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Can I Buy or Sell a House During the Coronavirus Pandemic?

If you want to sell or buy a home despite the pandemic, here are some of the things you may encounter.

1. Stricter credit requirements for mortgages

2. Video-only home tours

3. Drive-by home appraisals

4. Unaccompanied inspections

5. Coronavirus clauses

6. Quieter closings

7. Tips for buying or selling a home now

  • Carefully consider whether you’re financially and emotionally ready to buy a home and whether you need to move right now. 

  • Shop at least three lenders to find the best rates and get preapproved for a mortgage before you start looking for homes. Know that the process may move slower than normal due to COVID-19.

  • Don’t be surprised by a competitive market. There may be fewer buyers out there, but there are also fewer sellers.

  • Stay updated on state and local regulations and be prepared for a process that looks different from business-as-usual.

 

Source: NerdWallet

 

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