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How Has COVID-19 Affected the Process of Buying or Selling a Home?

Posted on in Real Estate

Cook County real estate attorney home closing

The coronavirus pandemic has impacted the lives of everyone in the United States in a variety of ways. Those who have been lucky enough to avoid getting sick or losing their job are still likely to feel the effects of COVID-19, both in their daily lives and their plans for the future. If you are considering buying or selling a home in Illinois, you will need to be aware of certain issues that may affect you, and you will want to take the right steps to protect yourself and make sure you can complete your transaction successfully.

Legal, Financial, and Other Issues Affecting Real Estate Transactions

One of the first things that home buyers and sellers need to be aware of right now is that they may need to take steps to protect the safety of themselves and others and avoid the risks of contracting or spreading infections. Social distancing concerns have led to restrictions on in-person visits to a home, and in many cases, buyers may be limited to virtual visits or video tours conducted by a real estate agent. Buyers may also be unable to be present for home inspections or appraisals, and they will need to rely on professionals to ensure that any defects are identified and addressed properly.

Ongoing economic concerns will also play a role in many residential real estate transactions. Interest rates are currently very low, which may be beneficial to buyers who are looking to secure a home loan. However, mortgage lenders may be reluctant to issue new loans, since economic instability may result in job losses or other issues that could affect a buyer’s ability to make ongoing mortgage payments. Buyers may need to meet additional requirements to obtain a loan, such as demonstrating that they have a steady income or paying off other debts.

The home closing process may also be different during the COVID-19 pandemic. Home closings are usually conducted in person with multiple people present, and the parties will sign a variety of different documents and determine whether any additional issues need to be addressed before the transaction can be completed. Due to social distancing requirements, it may be necessary to conduct a home closing virtually, and buyers and sellers should speak to their real estate agent and their attorney to ensure they understand how this process will be handled and whether documents can be signed electronically.

Contact Our Chicago Real Estate Lawyer

Even though COVID-19 is likely to be an ongoing concern for the near future, this does not mean that you need to put your plans to buy or sell a home on hold. By working with an experienced lawyer, you can determine the best ways to achieve your goals and make sure your rights are protected during a real estate transaction. At the Law Offices of Marques A. Eason, LLC, we will provide the legal help you need throughout the home closing process. Call our reputable Evergreen Park residential real estate attorney by calling 312-973-3755 today to schedule your private consultation.

 

Sources:

https://www.rockethomes.com/blog/home-buying/buy-sell-house-during-coronavirus

https://www.equifax.com/personal/education/covid-19/home-buying-during-pandemic/

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