Typically, selling a home under normal circumstances can prove challenging. However, successfully executing this transaction during the Covid-19 pandemic might render this task far more difficult. If you need to move for any reason during the pandemic, you probably want to get your house sold as quickly as possible. Real estate professionals opine that the action can still be accomplished provided prospective sellers adhere to the following five suggestions:
Create A Virtual Tour
The stay-at-home and social distancing mandates imposed by most state governments render showcase staples like open houses out of the question. However, a prospective seller still employs some showcasing method. This potential pitfall might be circumvented through the creation of virtual tours.
Virtual tours are video guides around the residence in question. Prospective sellers are encouraged to work in tandem with their real estate agents. Said professionals could offer suggestions regarding how to orchestrate the production and provide insight referencing key locations or attributes to be spotlighted. Moreover, real estate professionals can upload these creations to their websites, which affords potential buyers the opportunity to view said productions at their leisure.
Clean Home Thoroughly
Even if prospective buyers will not be entering the prospective buyers home, aesthetic appearance takes on a far more significant role under the current circumstances. Above all, said individuals should be sure to protect the property in question by practicing typical safety guidelines, such as frequent hand washing with soap and water for at least 20 seconds, refraining from touching one’s face, limiting contact with as many surfaces as possible, sanitizing anything that is touched with the appropriate disinfectant products and continuing to follow social distancing mandates.
Contracting the virus can make the potential seller and their family members ill. However, from a business standpoint, such unfortunate events could significantly delay the sale process as ailing persons might take a long time to get well. In some areas, real estate companies might require prospective sellers obtain certifications declaring that neither they nor their family members had the virus or, in the event they did, they are completely clear of the virus and their home is not a potential contagion.
Get An Alternative Appraisal
Appraisals are a necessary aspect of the sale process. Alternative appraisals allow professional appraisers to perform their work without having to enter the home in question. In recent months, appraisals have been executed merely by inspecting the properties from afar or using virtual tour videos. Typically, these practices do not meet established standards. However, given the circumstances, the Federal Housing Financing Agency has okayed this process for the near future.
Expect Mortgage Requirements To Become Stricter
Like practically every other business in the nation, mortgage companies are feeling the pinch of the financial crisis the pandemic has precipitated. Many of their loan recipients have lost their jobs and numerous lenders are either restructuring in-place agreements with current customers or allowing for temporary payment suspension. Unfortunately, these practices mandate that, to continue to turn a profitable business, lenders need to formulate stricter mandates on those applying for mortgages now. Current applicants are more likely to be required to hold minimum credit scores, have the capacity to offer a larger down payment or earn certain base incomes.
With so many people recently unemployed or not earning the money they did prior to the outbreak, meeting these new provisions might prove difficult. Prospective candidates that do not meet such provisions might be eliminated off the bat and others might not meet said requirements until they are able to return to work or regain the profits they once had. Regardless, such events could significantly delay potential sales.
The home sale process involves a significant degree of interaction between the seller, potential buyers and real estate professionals. Would-be sellers are strongly encouraged to embrace and the art of teleconferencing and familiarize themselves with proper usage of teleconferencing software. These online but face-to-face interactions will expedite the scheduling of various necessary meetings.
Though potentially more challenging, a successful home sale is feasible during the Covid-19 pandemic. However, sellers are encouraged to perform due diligence and understand the potential pitfalls that might result. Moreover, if said individuals possess the time and finances, are encouraged to consider waiting until the pandemic passes or, at the very least, becomes far less of a strain on the economy.