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Practicing in a Pandemic: Business Unusual

The real estate industry is deemed ESSENTIAL and thus continues to function during this unprecedented pandemic-afflicted economy. 

But it is not business as usual. It can’t be. The health and safety of our employees, clients, and community dictate a new way to practice involving a little bit of ingenuity, a little bit of grit, and a whole lot of patience.  

In a nutshell, real estate stakeholders have had to think out of the box when initiating new protocols to keep business moving forward in a safe manner. These added layers of protection often require new or additional procedures, thus extending timelines in the process. 

NEW PROTOCOLS

Aksarben Mortgage, like many businesses operating within the real estate industry, has established new protocols. 

  • We are working remotely and are able to offer our clients 100% virtual service. 

  • The use of technology greatly reduces risk to all parties involved in a transaction. That said, we will still meet clients for document pick up if necessary.

  • Any person-to-person contact will adhere to the CDC recommendations in which parties: are symptom-free, have not traveled abroad or to high-risk domestic areas within 14 days of contact, have not been exposed to confirmed cases of COVID-19, and maintain a distance of 6 feet or greater.

Businesses are getting creative. Some local title companies are operating “drive-in” closings and offering virtual signings through Remote Online Notarization. Appraisers who are still able to make home visits under shelter-in-place orders must pass CDC guidelines regarding exposure and symptoms. They may refrain from greeting their clients with a handshake and may wear a mask and gloves to protect themselves and the clients they serve.  

EXPECT DELAYS

So, while the protocols are different, the good news is that business is moving. The bad news is it’s just at a slower pace. That’s where patience comes into play:

  • Keep in mind that much of the workforce is working remotely, most often from home where they are also responsible for child care and education. Attentions are split.

  • Title searches to determine a property’s legal ownership are taking longer to conduct.

  • Refinancing is currently taking a backseat to new home purchases.

  • To get pre-approval for a home loan now exceeds the standard 1-3 days.

  • Closings, which normally take 30-45 days, are inching up to 45-60 days.

Our priority is the safety and wellbeing of our employees, clients, and community, and we are taking proactive measures to safeguard the health of those we serve. We are grateful to be able to continue our work as mortgage advisors and appreciate your patience as we travel this uncharted path together. Please do not hesitate to reach out with any questions or concerns.


* Specific loan program availability and requirements may vary. Please get in touch with your mortgage advisor for more information.