Here’s what to expect when closing on a home during COVID-19.
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Selling your home during the health crisis may seem a bit daunting, so if you have found a buyer and accepted an offer, congratulations; you’re almost there! All that’s left is to close the deal. However, the coronavirus has unfortunately thrown a few wrenches into the closing process too. These are the four things sellers should expect when closing amid COVID-19:
1. Delays. Lenders have been swamped with processing refinancing applications due to the historically low interest rates, and social distancing and sheltering in place are complicating home inspections, appraisals, and final walk-throughs. This means that each step may take longer than usual.
2. Changes in appraisals. Customarily, lenders require those buyers receiving a mortgage to get an appraisal, but to keep sellers safe, Fannie Mae and Freddie Mac have been instructed to allow exterior or desktop appraisals during the health crisis. This is good news, but these procedures could also take longer.
“These guidelines are meant to protect everyone.”
3. Changes in walk-throughs. Social distancing makes in-person walk-throughs less common, with some being done virtually.
4. Delays in closings. Social distancing may also delay closings because some of the title company’s offices are closed, and in-person gatherings of 10 people or more are prohibited. Rather than having everyone gathered in one room, various parties might sit in separate rooms and pass papers back and forth.
Keep in mind that most changes in the process are beyond anyone’s control. These guidelines are meant to protect everyone from unnecessary exposure risks.
All of us here at the Tami Holmes Team would be glad to assist you in navigating the home closing process amid the coronavirus. We’ve successfully sold hundreds of houses during this difficult time.
If you have any questions about closings or real estate in general, please call or email us. We would love to help you.