The COVID-19 pandemic has dramatically altered our day-to-day lives, and the housing market hasn't been immune to these changes. If you find yourself questioning whether it's feasible to buy or sell a house during these unprecedented times, rest assured you're not alone. Fortunately, as market dynamics shift, key industry participants such as real estate agents and mortgage lenders, like CrossCountry Mortgage, are adapting. They remain operational, ready to guide and assist you through these modified processes. Let's delve into what you need to know if you're considering buying or selling a property under the present circumstances.
Insights for Sellers
The rapid onset of this global health crisis has likely exceeded any imaginable challenges you might have anticipated while selling your property. Rest assured, however, you can still sell your home by embracing a patient and adaptable mindset.
Appraisals and Inspections
While home inspections are not mandatory for every loan approval, appraisals are presently required. To accommodate social distancing regulations, many loans now allow for exterior, or "drive-by," appraisals. This procedure involves the appraiser assessing the property from the outside, taking photographs, comparing other neighborhood properties, and conducting other tasks which can be done remotely. Although inspections, which are optional in certain cases, are currently being waived, it's generally advantageous for both buyer and seller to conduct an inspection. As the homeowner, you should refrain from allowing anyone into your property if you, or anyone in your household, show COVID-19 symptoms or have been exposed to the virus. Assuming everyone is in good health, prepare for your inspector to require the entire house to be vacant for a period of 2 to 4 hours. For further clarification about how this process will work for your home, your inspector is your best source of information.
Guidance for Buyers
Whether you need to relocate or initiated the buying process prior to the pandemic, it's natural to feel apprehensive about buying in the current market. The silver lining is that lenders like CrossCountry Mortgage are still approving loans. The majority of the mortgage process can be carried out online or over the phone, so most applicants won't experience drastic alterations to the lending procedure. For questions about your unique financial circumstances, we recommend discussing with your Mortgage Advisor.
Home Tours
Buying a home without seeing it firsthand is far from ideal. For such a significant decision, it's essential to have a thorough understanding of the property. Modern technology offers a solution in the form of "virtual tours", which typically provide a 3D rendition of the floor plan and panoramic images of each room and walkway. If you reside in a region without shelter-in-place mandates, proceed with caution. Maintain social distancing, refrain from touching surfaces, and wear a mask whenever possible.
Home Closings
Closures are still feasible during these trying times. However, patience is crucial, as social distancing guidelines may cause some delays in the closure process. Several states have devised alternative closing methods, such as document exchange through windows, signing documents while maintaining a 6-feet distance, and constant use of hand sanitizers.
Final Thoughts
Whether you feel confident to proceed with your transaction or prefer to wait, the decision ultimately rests with you. If any aspect of the home buying or selling process leaves you uncertain, don't hesitate to seek clarity and advice. We encourage your inquiries.
We're here to support you! Reach out to a CrossCountry Mortgage Advisor today to explore your home loan options.
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