The New Normal
Back in March, I had started reading trade articles about how title companies were going to do closings. Normally, the closer, buyers, and sellers and their Realtors would all be in one room and sign all the documents. For social distancing reasons, title companies started offering options. You could still all close in one room, you could have buyers in one room and sellers in another or you could have a curbside closing. A curbside closing? This was new.
Never Get Out Of Your Car
I got to experience it this last week. Once you arrive at the title company, you stay in your car and call to tell them you are there. Once all parties are there, they bring all the documents to the buyer and seller for them to sign. Once signed they go get copies made and return with packets of documents for the buyer, seller, and their Realtors.
It seems that convenience, health, and safety are the new normal. It may be but I see virtual closings online coming soon. I read this morning “In a survey conducted by Solidifi, 81% of consumers reported they would still do a mortgage closing in-person versus digitally, but 70% of consumers also said they would like a more digital process when closing”. Mixed signals. It will be interesting to see those numbers a year from now.