Real Estate and The Coronavirus

5 Questions Buyers Have During the Coronavirus Outbreak Answered
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 the pandemic. Here are a few common buyer questions as they related
to the Coronavirus outbreak and real estate answered.

1. Can we still go see home listings in person? – This is the hardest question to answer
and it will depend on the home, the seller, the agent and any fast-changing governmental
policies put in place. Agents should be able to offer a Skype or Face Time home tour
virtually. Talk to your agent to find out what they have available for the buyers to prescreen the home virtually before setting up the visit; they might have virtual tours already
available which can help rule out those that don’t suit their needs.

2. 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 and 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.

3. 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 and in
place until the close; talk through this aspect with the seller and their agent in advance to
set the right expectation.

4. 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.

5. 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.