Real Estate transactions are still going to contract with showings and due diligence that had been done before the coronavirus pandemic hit.
These days brokers and agents are strictly prohibited from doing any in person showings. The potential legal risk if heaven forbid, one of the buyers contracts the virus and becomes ill and passes away is immense. Hold harmless agreements and disclaimers may present an option, but it's better for now to just simply stay home and be safe. Many brokers are doing virtual tours of their listed properties. Everyone would agree here that only under rare circumstances will a buyer purchase a property sight unseen.
There are mostly remote closings taking place with solid deals that had been in contract with motivated sellers and well qualified motivated buyers. Some closings are taking place using the Zoom app where all parties are invited to join the meeting on their phone, personal computer or laptop. Documents are being messengered or FedExed back and forth between seller and buyer attorneys, the title closer, banks or mortgage brokers and the real estate broker(s) and documents are being notarized all in an attempt to get deals done.
Many deals have not happened, with term sheets being pulled, loans repriced, lease deals paused and rates recalculated. Sales prices agreed upon one day became negotiable the next. Every property is different, every buyer and seller are different and every transaction is different and especially true today. Every buyer or investor has a different strategy. If there's a deal that's perfectly aligned with that investors strategy and they see it come to market and they have the liquidity or access to capital, then they're still going to move forward on the purchase.
When it comes to financing a deal, things are moving along for some transactions and at a dead stop for others. The majority of lenders according to The Commercial Observer are honoring deals in their pipelines but proceeding with caution when it comes to future lending opportunities. It depends on the borrower and the lender. If the borrower has a good relationship with the bank and the term sheet is signed, then these deals are going to fund.
Despite that our office is temporary closed due to COVID-19 please feel free to call us at 718-375-2065 or email at info@accreg.com. We are here to advise and to help you in every way we possibly can during this crisis.
If you are interested in selling your property or you know someone who is planning to sell their Brooklyn or New York property, whether a single family residential property, an apartment building, a commercial property, mixed use, multi family, coop or condo, vacant land or a development opportunity, call us. You will be very happy that you did.
We always bring our clients the top market price for their property and provide exceptional personalized service from initial consultation to closing.
Thank you,
Accord Real Estate Group
Your Brooklyn Real Estate Brokers and Agents
