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Old 03-20-2020, 04:19 PM
 
Location: Germantown, Philadelphia
6,974 posts, read 3,357,768 times
Reputation: 4444

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Quote:
Originally Posted by AJNEOA View Post
They have until tomorrow morning to shut down or Wolf is going to hit them with violations/fines. I went through the governor's shut-down spreadsheet last night and this type of construction is to halt until the shut-down is lifted. Not sure what it all means in terms of enforcement. Real estate is becoming VERY interesting. Some of PA's archaic processes will likely get modernized as banks, inspectors, title companies, etc. find ways to keep deals moving without in-person meetings.

The government is making some provisions to help people shelter this financial situation, which is good (e.g. delaying student loan payments, deferring/cutting mortgage payment and extending the term, unemployment benefits, etc.). I hope we rebound quickly after the dust settles and cases even out/drop.

I hope you are all doing well!
Looks like I'm going to have time on my hands...

I see that real estate agents' offices are on the list of non-essential businesses, as are "lessord of real estate" (IOW, apartment leasing offices).

Agents, however, are conducting business virtually now, so I wonder whether that activity will be allowed to continue.
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Old 03-20-2020, 05:09 PM
 
7,758 posts, read 8,167,520 times
Reputation: 11149
A couple of relatives are really concerned that LOTS of people could be desperate enough to cause a noticeable uptick in crime. All I'll say is -- IF we make it through this and do not become crime victims, we will be looking at taking protective measures...as soon as lines around certain stores are no more.

Over the years I've thought about making what I've always called a "protective purchase." But I never really wanted the responsibility or time commitment to invest in training and proficiency. Now, I'm getting closer and closer to dare I say biting the bul let, taking that leap and doing it.

I'm done with being concerned that people might kick my door in, or now, knock me in the head to steal toilette paper as I come out of the supermarket.

So part of what I am doing during this time is thinking about how to protect myself from criminals in this darn city.
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Old 03-20-2020, 06:35 PM
 
Location: New York City
6,624 posts, read 5,831,847 times
Reputation: 3615
Quote:
Originally Posted by selhars View Post
A couple of relatives are really concerned that LOTS of people could be desperate enough to cause a noticeable uptick in crime. All I'll say is -- IF we make it through this and do not become crime victims, we will be looking at taking protective measures...as soon as lines around certain stores are no more.

Over the years I've thought about making what I've always called a "protective purchase." But I never really wanted the responsibility or time commitment to invest in training and proficiency. Now, I'm getting closer and closer to dare I say biting the bul let, taking that leap and doing it.

I'm done with being concerned that people might kick my door in, or now, knock me in the head to steal toilette paper as I come out of the supermarket.

So part of what I am doing during this time is thinking about how to protect myself from criminals in this darn city.
Ive seen pictures of vandalism around Center City already. Woody Bar at 13th and Walnut boarded their windows a few restaurants have had windows spray painted. The next occurrence I see is people breaking the glass to steal merchandise, liquor, etc. I hope we don't get to that stage for all of our sakes.
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Old 03-21-2020, 02:09 AM
 
5,161 posts, read 1,910,609 times
Reputation: 2266
I guess if I didnt have the internet it would be a lot harder to deal with but I will go on youtube
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Old 03-21-2020, 06:08 AM
 
5,546 posts, read 5,711,936 times
Reputation: 3787
Quote:
Originally Posted by MarketStEl View Post
Looks like I'm going to have time on my hands...

I see that real estate agents' offices are on the list of non-essential businesses, as are "lessord of real estate" (IOW, apartment leasing offices).

Agents, however, are conducting business virtually now, so I wonder whether that activity will be allowed to continue.
It's a tricky thing right now and literally changing by the hour. Agents are still showing houses, but there is concern that the companies they work for a while will mandate that they can no longer show. Already, open houses cannot commence. Inspections are still happening with the deals that I am working through, but they have narrowed it to only the inspector and not the buyers or the real estate agent to reduce the number of people going through the house. Closing is the big part that Pennsylvania is behind in. There are a number of companies that do everything virtually and I expect that the decision-makers will get together over the next month to find a way to let deals close virtually.
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Old 03-21-2020, 06:22 AM
 
Location: Philadelphia
507 posts, read 144,454 times
Reputation: 371
Quote:
Originally Posted by MarketStEl View Post
Looks like I'm going to have time on my hands...

I see that real estate agents' offices are on the list of non-essential businesses, as are "lessord of real estate" (IOW, apartment leasing offices).

Agents, however, are conducting business virtually now, so I wonder whether that activity will be allowed to continue.
Insurance and financial services offices are not allowed to remain open but my firms Property and Casualty and Financial lines are fully operational. Medical exams for life insurance are still being done, although there had been some chatter that it will be suspended.

Everything is being handled in virtual mode. According to guidance we have received, that is 100% legal under the new rules. The ban is on meeting in physical office spaces and was done to enforce social distancing.
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Old 03-21-2020, 07:28 AM
 
10,662 posts, read 6,241,370 times
Reputation: 3862
Quote:
Originally Posted by AJNEOA View Post
They have until tomorrow morning to shut down or Wolf is going to hit them with violations/fines. I went through the governor's shut-down spreadsheet last night and this type of construction is to halt until the shut-down is lifted. Not sure what it all means in terms of enforcement. Real estate is becoming VERY interesting. Some of PA's archaic processes will likely get modernized as banks, inspectors, title companies, etc. find ways to keep deals moving without in-person meetings.

The government is making some provisions to help people shelter this financial situation, which is good (e.g. delaying student loan payments, deferring/cutting mortgage payment and extending the term, unemployment benefits, etc.). I hope we rebound quickly after the dust settles and cases even out/drop.

I hope you are all doing well!
The latest as of this morning is that items on that PA spreadsheet are being reevaluated because there have been so many waiver requests.
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Old 03-21-2020, 07:48 AM
 
Location: Germantown, Philadelphia
6,974 posts, read 3,357,768 times
Reputation: 4444
Quote:
Originally Posted by AJNEOA View Post
It's a tricky thing right now and literally changing by the hour. Agents are still showing houses, but there is concern that the companies they work for a while will mandate that they can no longer show. Already, open houses cannot commence. Inspections are still happening with the deals that I am working through, but they have narrowed it to only the inspector and not the buyers or the real estate agent to reduce the number of people going through the house. Closing is the big part that Pennsylvania is behind in. There are a number of companies that do everything virtually and I expect that the decision-makers will get together over the next month to find a way to let deals close virtually.
I do know that some local agents are closing sales virtually, using wire transfers.

Wonder if the buyer can use Zelle, Venmo or PayPal to send the funds over?
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Old 03-21-2020, 07:51 AM
 
Location: Philadelphia, PA
954 posts, read 377,053 times
Reputation: 1216
Quote:
Originally Posted by MarketStEl View Post
I do know that some local agents are closing sales virtually, using wire transfers.

Wonder if the buyer can use Zelle, Venmo or PayPal to send the funds over?
I can't help but assume markets are gonna cool during this, even if there is some "virtual" touring and transactioning. Hopefully interest rates stay low, creating a double wammy for a great buyer's market.
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Old 03-21-2020, 08:03 AM
 
Location: Germantown, Philadelphia
6,974 posts, read 3,357,768 times
Reputation: 4444
Quote:
Originally Posted by Muinteoir View Post
I can't help but assume markets are gonna cool during this, even if there is some "virtual" touring and transactioning. Hopefully interest rates stay low, creating a double wammy for a great buyer's market.
"I don't think it's going to hurt the market as much as put it in a coma for a little bit." --Drexel's Kevin Gillen

Has Coronavirus Changed the Real Estate Market? | Philadelphia Magazine
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