In Spain, at the moment, the process of buying and selling a home is slowing down due to the inability of owners to show their apartments due to the advance of the coronavirus. Nevertheless, the main obstacle is still the notary and registration process – operations have to be of an urgent nature to be carried out. And as a warning to potential buyers: in London, several real estate fund managers have suspended their activity in the United Kingdom “due to the impossibility of properly appraising commercial property – this does not affect residential property – due to the coronavirus pandemic.”
Like so many things, there is going to be a before and after the coronavirus for processing mortgages. In addition to the handicap of negotiating the sale and purchase of a home, and arranging the mortgage electronically, stakeholders are faced with notary and registration restrictions. Moreover, the appraisal process will be invalid if owners refuse entry to their properties. Appraisers also have the power to exercise their activity or not in these circumstances.
