How is Home Buying and Selling during Shelter In Place
It is in best interest of everyone to follow the instructions and guidelines from the authorities about Shelter in Place. Therefore, as good citizens all buyers, sellers and all real estate professionals are advised to follow best practices. Housing has been categorized as essential business activity. Extreme care should be taken during conducting business.
Need to Sell: Given personal circumstances, some seller HAVE to sell. Therefore those homes have to come on market. If they had the chance, ideally they would wait for market activities to pick up so they would benefit the most. If they can’t wait, then have to put the home on market.
Vacant vs Occupied Homes: If the home is not occupied, it becomes much easier during these times. It is much easier to get essential services to prepare the home for sale. It would be easier to avoid coming in close proximity of other people. It gives the agent an opportunity to create Virtual Tours with sophisticated technology available today. Instead of having the buyers visit the properties, it would be best to view the virtual tour and shortlist homes for writing offers. It is harder to sell homes that are occupied in that respect. It is extremely difficult to get other professionals in and out of homes, while we know that the sellers have to live in the home. It is quite risky. Extreme sanitizing measures have to be taken in these situations. Other steps would be the same but the time taken would extend.
Subject to Viewing offers: The offers can be written “subject to inspection/viewing”. This clause allows the buyers to get in contract and then at a more suitable and low risk opportunity, view the home and then decide if they want to proceed further or back out. Sufficient time should be given for each contingency as applicable and also close of escrow. The contingencies and hence the closing are all dependent on various professionals therefore, there is likelihood of delays.
Time Factor: Since most activities in a transaction are dependent on other professionals, appropriate time has to be factored. Following are the possible professional dependencies (not limited to). Not all professionals are willing to go out and work and therefore, even being an essential activities, there will be delays.
– Inspectors
– Appraisers
– Loan Originators
– Loan Processors
– Underwriters
– Title/Escrow professionals
– Government officials (Taxes, Assessors etc).
Real Estate sales are happening. Properties are coming in market and getting in contract during these times as well. Real Estate professionals are educating the clients and navigating them thru the processes with everyone’s health and safety in mind.
For questions or discuss your situations please call Yajnesh or Sangeeta.
Yajnesh – 408-547-7845 | Lic# 01924991
Sangeeta – 408-547-7910 | Lic# 02026129