I read an article about how real estate has gone virtual. Real estate is local and the home buying and selling process differs by state.
Here in Minnesota, we have been using electronic forms and signatures for many years. That isn’t at all new to us but built into the MLS (multiple listing system) used by REALTORS.
The process of closing really hasn’t changed except because of the pandemic there are usually two separate closings. One for the seller and one for the buyer.
Closings are still in person at the table with a closer and at that time the transaction goes from virtual to manual as the buyer and sellers sign stacks of paper. That doesn’t sound virtual to me.
Some home buyers will make offers on houses based on the pictures and then see the house in person during the inspection period when they can still cancel the sale if the house isn’t right for them. Most buyers want to go house hunting and see homes in person. All most all home buyers see the home in person at some point before they own it.
It would be possible to sell a house or at least get an offer without any in-person showings but MLS rules state that in-person showings have to be allowed for homes listed in the MLS. Our MLS rules take away a lot of opportunities to make home sales virtual.
Wouldn’t be nice to be able to sell your home without all those in-person showings? The technology is there to make it do-able. The only thing in the way are rules.
It is possible that when the pandemic ends our needs will be different than what they are today. Will we even care about “virtual” five years from now?
If you would like to buy or sell real estate in Minnesota talk to a REALTOR and learn what the local rules, regulations, and business practices are.
