Everyone is being affected in some manner by the outbreak of COVID-19 coronavirus. During this time, our buyers have more questions than normal about the home buying process and their ability to buy a new home. While we can’t predict what the next few weeks and months will bring, the more we can educate you, the better we can help you navigate the buying process smoothly during the pandemic. Here are a few common real estate buyer questions as they relate to the Coronavirus outbreak.
1. Can we still go see home listings in person? – This is the hardest question to answer and it will depend on the home, the seller, the agent and any fast-changing governmental policies put in place. As of the writing of this blog, the Linda Hall Team is allowed to show you a home in person. We do have procedures we will discuss with you that will help protect you, us and them. We also have virtual tours we can make available.
2. How can I stay safe while visiting homes? – Everyone’s health has to be the priority; this includes the buyers, sellers, and agents. If you are going to see a home in person during this time, carry hand sanitizer and wipes to use before, during and after the tour. We will drive separately from you and meet with you at the home. During the tour, designate one person to open doors, drawers, and closets and use disposable gloves during the showing. Again, these rules may change and physical showings may become unallowed. We'll let you the State-regulated rules when you call us.
3. What happens if I lose my job during the escrow period? –Most real estate contracts include a contingency that protects the buyer in the event they can’t get final loan approval and close the loan. Typically during the process, this contingency is removed after a set time frame, or after receiving the loan approval. Since every aspect of real estate is negotiable, consider asking for the contingency deadline to be extended and in place until the close; we will talk through this aspect with the seller to set the right expectation.
4. Will I still have access to the home during the escrow period? – It’s very common for the buyer to have easy access to the home during the escrow period; home inspections, appraisals and other visits at owners' discretion during escrow. These activities and expectations may have changed. We'll discuss this with you.
5. Will I get a better deal if I wait to buy a new home? – We all know there’s no crystal ball, but with everything that’s going on, sellers on the market should be very motivated to sell. There are also historically low-interest rates on home loans. There is no way to predict the future, so if the right home comes along, it makes sense to consider it.
Contact the Linda Hall Team of Century 21 First Choice to discuss all of your real estate purchasing options.