If you need to sell your Minneapolis or St Paul duplex, you may have been wondering just how on earth you can sell a property in the midst of a global pandemic and stay-at-home order?
After all, can you even show a property or do an inspection or appraisal under a stay at home order?
The good news is the answer is yes. The how of it just may be different than any of us is used to. In fact, we are actually seeing sales when the buyer has never entered the property!
Realtors, appraisers, inspectors and real estate photographers have been deemed essential services by Governor Tim Walz.
That doesn’t mean, however, that it’s been business as usual.
In an effort to keep sellers, buyers, tenants and Realtors safe, agents are employing innovative new practices when it comes to showing, selling and buying property.
Virtual showing technology like that used here allows prospective buyers to tour the property without leaving their homes. Detailed videos taken by Realtors, duplex sellers or tenants are another means of buyers seeing the inside while maintaining social distancing, as are live video showings that walk buyers through the property.
In the event a showing is necessary, Realtors are recommending:
Photographers and inspectors are following many of the same guidelines.
Just recently as a means of maintaining social distancing, many lenders have started allowing either desktop or hybrid appraisals.
If a buyer is especially creditworthy or has a substantial down payment, the lender may ask the appraiser to confirm value simply by looking at sales of comparable properties and asking the seller questions over the phone. In some instances, assessors may be asked to also walk around the outside of the property and take photos.
When the appraisal is complete, a closing needs to take place. The good news is title companies have found a way for both the buyers and the sellers to sign all of the necessary paperwork remotely.
Many of these innovations are likely to stick around when life returns to something more closely resembling normal. They should help make buying or selling an investment property that much easier.