If your home is on the market and you've managed to get it under contract, congratulations! During this challenging time, the road to closing may look different but knowing what to expect can help alleviate some of the worry. Let's look at what you can expect as you move toward closing.
When selling a house during the pandemic, everything from the inspection to the appraisal to the closing is going to look a bit different. Expect delays and practice patience during this unprecedented time.
Normally when your house goes under contract, the buyer would have an inspector visit your home. Due to coronavirus risks, many home sellers do not want inspectors in their homes. Ask your real estate agent about "remote home inspections" instead. This can be done with the inspector walking through the house alone (you could wait outside) and using a video conference to review findings.
When a buyer uses a mortgage to buy a home, an appraiser visits the home to determine its value. Due to health concerns, many appraisers are performing exterior-only appraisals, mainly with Fannie Mae and Freddie Mac loans. Your agent can help you determine if an appraisal needs to be done and how to safely proceed when it's necessary.
Closing on your home is going to take longer than it did a few months ago. According to Rocket Mortgage, it normally takes 30-45 days to close. Nowadays you can expect to wait 60+ days. Lenders are very busy. Part of the delay is due to a large influx of refinancing requests thanks to historically low mortgage interest rates. In addition, many title companies are closed.
Sitting in the same room with the buyer at closing may not happen either as we practice social distancing. Most likely you'll be sitting in a room separate from the buyer or moving the meeting outside. Ask your real estate agent if a video closing and online notarization are permitted in your state to further enforce social distancing.
The process of closing on your house during the coronavirus pandemic will look a lot different than it did a few months ago. Expect the process to take longer with fewer face-to-face interactions with inspectors, appraisers, lenders, and title companies. These delays are beyond anyone's control and meant to limit unnecessary exposure. Keep the lines of communication open with your agent so you know what to expect at each phase of the closing process. Again, congratulations on getting your house under contract and on the way to closing!
Learn more about home inspections, https://www.reazo.com/hiring-a-home-inspector-when-selling-your-home .