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How COVID-19 is Transforming the Real Estate Industry

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Sherwood Law Group and its attorneys are constantly updating its clients during these uncertain times as the nation responds to COVID-19. In the wake of the COVID-19 pandemic, we have a new reality within real estate acquisitions and sales from contracts to closings. Below is an up to date breakdown where we explain how virtual tours, social media showings, and drive-up closings are the new trend and probably here to stay. As always, for questions or inquiries do not hesitate to contact Sherwood Law Group at 312.627.1650 or info@sherwoodlawgroup.com.
 
The real estate market, much like most businesses, has been forced to forego face-to-face communications which were the foundations of most negotiations, showings, and closings. Both consumers and professionals within the real estate industry look forward to spring as the time of year where the most properties are listed, viewed, and sold. However, COVID-19 brought what was the norm to a screeching halt. Fortunately, real estate is moving on with modified and creative approaches to in person communications during this time of crisis.
 
With open houses banned and in-home tours limited throughout Illinois, guiding clients through a property in-person is no longer a responsible or completely viable option. Luckily, social media/tech have come to the rescue with many homes being showcased and listed with virtual tours online. For the foreseeable future this is the new reality of real estate. While the idea of buying or selling a home online may seem odd at first, many agents and consumers find it to be a great supplemental and alternative option. The virtual tours have allowed agents and their clients to vet perspective houses and reserve rare, in-home tours for properties that meet their needs and desires only. Some agencies are even conducting drone media to ensure buyers have a complete view of the entire property. Thus, technology to show homes has advanced well beyond a handful of photos on websites to offer today’s clients and consumers a number of remote options other than the in-person walkthrough.
 
Additionally, several title companies are utilizing the drive-up and/or remote closing. With the drive up closing, instead of gathering around a conference room table, they have offered clients an alternative way to close on a property from their car. During drive up closings, clients can drive right up to the agency’s front door, sit in their car, review, and execute the documents. During the drive up closing, the closer will circulate documents back and forth, copy ID’s, and ensure and promote social distancing in that no single person needs to come into the office. All documents can be reviewed, explained, executed, and processed without the requirement of in person communication. The remote and drive through closing once wishful thinking for the future may be here to stay. 
 
With so many new platforms being offered, buying and selling a home is just as possible, and more accessible than ever before. At Sherwood Law Group our attorneys are well versed in technology and promote the concept of the remote and drive through closing. Our team has experience in conducting closings and communicating with clients, agents, title officers, and lenders via skype, zoom and other remote tele-conferencing services/resources.

As always, for more information, questions or inquiries regarding all of your real estate concerns, contact Sherwood Law Group at 312.627.1650 or info@sherwoodlawgroup.com.

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