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Buying a Home During COVID-19

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By: Janice Dantes

 

While Covid-19 caused many businesses to close its doors, the real estate industry was deemed an essential business allowing people to buy and sell their homes during this pandemic. Though the process is relatively unchanged, please try to avoid some pitfalls. Here are my tips for buying during COVID-19.

1. Hire a lawyer. Buying a home is the largest purchase many people will make in their lifetime. The cost of hiring a lawyer to assist you with your home purchase has not changed since the 1970s. For $500, you can find a lawyer to assist you with purchasing your home. This is a fraction of the commission realtors earn. Also, this is paid at closing. If you can purchase a home, you can afford a lawyer. Lawyers will help you negotiate with the sellers about inspection items and make sure that you understand your obligations to your financing company. Further, lawyers can offload some of the stress in what is already a stressful process. It’s a no brainer. Hire a lawyer to help you buy a house.

2. Inspections. Do An inspection even if the sale is as is. An inspection will allow you to have an idea of the condition of the home you are buying. It’s better to know this up front rather than not know. Just be aware that it may take longer during COVID-19 to schedule am inspection. Make sure you request extra time if necessary.

3. Take advantage of great interest rates. Most of my buyers have secured 3% interest rates on their property. If you are serious about buying a house, take advantage of these competitive interest rates.

4. Curbside closings for social distancing. During this pandemic, buyers can remain in their cars and the closer will bring the documents to you to sign and notarize. Being a copy of your ID.

If you have any questions about buying or selling a home during this pandemic, please contact me at (312) 546-5077 or janice@ pinaylaw.com.

Thank you for reading. Until we meet again, love one another.

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