The Effects of COVID-19 On The Real Estate Market
We are thinking of our friends and clients and would like to share some information we have regarding what we are aware of and are experiencing in the real estate market. Many of you have questions about current practices, procedures and happenings and we would like to share some of our knowledge with you.
The real estate industry has been deemed an essential business at this time. This includes Brokers, agents, attorneys, lenders, appraisers, inspectors, pest control/termite companies, notaries, and moving companies. We have an up to date list from a local moving company as to which states they may or may not move household belongings to at this time.
We are conducting business remotely as much as possible. This includes closings, contracts and showings as well, many of which are being done by virtual tours. The government has just allowed notaries to be able to witness a signature by video, which is required for a closing that is not physically attended by the party.
Through our Georgia Association of Realtors, we have attorney provided language addressing issues that may arise with closings due to the virus. This is being included in any contracts that are executed during this period. We are also using it as an amendment to any contracts that are currently in place to protect all parties in the transaction.
Sellers are still listing homes in some cases and buyers are still looking at homes. We, as REALTORS, have best practices procedures that we are following. Our local, state and national real estate associations are updating information given to us on an almost hourly basis.
We have a lot of current information for consumers covering mortgage forbearance, student debt forbearance, FEMA guidelines for renewing flood insurance, IRA withdrawals and more. We are available to share any of that with you, or to answer any questions you may have.
If you are one of the individuals who will be receiving a $1200 payment from the federal government, do not give your social security number to anyone who asks for it. Unfortunately, there are scammers and bad players out there trying to take advantage of people in this difficult time.
Our thoughts and prayers are with all of you at this time. Anything we can do to help just reach out.