Is it possible to buy or sell a home during the COVID-19 crisis?
It may be possible, but it is much different than just a short while ago. If you are in good financial standing and must sell or buy it is possible. The most important thing to understand is that laws and guidelines vary from state to state. With this in mind, it is crucial that you talk to a lender. A trusted lender can let you know what the real estate market looks like in your area and the types of mortgage loan products available now. Explain your scenario and find out if you are eligible for a loan now or need to wait. The National Association of Realtors recently released transaction and open house guidance for Realtors to keep customers, lenders and agents healthy and safe. Everyone is in it together!
Regardless if you are selling or buying there is a safe way to either buy or sell your home.
It’s a great time to do a lot of research, get prequalified and spend time talking to a lender. The great news is that you can do all of this at home. We have a mobile app called MyHomeLoan that allows our customers to apply and manage a loan from home.
Realtors are working hard to use the highest quality technology for virtual tours and pictures. Understandably, many people do not want to buy a house before seeing it in person. It is possible to still tour a home safely and some sellers are allowing it for serious buyers only. According to a survey released recently by the National Association of Realtors, many members have paused open houses to restrict traffic into listed homes and to adhere to social distancing guidelines. Home tours are also limited to serious buyers only leveraging tools and technology to continue to conduct business.
Start the conversation with both a Realtor and lender for the most up to date information on how to look for homes and how to conduct drive by appraisals, notarizations and closings. Even if you prefer to wait, there is plenty to do now so that you are ready when the market is operating normally. The biggest advantage for buyers is less competition and that means less chance of a bidding war. Now can be a great time for a great deal!
As long as you are willing to be creative and patient, you can sell your home. Many people will not feel safe touring your home in person. Talk to a Realtor about the technology available for high quality virtual tours. Let your Realtor know if you are comfortable with an in-person tour for serious buyers. There is protocol in place to safely show your home that your Realtor can share with you. Closings and appraisals can take place adhering to social distancing guidelines.
Buyers are doing loans completely online and while there are fewer buyers out there, they do exist and are ready to buy now. As well, inventory is low making for less competition for sellers. The key is a trusted Realtor to help you understand how it works during these times and a great lender to help with your next move.
Even if you aren’t ready yet, this is a great time to do market research and assess what needs to be done to put your house on the market.
Sellers AND Buyers
Be safe and stay healthy. Realtors and lenders are adhering to COVID-19 guidelines and laws to protect everyone involved in transactions. Home tourings, loans, offers, and closings are all being handled electronically and most can be done safely from home.
Regardless if you don’t want to delay your dream of homeownership or have no choice but to move, it can happen safely and successfully. Angel Oak Home Loans is ready to serve you!