Purchasing a Home During Covid-19

Dated: May 20 2020

Views: 165

Can I purchase a home right now?

The answer is YES!

South Florida is currently practicing social distancing, or, in some cities, following public health orders to shelter in place. That means Open Houses have been cancelled, and you might not be able to walk through a home in person.

Agents have gotten creative in adopting tools and technology that allow prospective buyers to take virtual tours, 3D tours of a home or take a video tour with an agent. Home video tours are where the agent walks through the home with a camera, using an app like WhatsApp, FaceTime or Zoom.

In some places, temporary business closures are affecting key parts of the real estate transaction, namely appraisals, inspections, lending, closing and title services, and moving. Affected businesses are looking for ways to adapt. We work closely with our partners to ensure the correct dates on a contract are set in place to protect you from the onset of an offer.

The Florida Realtor Association has issued a COVID19 Addendum to further protect buyers and sellers. The addendum extends important deadlines on a contract and defines how they should be extended in the event of delays.

The Federal Finance Housing Agency (FFHA) directed Fannie Mae and Freddie Mac to provide alternative appraisal requirements. Collectively, the two agencies back more than half of U.S. mortgages.

“To allow for homes to be bought, sold and refinanced as our nation deals with the challenges of the coronavirus, [Fannie Mae and Freddie Mac] will leverage appraisal alternatives to reduce the need for appraisers to inspect the interior of a home for eligible mortgages,” the FHFA said in a statement.

In Florida, measures have been taken for home transactions to continue. As of January 1st, 2020, remote online notary (RON) is legal in the state, and the National Association of Realtors (NAR) has presented a Bill to allow remote notarizations across state boarders and make it easier to complete transactions.

Your real estate agent is in the best position to know local conditions and advise you on restrictions that might affect your ability to close and as always ensure a smooth transaction.

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