Have a property under contract? Congratulations! Even though that seems like the biggest hurdle in this time of uncertainty, there are definitely still some challenges we need to overcome. The next one is vetting your soon-to-be new home; making sure it’s quality is more than skin deep.
Property inspections are happening even in a time of social distancing, and most inspectors are allowing buyers to be present for them. Since inspections typically take a couple hours to complete, this is a great opportunity to spend a little more time in your soon-to-be new home if your showing windows were pretty short during the initial home search window. When you’re choosing an inspector, talk to them about your expectations on inspection day, and whether or not they’ll be available for follow up if you have questions about the report.
In an effort to continue practicing smart social distancing, many banks have relaxed their appraisal standards of properties. Many lenders are now accepting basic drive-by appraisals in place of more detailed boots-on-the-ground appraisals, which for most buyers is a good thing.
Because the mortgage supply chain may still be experiencing some disruption thanks to lenders working from home or possibly being furloughed, mortgages may take a little bit longer to approve.
The mortgage process is generally linear, meaning each previous step has to be completed before the following step can occur. This can cause delays in the process if one link in the chain is a little slower than usual, so make sure you’ve got a little extra time built into your contract to finalize your loan and do your best to exercise some patience.
You or your Realtor can check in with your lender daily to see how things are progressing and to continue to support your lender’s efforts.
- Property inspections are happening, and this is a great time to spend a little extra time in your almost-new home. Talk to your inspector about how you can get the most out of the process.
- Appraisals requirements have been loosened at many banks. Talk to your lender about what sort of appraisal requirements your loan has.
- Loans may take longer to close. Stay in daily contact with your lender or Realtor to make sure your loan’s progress is moving along smoothly.