The home buying and selling process looks a little different during this time of isolation. If you have managed to finally get past the offer and negotiation stage, you will find that the closing process may pose some hurdles.
However, with our guide on how to navigate the closing process during COVID-19, you can be assured that you are well equipped to handle any hurdles that may come your way.
How long will it take?
Unfortunately, a little bit longer than usual. Closing times previously averaged at about 30 days, and now were looking at closer to 60 days. This is mainly due to lenders having to process refinancing applications with the lowering mortgage rates during this time.
In addition to this, stay at home orders have been causing delays as well in the form of home inspections, appraisals, and walk throughs.
To help account for these holdups, home buyers have been including addendums to the contingency timelines.
If you are a potential buyer who may be nervous about these potential delays, here is more on how they are being handled.
Home inspections
After an offer has been accepted, the home buyer will typically have a home inspection performed to check the house for any flaws.
However, due to social distancing this step has been altered slightly by home inspections being offered remotely. They inspect the house while it is unoccupied and then share their findings with all parities via video conference.
While inspecting the home, inspectors follow proper sanitizing techniques as well as wear gloves and a mask.
Home appraisals
Home appraisals work in a similar manner, but instead of assessing the home for flaws, they are assessing the home for value. This step is usual required by the lender.
In order to ensure safety, exterior only and desktop appraisals are being preformed temporarily. The reason why appraisers do not need to go inside the home is because they can access property records, multiple listing service information, and use other data sources to find out information about the property.
The final phase
Final walkthroughs are being done virtually if possible, and some states even have limits on any one other than the homeowners being able to enter and exit the home.
The actual day of closing could look different during this time too. Title companies are limiting the number of people who can be in the room at one time, and some closings even consist of papers being passed back and forth from the sidewalk to the building.
