Get the edge over other buyers, and a $10,000 seller guarantee
I Want the Edge!The novel coronavirus (COVID-19) pandemic is affecting everyone in unique and unprecedented ways. Home sellers don't want people touring their homes, home buyers don't want to buy homes sight unseen, and everyone has been asked on a national level to stay home! So how are you supposed to do business as usual?
The National Association of Realtors® published an article: Coronavirus: A Guide for REALTORS® to help guide you. In addition to this article, we've put together 3 sound solutions to help you maintain a steady flow of business.
1. Heightened Appraiser Communication
Some sellers are not comfortable having people in their homes right now, and some appraisers are not comfortable going to into multiple homes due to the COVID-19 pandemic.
Work with your mortgage professional to find the right appraiser for the job. Calmly communicate with your sellers (or the sellers' agent) about the importance of the appraisal process and find solutions that will make all parties comfortable. For example, ask the seller if they are comfortable if the appraiser wears a mask, booties, and gloves. Also, offer to sanitize all touch-point surfaces and spray disinfectant as the appraisal is being performed.
2. Buyers' Verification of Employment
As our nation continues to make great efforts to protect our people and communities, some businesses are having to temporarily close. Communicate with your buyers NOWabout the importance of their employment verification.
Have your buyer be proactive and provide you and their mortgage professional with the contact information of their employer's HR department. This is helpful just in case the business has to shut down or if they are laid off for the time being.
3. Title Company Gap Letter
With county closures happening around the country, completing loans is becoming challenging. Work with your mortgage professional and your title company to see if the title company is willing to offer gap coverage from distribution to recording by providing a letter that is transaction specific and affirms they will insure over the gap period from funding to recording. Not all title underwriters will do this, but if they are willing to construct a letter this will lead to more closings.
If your current title company is unable to accommodate a gap letter, Churchill Title Solutions has made the appropriate accommodations to utilize a Churchill Title Gap Letter to service loans in most areas.
The goal for all of us is being proactive in our communication, solutions, and awareness of this pandemic.
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