Everyone is being affected in some manner by the outbreak of Covid-19 coronavirus. During this time, buyers will 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 ourselves, the better we can help buyers navigate the buying process smoothly during these unusual times. Here are a few common buyer questions as they related to the Coronavirus outbreak and real estate answered.
Can we still go see home listings in person? – Yes, however you should first view the virtual tour and have Hilary Peter prepare a virtual walk through video for you. Talk to your agent at the Peter Home Sales team about custom video tours created just for you.
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 or wipes to use before, during and after the tour. Drive separately from your agent meet at the homes. During the tour, designate one person to open doors, drawers, and closets and use disposable gloves during the showing. In California masks are required during showings.
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 if needed; talk through this aspect with the seller and their agent in advance to set the right expectation.
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 just measuring are all common reasons to visit the home during escrow.Consider grouping these activities whenever possible.
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.
The Covid-19 outbreak is causing some uncertainty among home buyers and sellers. However, with the use of technology already in place in the real estate industry, video tours and following best practices, you can still find the home you’ve been waiting for during this time.
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