Video Transcript

- Hi everyone, It's Elaine Andrews with our Business Un-Usual series. And the question of the day is, 

"I bought or sold my house before all of this crisis came down. Am I gonna have any trouble closing?"

So, that's a great question. First of all, it's a little bit different if you're a buyer or a seller. If you are a seller, then as your agents, we've been calling the buying agent and making sure that the buyer is still able to buy. So far we've had no trouble. But you wanna make sure that the buyer is still in a good position, that things haven't changed there. If you're a buyer, then you wanna make sure that seller's still in a position to sell.

So, the same thing. Get a hold of the selling agent and make sure that the seller is still in a good spot to complete the deal. If you're getting a mortgage, and you've signed with the bank already, then the bank has to honor that contract. No problems there. They are a bit slow about getting things together, but it's still moving along. If you don't have a signed contract with the bank or an actual approval letter, you're just pre-approved, you could have a problem. 

Get in touch with the bank or your mortgage broker as soon as possible. And make sure that you can get your financing in place. If not, you need seek legal advice, could be a problem. Get a hold of notary or your lawyer, now. Some of them are working with skeleton staff, some of them our overloaded. There at now spacing appointments apart so they can't get through as many people so quickly. So get in touch with them, and schedule your appointment. 

If you don't have any financing that's funding for this deal, if you're just selling your home and there's no funding that you need, or if you don't need any funding, you can sign anytime. So go in early and get those documents signed up. So if you're funding, as I said, banks are slow, they may not get the documents to the notary until the last minute. So those have to be there for you to sign. Get in touch with the utility companies, the moving companies, as soon as possible. Everyone's running a little bit differently.

It's not business as usual. So, find out, get scheduled, get on their slate before someone else takes your spot. Other than that, so far, so good. Things have been okay in most areas. So, just get on top of it, and everything should be fine, okay? So, thanks for listening in. 

Hope you found this useful. And hope you will tune in tomorrow for the next question.