to interior inspections for most loans, such as exterior-only or desktop appraisals. Some restrictions may apply. For more information and details on specific home financing transactions, please reach out to me.

Stay safe as we navigate the coming weeks together.

Sincerely,"

People not being able to sell so going the cashout-refi route, prices going down, and relaxing appraisal standards is a potential recipe for disaster.

anyone here knwo if in person closing still occuring?

Yes, see the two links above.

I'm sure most of already read this, here are a few stories from the front lines so to speak

New York Post : New Yorkers buy, sell apartments despite coronavirus restrictions.
https://nypost.com/2020/04/01/new-yorkers-buy-sell-apartments-despite-coronavirus-restrictions/