Pros and Cons of Selling a House Now
It doesn’t matter if you are contemplating selling your house, have already put your house on the market or have a pending agreement of sale, things that are out of your control can derail your plans. Natural disasters, state or regional mandates, or even the current COVID-19 pandemic are all examples of issues that can impact the home-selling landscape.
Before abandoning the efforts of selling your house during the COVID-19 pandemic, consult with your real estate agent. There are ways to adjust your house-selling activities and still stay focused on getting your house sold.
Virtual Home Viewing
Because circumstances beyond your control may preclude homebuyers from seeing your house in person, now would be a good time to consider investing in a virtual tour of your property. There are plenty of people who are interested in house hunting but are confined to their homes. Producing a virtual tour allows you to feature your property to your advantage and allows today’s buyers to view your home at their convenience.
Next to walking through your house, a virtual house tour provides a very realistic experience. Potential buyers can take a virtual walk through your house and get an in-depth view while still maintaining appropriate social distancing. Once produced, your real estate agent can post the video on social channels, such as YouTube and on the real estate agent’s website, to get more potential buyers interested in your property.
Before you start recording the house tour on your cellphone, reach out to your real estate agent for some tips on software, lighting and staging.
You may still be wondering, “Should I sell my house during the COVID-19 pandemic?” If an offer comes in from a buyer during a time of mandated isolation or stay-at-home order, your real estate agent can still present the offer virtually using any number of teleconferencing apps or services.
Keep in mind that buyer offers during extraordinary events may include addendums that will address potential delays. These addendums could cover things like extending the closing date and address concerns about a lack of inspectors or appraisers; a party’s inability to travel to sign documents; a party being subject to a mandatory quarantine; and closings of or delays in related government and business services, such as closing of lenders and title/escrow companies. Rely on your real estate agent or legal advisor to help you understand the need for and meaning of such addendums before accepting an offer to buy your home.
Is Your Agreement of Sale on Pause?
In times of national or state emergencies, it is not unusual for closings to be delayed. These types of emergencies affect both buyers and sellers. Assuming that both parties want to close the house sale, there is room for creative and collaborative solutions. Work with your realtor to craft a deadline or closing extensions that meet the needs of both parties and result in a closing.
What You Need to Know About Signing Legal Documents Virtually
Social distancing regulations specific to the events happening in your region may have an impact on the way a typical sales transaction takes place. During a time of mandated isolation or stay-at-home order, your region may enact special laws that adopt remote notarization, virtual e-signing and electronic deed recording. These exceptions would be designed to temporarily smooth the real estate contract process. Speak to your real estate agent and/or attorney about the potential use of virtual signatures on your agreement of sale and closing documents.
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