As many of you know, the OBX has been closed to visitors since mid-March. For most of our out of town buyers, spring is the season we are the busiest with showing homes and clients purchase before the summer busy season so they can either have their home ready for the rental season ahead or they will be able to use it themselves and enjoy everything summer on the Outer Banks has to offer. However, this has become nearly impossible with most of the country on stay at home orders and visitors not yet being allowed on the OBX.
However, this has not stopped all buyers from purchasing. Technology has allowed us to do 1-on-1 video tours and virtual showings for clients. Most of these clients plan on seeing the home before it closes but it is not stopping them from ordering inspections, surveys, and getting quotes for work they might want done to the home.
How The Buyer Is Protected
In the Standard North Carolina Offer To Purchase we have what is called a due diligence period. This is the period where a buyer will typically have all inspections, surveys, and quotes done on the home. During this period (typically 30 days) the buyer has the right to terminate at any time for any reason and they will be refunded in full for their earnest money deposit and will only be out the cost of the inspections. Because of the given circumstances with the pandemic, we are seeing sellers allow us to have this period extended even further to allow a home buyer enough time to see the home in person for when the bridges open up.
In addition to the Standard Offer To Purchase, we now have the Onsite Preview Addendum and the COVID-19 Addendum to further protect the buyer and seller during these unprecedented times.
Is This Right For You?
We understand that putting a home under contract without seeing it in person might sound crazy to some but the numbers don’t lie. In the Outer Banks MLS we are continuing to see homes go under contract everyday. This past weekend alone, 11 homes went under contract. This is not many compared to numbers earlier in 2020 but for many buyers not being able to see the home in person yet, it is pretty impressive to say the least.
We respect anyone’s decision to not purchase during this pandemic but we do want to let you know that we are here for you if this happens to be the right time to purchase. Most sellers do not expect you to go to the closing table without seeing the home but making an offer on a home to get the ball rolling could be something you should consider if the time is right.