Real Estate has been defined by Governor Doug Ducey as an essential business. Therefore, we are operating under a different structure to ensure social distancing with safety in mind by following the CDC guidelines.
We are adapting our business practices to offer virtual showings for both Buyers and Sellers by offering Zoom or FaceTime meeting consultations. We are also now including the new AZ Association of Realtors COVID-19 Addendum in our contracts to help with unforeseen delays with lending issues or closing escrows. We have aligned with our partners to ensure safety for all. Therefore, our preferred escrow/title company, Lawyers Title, has adapted by doing mobile notary services at no charge. Our preferred Home Inspector will continue to meet at a social distance if asked, otherwise he will conduct the home inspection and review the report via phone. Finally, the Recorder’s office is open and working remotely which could also cause delays in recordation. Lawyers Title has gap insurance to cover this if there is a delay at the Recorder’s office.
Below are some important resources with more information:
*Real Estate Market Predictions from Lawrence Yun chief economist
*FHFA Suspends Foreclosures & Evictions for Enterprised-Backed Mortgages
*Mortgage Forbearance – Borrowers of government-backed mortgages ((Fannie Mae, Freddie Mac, HUD, VA and USDA) can request up to 360-day payment forbearance without proof of hardship. No additional fees, interest, or penalties can be assessed for the forbearance. Except for abandoned or vacant property, there may be no foreclosure actions for 60 days from 3/18/2020.
*Maricopa County Requests Deferment of Property Tax Payments due April 1st – this still must be passed by the State Legislature
*Rental Assistance & Unemployment Information
As always, we look forward to serving your real estate needs. Call us today at 480-355-8645 if we can be of assistance!