Can I Buy A House During Coronavirus?
Purchasing Your Next Home and Coronavirus
Although many people are social distancing and not going around other people, real estate has been declared an essential business, which means that as Realtors and Brokers we can still work and help people purchase and sell properties. This does also mean that the traditional ways of purchasing real estate may not work as well anymore. For example, it is definitely not recommended to go see a home that has Tenants or Owners in place still because you do not know who could be infected in that home and you may be infected and bring it into their home which would not be a good option either. This begs the question, what should real estate buyers do?
Find an innovative real estate agent
Even though we do not recommend going to see homes right now, we are working on doing video walkthroughs and tours for all of our clients for properties which they like and want to make offers on. We have to be a little more stringent on the properties that we will do this for, as we do not want to put our employees in jeopardy, but this is a good alternative to see homes that you would be interested in from the comfort of your current home. Ask about our video tours today as well!
Even if I find a home, how do I get a loan?
The mortgage process prior to the COVID 19 crisis was relatively “socially distant” anyways because most of it was able to be done online. Therefore, the lender can move the remaining items that could need a physical signature online during this crisis and still be able to close the loan. There are still home inspection companies that are working during this time, and there are still appraisers that are working during this time as well. The biggest difference would be the patience needed to close the new house for sale. For example, it might have taken 30 days with minor delays to purchase a home before the crisis, however, now it may take 45-60 days with a few more delays, but the trade off could be huge. You could potentially purchase a property for under market value due to the hesitancy of other buyers in the market right now.
Looking to purchase a home?
Whether you are a first time buyer, someone looking to downsize, or even move into a bigger home, we are always willing to help in any way that we can. As your real estate agent / broker, we try to find ways to save you costs in the home buying process along with trying to find ways to close the transaction in an easy and fast manner. Feel free to contact us today for more help with the home buying process.
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