9 Steps in Home Buying During COVID 19 Pandemic

Research a local and trusted real estate agent who has virtual tools.

In order to continue your home search safely, it’s through virtual tools and technology. You need someone who is familiar with the latest technologies for touring homes virtually. Real estate agents who are still calling, and following up are the ones who are still doing business. They are confident enough to serve your real estate needs safely with the help of technology.

Schedule virtual consultations.

Limit your risk to virus exposure. Set a virtual meeting with your realtor to discuss your needs and any apprehensions you have about the housing market. There are lots of applications like Zoom, Google Hangouts, or even FaceTime. These applications can make your consultations with these professionals possible from the comfort of your home. Discuss with them your timeline, process, and create a game plan together to achieve your goals.

Take advantage of virtual home tours and walkthroughs.

Imagine how open houses or showings can be so crowded. By doing virtual tours, we help flatten the curve of the virus. This means you can virtually walk through the home, room by room, without physically stepping onto the property. You can try FaceTime video call during the walks through. Ask your agent to show you parts of the home that you want to see. Also, inquire if your state or city allows you to have a physical drive-by of the area. By doing this you can see the neighborhood, the nearby features, and amenities without actually entering and touching anything.

Put in your purchase offer on the home you love and schedule a safe in-home tour.

Consult with your agent to make visiting arrangements. Verify that no one in the household has any signs of illness, although there are carriers who may be asymptomatic. Don’t touch anything as much as possible and follow CDC’s recommendations, such as observing physical distancing. It’s also important to wear protective booties. Use alcohol-based sanitizers and wipes, and wash your hands thoroughly with soap and water after you leave the home.

Ask your realtor about local COVID-19 disclosures that protect you.

Numerous states, jurisdictions, and local areas have created a coronavirus addendum to be used in real estate contracts. Some contract has an optional provision that allows for either party to cancel the contract without penalty. One example, if the buyer can no longer get financing because of a COVID-19 related income or job loss.

Lock-in your rate with your lender.

Things are changing every day, so it’s better for you to lock in now. Even though mortgage rates are already low, there’s no assurance that these rates will continue to drop. It might be tempting to pause your search hoping tomorrow’s interest rates will be lower. However, locking in your rate with your lender as soon as possible is the best thing to do.

Remote inspections and virtual home appraisals.

Inspectors check the house alone and take a lot more pictures than they might have in the past. They let the clients get a clearer picture of where the issues are in a remote inspection setting. Home Inspectors also review the findings with you via video conferencing and screen sharing. They will also send a detailed inspection report, including photos and descriptions. There’s a new method called ‘desktop appraising’. It has also emerged where the appraiser uses comparable properties to come up with a relatively accurate report. Lenders can use this to continue with the mortgage process.

Utilize electronic signing and wiring to stay safe.

Your agent can set up an account where you can upload all the required documents to proceed with the transaction. There’s an option to sign electronically right from your computer. If you need to pay for an appraisal, funds for escrow, or closing costs, there are also options available. You may also pay by credit card, or most banks will permit you to wire funds from your account.

Remote home closing and other alternatives.

With the current situation, shaking hands, and handing keys aren’t possible. During closing time, a mobile notary arranged by your title company will bring the required documents and deliver the keys to you. The closing attorney would send links to all parties for a secure video conference.