There’s just no getting around it, we’re living in an unprecedented time and many of us feel our lives have been put on pause. However, the Covid-19 pandemic affects everyone differently and if you had planned on buying a house this spring, you may not want to cancel those plans. Traditionally, spring is the most popular time for home buying, so many are left wondering how government-mandated social distancing and the CDC’s guidelines are affecting the process of buying a home. Your friends at GVC Mortgage want to share some information on how to proceed with your spring home buying plans during this global pandemic.
Finding the Right Home
Your house search is going to look differently this season than it would have in the past, but finding the right home is still doable. Likely, you will not view the home in person during this time, so virtual tours are being offered as well as virtual meetings with your real estate agent. Take advantage of home buying websites and apps to do the majority of your searching. Also, keep in mind that many home buyers are putting their search on pause, so you may be able to get a better deal and avoid a bidding war.
Getting an Appraisal and Inspection
Appraisals and inspections are usually requirements of home loans. But, with the current situation, many lenders are making allowances and waiving these requirements. Check with your lender to see if a contactless or “drive-by” appraisal will suffice. Home inspections are also being waived in some areas, but keep in mind that it may not be wise to buy a home without an inspection. If you can get an inspection while still complying with social distancing mandates, you should.
Getting a Mortgage and Closing
You can still get a mortgage at this time, and it may be a good time to do it since rates are low. Luckily, most of the mortgage process can be done online. However, remember especially to consider your future financial situation and job security before entering into a contract. Your closing experience will greatly depend on your local government, but you should expect some alteration to the traditional procedure. For example: some states are meeting through windows or exchanging documents by placing them at least 6 feet away from the notary before walking away and using hand sanitizer.
Depending on your situation, now may still be the right time to buy a home. Contact our team at GVC Mortgage of Indiana with any questions or concerns at (317) 564-4906.