With the majority of the population in the US now vaccinated, pandemic-related regulations have been greatly eased in most parts of the country. However, certain precautions and safety protocols are still imposed in many places, including in Washington state.
In addition, many procedures that were originally adopted as temporary solutions during the pandemic have been permanently integrated into real estate processes, as they were found to improve efficiency while minimizing person-to-person contact.
These are a few things you should know about closing a sale in the new normal:
Additional safety measures
House showings and open house events are still being conducted with many safety measures in place, such as wearing face coverings and using hand sanitizers. Agents may even take temperatures and provide gloves, masks, and hand sanitizers at home tours. Also, you can expect that the number of people allowed inside a house may be limited at a given time to maintain social distancing.
Sellers, buyers, and Realtors are also using online tools to minimize face-to-face contact. Video conference apps and digital contract signings are increasingly becoming the norm.
Home inspections
Licensed home inspectors need to conduct home inspections in person, so this procedure cannot be done virtually. Before pushing through with closing, you need to consider if a home inspection can be done in your locality in the first place.
In Washington state, home inspections are allowed but with the following restrictions as of August, 2021:
- All individuals, including real estate agents, assessors, inspectors, and others must wear a face covering at all times when indoors.
- Brokers and clients must abide by the seller’s restrictions on the number of persons who can enter the home, setting an appointment, using sanitizers, and so on. If you’re the seller, you can ask the inspector to wear personal protective equipment (PPE). You may also be able to attend and record the inspection virtually, using video conferencing apps.
Appraisals
In the wake of the pandemic, the Federal Housing Finance Administration (FHFA) and other public and private institutions have relaxed their standards for property appraisals and allowed remote solutions such as desktop appraisals. In a desktop appraisal, a property valuation can be conducted using information from MLS listings, tax records, and similar documents. While this was originally intended to be a temporary solution, the FHFA and other public entities, as well as many private lenders, have adopted desktop appraisals as a permanent measure.
Contracts and the COVID-19 clause
Many existing real estate contracts already have a “force majeure” clause, which is a provision that excuses a party from not performing its obligations due to circumstances that are out of its control. Lawyers are trying to manage the risks posed by the coronavirus in real estate contracts using a COVID-19 clause.
A COVID-19 clause is similar to a force majeure clause and grants both buyers and sellers more flexibility if certain aspects of the contract are delayed due to COVID-19.
Notarizations and document signing
Some states may allow online notarization services, but some may not. After it was adopted as temporary measure for COVID-19 mitigation, online notarization is now permanently allowed in the state of Washington with the passing of SB 5641. Check here for the rules covering this legislation.
With the adoption of this law, a sale may now be closed virtually using a video conferencing app. If you prefer to do in person, you may also do so provided you follow existing face covering and social distancing protocols.
Looking for Winthrop homes for sale in the new normal? Our team at Coldwell Banker Winthrop will be happy to assist you in navigating the Winthrop real estate market in these challenging times Get in touch with us at 509.996.2121, or send an email to info(at)cbwinthrop(dotted)com. You can also leave us a message here.