Are you getting ready to sell your single-family home during the current pandemic? If so, it will help to know the following things to expect during the home selling process.
Plan For A Slower Than Usual Closing
The low-interest rates have caused a lot of homeowners to refinance their homes, which has slowed down much of the mortgage underwriting process. If you were planning to start packing as soon as your offer was accepted, you should know that it may take longer than usual to close on your home because of all the activity with local lenders. In addition, people working remotely and social distancing are taking longer than usual, which can also slow down the home selling process.
Plan For A More Distanced Home Inspection
One part of the home buying process that is expected these days is the home inspection, and there is quite a bit of change about it during the pandemic that you need to be aware of. The home inspector may request that you not be present during the home inspection due to social distancing. In addition, the buyer may not be allowed to follow along as well, with the inspector likely giving a report rather than a tour of the home and its issues.
Plan For A Different Type Of Appraisal
Another part of the home selling process is that the property must be appraised for the mortgage lender. However, that appraisal can be very different as well. It's possible that the appraisal is done as an exterior inspection online, while also using a combination of public and MLS records. The appraiser may even ask to tour the home virtually to see the inside so that they don't have to go inside your home.
Plan For A Virtual Closing
The closing of your home is typically done with the buyer and seller meeting together to sign the final paperwork. Unfortunately, that won't be possible these days due to social distancing. You can expect to do your closing virtually from different locations, or even doing it in a more informal way. For example, sometimes the closing is done as a drive-by closing, where the buyer and sellers sign the documents elsewhere, and then meet to swap documents.
Want to know more about the selling process? Make sure to ask your realtor for more information about how the process will go down to keep everyone safe.