It’s an understatement to say that these are unconventional times. We at Dycor Realty, Inc. hope you and all of your loved ones are doing well and staying safe. As we all know, many lives have been negatively impacted due to the COVID-19 pandemic throughout the world and here in San Diego. Although our daily lives have changed dramatically, there are still those who have an important need to buy or sell properties, despite the current business and social restrictions in place.
A common question we hear these days is, “can you still buy or sell amidst the restrictions in place?”
The short answer is yes, however, the process that once existed has been altered to conform to our current situation. First and foremost, it’s our priority to ensure we comply with all safety standards put in place and encourage all clients and associates to do the same as well. Real estate is considered an “essential service” and we are still available to help you with your real estate needs. Our services will be compliant with all new regulatory and safety standards.
Here’s what you can expect as part of the changes due to new restrictions and guidelines in place:
- Showings may be much different: It will be more common to see more San Diego 2-4 units to be shown upon only accepted offer, especially if there are tenants in place. For vacant units, showings will generally be much easier, however, social distancing and sanitary requirements will have to be adhered to. Some of those requirements may include no group showings, sanitizing hands before entering and refrain from touching surfaces, wearing a facemask/covering, etc. We’ve even seen several listings that are only shown via virtual tours.
- Access to the property for inspections may be more limited: This is especially true if there are tenants in place. While buyers and sellers may have a need to complete a transaction quickly, everyone must also be considerate of the fact that the health and well-being of all residents in the units must be a priority. This means any access to an occupied unit may take more planning and coordination that usual.
- Escrows may take longer: The typical escrow process involves multiple parties such as the escrow company, title company, lender, inspectors, etc. Most of these companies (if not all) have been impacted by the coronavirus in some form. Many of these companies may be operating with less staff and/or less availability which can lengthen process timelines. A typical escrow can take around 30 days if all goes well, but you can expect that it may take days/weeks longer.
- The contracts, laws, and rules may continue to change and update: So far we’ve seen new laws regarding tenant evictions due to COVID as well as rules for operating businesses and shelter in place. It’s very possible new laws or rules can change as the pandemic moves forward. It’s important to stay updated and compliant with these updates. We can assist you with staying updated in this regard.
Despite the above considerations, properties are still selling at this time and there are still great opportunities for investors. We see properties continue to go pending, active, and sold on a daily basis. If you currently have a need to buy or sell a property during these times, don’t let the world circumstance deter you from exploring what opportunities exist right now. We are still actively helping buyers and sellers of 2-4 unit properties and we are happy to discuss your situation and help you determine what is right for you. We hope you found this article helpful and we hope you and your loved ones take care and stay safe.
Have any questions or would like to discuss further?
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We look forward to hearing from you!