First of all, it appears that there will be delays including but not limited to the following:
Before an offer is accepted:
1. Realtors may not be able to show the property
2. Open Houses are being cancelled
3. Buyers are unable to view the property
4. Sellers or tenants may not be allowing access to the property
5. Prequalifying/Preapproval for buyers are delayed. The majority of lenders are working remotely
If an offer is accepted or you are currently refinancing your loan:
1. Title Companies are working with a minimal in office staff
2. Lenders are working with minimal in office staff
3. Human resource departments may be closed. Verification of employment is required by a lender
4. Underwriters are working remotely
5. Appraisals maybe delayed by approximately 3 weeks
6. Loan document processors are working remotely
7. Notaries may not be comfortable meeting with clients
8. County Recorder offices are closed
9. Property and Termite Inspectors may not be available for up to 3 weeks
In all real estate sales, purchases or refinances it takes many different organizations who work together to get you to the finish line. We will need to allow additional time and more importantly, additional patience during this time.
In closing, the interest rates are at a historic low, but remember the market appears to be slowing slightly so there may be an opportunity for you. I can help you with all aspects so call me anytime if you have any questions.
Take care, wash your hands and be safe.