5 Questions Buyers Have During Coronavirus

By
Real Estate Agent with The Mode Real Estate Group DRE # 00935148
https://activerain.com/droplet/5n69

5 Questions Buyers Have During the Coronavirus Outbreak Answered

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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 pre-screen 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.

The Covid-19 outbreak is causing some uncertainty among home buyers, sellers, and even
agents. However, with the use of technology and following best practices, you can still find the
home you’ve been waiting for during this time.

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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. M.C. Dwyer 04/30/2020 07:31 AM
Topic:
Real Estate Sales and Marketing

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Rainmaker
1,444,528
Joe Manausa
Joe Manausa Real Estate - Tallahassee, FL
Tallahassee Real Estate

Nicely done Lori Mode. On point #5, supply and demand will lead us to the likely forecast. For most parts of the country, low supply around the median price point suggests waiting will be a poor choice for buyers. Higher prices combined with higher loan costs.

Apr 25, 2020 03:38 AM #1
Rainmaker
2,254,983
Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good morning Lori Mode - these are all good questions and your answers are very helpful.

Apr 25, 2020 04:55 AM #2
Rainmaker
1,628,390
Kat Palmiotti
406-270-3667, kat@thehousekat.com, Broker, Blackstone Realty Group - brokered by eXp Realty - Kalispell, MT
The House Kat

This is a helpful list for buyers. For sellers, it would be great if they could turn on all the lights and open doors/cabinets before any showings so no one has to touch anything except the front door!

Apr 25, 2020 06:20 AM #3
Ambassador
2,076,497
Debb Janes EcoBroker and Bernie Stea JD
ViewHomes of Clark County - Nature As Neighbors - Camas, WA
REALTORS® in Clark County, WA

Yes, and these are the questions most buyers are asking. However, our sales have decreased pretty dramactically...most new pendings and solds are vacant homes, or those already in escrow when this started. 

Apr 25, 2020 07:59 AM #4
Ambassador
4,299,713
Jeff Dowler, CRS
eXp Realty of California, Inc. - Carlsbad, CA
The Southern California Relocation Dude

Hi Lori:

Great overview of the key questions we hear, or buyers SHOULD be asking, and the related issues to be aware of. It's definitely a different real estate world, but buying and selling IS happening.

Jeff

Apr 26, 2020 10:41 AM #5
Rainmaker
554,930
Lynda Eisenmann
Preferred Home Brokers - Brea, CA
Broker-Owner,CRS,CDPE,GRI,SRES, Brea,CA, Orange Co

Hi Lori,

Good information all the way around. No doubt it's  challenging time for all, home buyers, sellers, REALTOS, lenders...etc, etc. We will get through this!

 

Apr 27, 2020 08:46 PM #6
Anonymous
tom inglesby

Great points to talk about. These are the things we are doing here in Portland Or.

Apr 27, 2020 09:08 PM #7
Ambassador
3,772,782
Debe Maxwell, CRS
www.iCharlotteHomes.com | The Maxwell House Group | RE/MAX Executive | (704) 491-3310 - Charlotte, NC
The right Charlotte REALTOR!

Well done, Lori! To your point on clauses - NC now has a COVID-19 Addendum - either party can opt out, not just the buyer, which is nice. If a seller loses their job and can't afford the move-up home they are under Contract to purchase, they can terminate on both sides. 

Apr 28, 2020 07:32 AM #8
Rainmaker
588,942
Mary Hutchison, SRES, ABR
Better Homes and Gardens Real Estate-Kansas City Homes - Kansas City, MO
Experienced Agent in Kansas City Metro area

Here in the KC area, I also explain the details of the new COVID 19 addendums we have. One for listings, one for buyers when they make an offer, another that buyers have to sign before entering a home. Business is still getting done!

Apr 28, 2020 08:54 AM #9
Rainmaker
409,822
M.C. Dwyer
Century 21 Showcase REALTORs - Felton, CA
MC Dwyer-Santa Cruz Mountains Property Specialist

Congratulations on getting your post on the daily featured e-mail!   May I reblog this Lori Mode ?

Like you, we can't show homes that are occupied.   My very cooperative seller took lots of videos on request.    We have a buyer in escrow now, and inspectors are considered essential.    The buyers will see it after the sellers move out, which fortunately is a few weeks before closing.    Fingers Crossed!

Apr 29, 2020 10:59 AM #10
Rainmaker
803,380
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

Excellent post and great information, Lori. You are in California as am I. Some of our rules and constraints and procedures regarding conducting our business these days are the same. Some are different since they are controlled by Federal, State and County rules. Bottom line is, we have to embrace new methods of service our buyers and sellers in order to achieve the best possible outcome under the circumstances.

Apr 29, 2020 03:35 PM #11
Rainmaker
1,022,720
Jan Green
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

Great thoughts here to help any buyer considering buying or seller who is interested to know how to handle buyers.  It all depends as you write upon each buyer/seller.  I don't think it's wise for buyers to wait if they are in a hot price point  

May 05, 2020 01:02 PM #12
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