Selling your home this summer is a bit different than it is under normal circumstances, but that doesn’t mean it’s harder. In fact, many sellers are finding the whole process runs smoothly – especially when they’re working with a Scottsdale real estate team that understands how important technology is to any transaction. Here’s what you need to know about how the closing process will most likely work when you sell your home during the coronavirus pandemic.
Home Closings During Coronavirus: A Guide for Sellers
Unsurprisingly, coronavirus has changed how we do business. With Arizona being one of the hardest-hit states so far this summer, things have had to change. Here are answers to our most common questions about how home closings work during a pandemic, such as:
- How long does it take to close on a house during this coronavirus pandemic?
- How do home inspections work during the pandemic?
- How do appraisals work during the pandemic?
- Can I do a walk-through?
- Are remote home closings possible?
Here’s a closer look at each.
How long does it take to close on a house during this coronavirus pandemic?
Generally speaking, home closings take a little longer than usual during the pandemic. However, every case is different, and the circumstances in your transaction might speed things up significantly. On average, closing takes about 60 days from start to finish.
There are a few reasons for this. One is that lenders have been swamped; interest rates are at record lows, which means more people are applying to refinance and purchase homes. Another reason is that social distancing and safer-at-home measures have kept people indoors.
How do home inspections work during the pandemic?
Home inspections are still humming along, but they’re operating a little differently right now. While buyers are generally always welcome to go along on an inspection, a lot of them are now asking for “remote home inspections” instead. The inspector visits the home and conducts the inspection and then discusses the findings with his or her clients through a videoconference.
How do appraisals work during the pandemic?
The Federal Housing Finance Authority has instructed Fannie Mae and Freddie Mac to temporarily allow exterior-only appraisals or desktop appraisals while all this is going on. That means appraisers are using public records, information found on the multiple listing service, and other data sources to get details on properties. They don’t need to go in the home at all, which is great news for sellers – but it can stretch out the process and make it take longer.
Can my buyers do a walk-through?
Buyers can do walk-throughs, but they don’t have to be in-person. Instead, they can do them virtually… or they can forego them altogether.
Are remote home closings possible?
Remote home closings are certainly possible. If you’re interested in taking that route, it’s a good idea to talk about it with your REALTOR®. Your agent can send you digital documents and tell you what needs to happen.
