How to Buy a House During Quarantine

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How to Buy a House During Quarantine

(MotivateDaily.com) – With the stock market fluctuations an ongoing issue and the economy coming to a standstill, there are still people out there looking to move real estate. If you’ve had purchasing a home on your list for several months, nothing should hold you back, not even a quarantine. Here’s how to pursue buying a house during the COVID-19 outbreak.

Have Your Financing in Place

One thing you can do right now is have your financing ready to go. This means making sure that you’re pre-approved by your lender, says the Balance. Your credit score is crucial in determining if you’ll get approved for a loan or not.

Work with a lender who can take your loan application and process it promptly, even when everything else is shut down. Having a dollar amount in place will allow you to start looking for a house you can afford.

Find a Buyer’s Agent

NerdWallet recommends finding a realtor who’s primarily a buyer’s agent. This means you can count on the realtor to have your best interest in mind. They will go out of their way, even through a quarantine, to reach out to sellers to get showings set up and negotiate final deals. A realtor who responds promptly to your needs is likely someone who will make the closing transaction a smooth one.

Use Your Extra Cash for a Down Payment

Another way to buy a house during quarantine is to be sure you have a decent-sized down payment. Use your stimulus check in addition to your savings on hand to put toward your initial real estate offer. You can use funds as a good faith payment to secure the home you want, or you can put it toward the balance of your loan to lower the total amount.

Be Open to Digital Closings

This is a different time we live in right now. And the good news is almost everything can be done remotely. From conference calls to sending e-documents, there isn’t too much you can’t do these days to close a real estate deal. In addition, some states may permit digital closings which include inspections and final walkthroughs. Going digital can save time and money.

If you really want to close on your real estate deal, there are countless ways to get the ball rolling. Don’t let the coronavirus take hold of your life or your finances. Technology is your friend. Take charge and work on getting the home of your dreams.

~Here’s to Your Success!

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