Seemingly, our lives changed overnight.
Coronavirus was just something of news stories in distant places.
Then, all of a sudden, our lives changed significantly. Businesses closed. Greeting family and friends changed. We were told to stay home and put our lives on hold
But, what about those people who were in the process of buying a home or who have life circumstances that make it necessary to buy a Knoxville home. Luckily, the real estate world hasn’t stopped. It’s changed for the time being for the safety of everyone involved.
In this post, we’ll cover what you need to know about buying a home in the midst of a pandemic.
Even in the midst of everything that is going on, it’s still possible to buy a house. Real estate is considered an essential part of the Tennessee economy. With that being said, the process may feel a little different than in times past
With the start of the COVID-19 pandemic, realtors put practices in place to support social distancing measures. By adhering to these measures, realtors are able to protect all parties involved in a transaction while still allowing a transaction to come together.
Depending on the situation, the level of social distancing measures varies based on a client’s needs. But here are a few examples of how realtors are modifying their behavior to help support social distancing measures:
Expect the home buying process to look and feel a bit different if you opt to buy now. You’ll want to be flexible throughout the process.
When the world is not operating like normal, you should be prepared for some hurdles. Just because you’re able to buy a house, doesn’t mean that the process will be seamless.
This is where flexibility is key. There may be times that you need to adjust your plan or be a bit flexible. When you’re buying a home in a time where many things are closed or working with minimal staff, you may find that things are a bit harder to do.
You may experience delays when applying for a loan. It may be harder to plan for a move as well. Certain things that you may have planned on in the past, like professional packers, may not be operating or be operating on a limited basis.
Before embarking on this journey, it’s important that you understand that things may not go exactly as planned.
These are extraordinary times. So, be prepared for the possibility of delays.
There are many different parties involved with a real estate transaction including lenders, appraisers, title companies, and home inspectors, just to name a few. Many of those parties are having to change the way they’re working due to the COVID-19 pandemic, so that brings the possibility of delays. In addition, if there is a part of the transaction that’s in another state, that could also complicate things if the COVID-19 situation is worse there.
While delays aren’t happening in all cases, there are certain aspects of a transaction that could be slowed due to the pandemic. Before writing a contact, just be sure that you’re willing to be flexible with the situation if snags arise.
Finally, closings are looking a bit different these days, too. At the current moment, a vast majority of closings don’t have the buyer and seller sitting down at the closing table. Depending on when and where you close, title companies are trying to minimizing the number of people at the closing table for everyone’s protection.
There are also many title companies doing Curbside Closings where all parties sign documents in their car to help minimize the risk to others. Buyers pick up documents to sign in their car. If they have questions, they’re given a number to call. Once done signing, documents are reviewed and copies. Finally, closing is complete.
This may be a very different setting than many parties are used to. In the current time, it allows everyone to stay apart while still getting a transaction closed.
Do you need help navigating the housing market during the crazy times? We’re here to help you through it during these tough times. Rick can be contacted at 865-696-9002 or via email at [email protected]. Kati can be contacted at 865-696-1888 or via email at [email protected]. Also, be sure to check out our West Knoxville Home Search Page to see what homes are for sale in the area.
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