Home Sales and Searches During Coronavirus

Spring has sprung.

What is usually a busy and exciting time for residential real estate sellers and buyers is now being overshadowed by the risk of spreading COVID-19. My thoughts are with countless people around the globe, including real estate industry colleagues and clients, who are now navigating and managing as well as possible the challenges to society, service, and self-care presented by the coronavirus pandemic.

In real estate, we are no strangers to stressful situations and we are accustomed to clearing hurdles on a regular, often daily, basis.  

We are fortunate, that as a whole, most agencies are now capable of virtually and remotely through telephone, online communication, video tours, and legal document review and electronic signatures, completing many necessary tasks for both sellers and buyers.  Sales and purchases no longer must be completed in person. I have worked with certain sellers whom I have never met face-to-face, even at closing. 

At this time, the state allows real estate services to be operational, and although real estate is not considered an “essential” service, it is also not considered a “non-essential” service.  

I am receiving industry notifications regarding the outbreak and I am following the most up-to-date recommendations for protocol from the CDC, Massachusetts Association of Realtors (MAR) and MLS Property Information Network (MLSPin). 

“Showings and open houses are permitted and are subject to Governor Baker’s order limiting gatherings to ten or fewer people. If open houses are held, they must be limited to ten people at a time and social distancing must be enforced. Additionally, MAR recommends the use of hand sanitizer and thorough and frequent cleanings.”
 
Although showings are now allowed, at this time hosting and/or attending group open houses is not recommended in order to help prevent the spread of COVID-19. Dependent upon individual circumstances, I am available for limited viewings under strict adherence to guidelines, with social distancing for any in-person transactions.
 
As required, our physical offices at Griffin Properties, Inc., are closed to client meetings during the state of emergency, but my colleagues and I are still working from home and the road as we commonly do.  That is not an unusual situation for us and we are well equipped to proceed with most business.

These are critical times and housing is a critical issue.  Please know that, as always, I will do everything I can to keep you safe and help make your sale, purchase, and transition to your new home as convenient and successful as possible.

Please be well and careful; practice social distancing and frequent, effective hand washing; sanitize surfaces effectively; go outdoors for some exercise, sunshine, fresh air; and help keep yourselves and others safe and secure.

Some additional information for homeowners, sellers, and buyers is attached below.  
As always, I am available by telephone and email to answer questions and address your real estate concerns.

In Good Health and Solidarity,
Christine
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Links to Relevant Information

Smoke and Carbon Monoxide Certificates

Some towns have delayed required inspections during the state of emergency.
As stated by MAR:

“Updated  March 20, 2020

·       As a result of the outbreak of the novel coronavirus (COVID-19), Governor Baker has issued an executive order allowing smoke detector and carbon monoxide alarm certificate inspections as required under Sections 26F and 26F½ of Chapter 148 of the General Laws to be deferred so long as: 

o   The Parties to the sale or transfer have agreed in writing that the buyer assumes responsibility for equipping the property with approved smoke detectors and carbon monoxide alarms.

o   The buyer agrees as a condition of taking title to equip the property with approved smoke detectors and carbon monoxide alarms immediately upon taking title.

o   An inspection as otherwise required under sections 26F and 26F½ occurs no more than 90 days after the state of emergency is lifted.”

Appraisals

​Updated March 23, 2020

·       Update from NAR’s Senior Policy Representative for Federal Housing & Valuation:​​

o  “Today FHFA directed Fannie Mae and Freddie Mac to allow the use of appraisal alternatives to reduce the need for appraisers to conduct interior property inspections for eligible mortgages through May 17, 2020."

·     This should alleviate recent concerns over transaction delays due to a lack of appraisers able or willing to enter properties to conduct interior inspections.”

Mortage Payments

If you are a homeowner having difficulty making your Fannie Mae or Freddie Mac qualified mortgage payments due to unemployment or illness caused by the coronavirus outbreak, Fortune.com reports that you may be able to defer payments for up to 12 months.  

That may be an option with other lenders as well.  Read here to see steps you can take:

Fannie Mae and Freddie Mac have also released “a new “payment deferral” option that will allow borrowers facing a hardship to defer two months of their mortgage payments until the end of their mortgage.”  They plan was in the works before the state of emergency due to the coronavirus outbreak and was due to be implemented next year. It has been enacted sooner and applies not only to borrowers struggling because of the outbreak, but also to borrowers who have faced an unrelated “short-term hardship that has caused them to miss one to two months of mortgage payments.”