Hello! I’ve been fielding a lot of calls and inquiries from concerned clients and colleagues as we navigate this uncharted territory. Here are my answers to the most frequently asked questions I’ve received. I hope they are helpful to you.
- Has real estate completely stopped? Not at all. While the way we normally work has changed suddenly and dramatically, we’re utilizing technology in ways we haven’t before; virtual tours, Facetime walk throughs and offers subject to interior viewings.
- Is it worth listing now? Yes, buyers are still buying. While no one has a crystal ball, the law of supply and demand still applies. There’s limited inventory and the Northwest region is in great demand. This too shall pass and when it does, people will still need homes and it’s my privilege to be here to help you navigate!
- Are banks still lending? Yes, absolutely. With good credit and historically low interest rates, securing financing now could be a real advantage over waiting this out. Additionally, on March 23rd, 2020 Federal Housing Finance Agency directed Fannie Mae & Freddie Mac to provide flexible alternatives to satisfy appraisal requirements and employment verification requirements through May 17, 2020. Appraisers will be able to use desktop and exterior appraisals only, no interior inspections will be required.
- Is it possible to sign and record? Yes, granted new safety procedures are in place that add a layer or two but we can work together! Electronic signings and personal notary’s are being instituted wherever possible to keep everyone safe. Additionally, Oregon Real Estate Forms created OREF-96 as a document that parties can use to automatically build in a 20-day extension to the deadlines in the standard Residential Real Estate Sales Agreement for COVID19 related delays.
As always, if you have any questions regarding listing or buying reach out! We are all stuck at home and I couldn’t think of a better time to chat and connect.
All my best,
Ryann