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COVID contingency in Columbus home buyingWhile the pandemic hasn’t stopped Columbus home buyers, some are questioning if COVID-19 contingencies should be in the purchase offer. As Exclusive Buyer’s Brokers, we’re happy to share our thoughts on the matter!

First, when you become our Buyer-Client, you get the benefit of our buyer-centric contracts. Our purchase contracts are designed to protect home buyer interests in virtually all market conditions and situations. Plus, we can include specific contingencies or addendums to meet your unique needs.

The contingencies we use are designed to provide the best possible buyer protections. For example, if an income loss causes your mortgage approval to be withdrawn, this would be covered under the Financing contingency. It short, it allows you to exit the deal, without penalty, if you are unable to secure financing for the home purchase. Whether the income loss is pandemic-related or not doesn’t matter.

If you are concerned about unexpectedly becoming ill, we can include language in your purchase offer to allow for reasonable time extensions. It’s usually in everyone’s best interests to modify a closing timeline, when necessary and when possible, rather than lose the deal altogether.

Regarding access to homes during the pandemic, we can tell you that most sellers have accommodated showings, home inspections and appraisals while taking sensible precautions.

In short, having contingencies for COVID-19 may be trendy, but it’s wiser to use broader contingency language that covers your interests no matter what. If you do have a specific contractual concern related to COVID-19 or any other matter, we will help you find the best approach. After all, we’re on your side!

As your Exclusive Buyer’s Broker, we serve your best interests at all times! Unlike real estate agents and brokerages who represent sellers, as an Exclusive Buyer’s Broker, we only represent you, the buyer, getting you the best price and terms with no conflict of interest at all times.

Understanding this distinction could literally save you thousands of dollars not only on the purchase price and terms, but also on seller concessions and home inspection issues, whether you are a first-time homebuyer or an experienced homeowner!

Contact us with your home buying questions! Remember, we are with you every step of the way…all the way home!

Andrew Show
Exclusive Buyer’s Broker, CEBA-M, MCNE, CSP, PSA,e-PRO, CREM, ABRM, AHWD
Buyer’s Resource Realty Services www.BuyersHome.com
Serving Metro Columbus, Ohio with Exclusive Buyer’s Agents
7100 North High Street, Suite 204, Worthington, Ohio 43085
614-888-4110 | 888-888-4110 Toll Free | 614-839-4110 Fax

Columbus Debt ReductionColumbus home buyers could be surprised by loan denials in the wake of quickly-changing mortgage guidelines. The economic impact of COVID-19 is causing lenders to raise credit requirements nearly across the board.

The evolving underwriting standards vary by lender and mortgage type, but examples include the following:

  • Higher credit score requirements
  • Lower debt-to-income ratios (the less outstanding debt the applicant has, the better)
  • Larger down payment requirements

Lenders are getting tougher on Jumbo mortgages, too. Jumbo borrowers can expect to see higher cash reserve requirements in addition to the above.

The cautious approach comes as interest rates hover at historic lows. This has kept lenders busy with refinance applicants. The surge of refi business allows them to name their own terms somewhat as applicants clamor for cheap interest rates.

If you have a mortgage pre-approval in hand, be extra careful with your credit and finances! Lenders are going to re-verify your employment, income and credit score right up to closing.

If you are ready to seek a mortgage, we can put you in touch with excellent lenders in Metro Columbus! And as our Buyer-Client, you can get our advice on the mortgage offers you receive. Please contact us for more information!

As your Exclusive Buyer’s Broker, we serve your best interests at all times! Unlike real estate agents and brokerages who represent sellers, as an Exclusive Buyer’s Broker, we only represent you, the buyer, getting you the best price and terms with no conflict of interest at all times.

Understanding this distinction could literally save you thousands of dollars not only on the purchase price and terms, but also on seller concessions and home inspection issues, whether you are a first-time homebuyer or an experienced homeowner!

Contact us with your home buying questions! Remember, we are with you every step of the way…all the way home!

Andrew Show
Exclusive Buyer’s Broker, CEBA-M, MCNE, CSP, PSA,e-PRO, CREM, ABRM, AHWD
Buyer’s Resource Realty Services www.BuyersHome.com
Serving Metro Columbus, Ohio with Exclusive Buyer’s Agents
7100 North High Street, Suite 204, Worthington, Ohio 43085
614-888-4110 | 888-888-4110 Toll Free | 614-839-4110 Fax

Columbus Home Buyers and Homeowners Should Review Credit Reports

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Monitoring your credit report is wise for everyone, but especially for Columbus home buyers and homeowners, who are attractive targets for scammers. According to data by Experian, Ohio ranks as the 14th-highest state for credit fraud, based on the 2017 per capita rate of reported incidents. Today there is a fresh wave of phishing attempts. […]

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Central Ohio Home Sales Undaunted in March

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The Central Ohio real estate market was undaunted during March, even as Ohio began a lockdown against the spread of COVID-19. With real estate offices and related functions remaining open as essential businesses, Columbus area home buyers made the most of it. According to statistics from Columbus REALTORS®, March 2020 home sales activity was 11.8% […]

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Mortgage Payment Relief for Columbus Homeowners

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Mortgage servicers, who process monthly mortgage payments and handle the management of various home loans, are quickly creating programs for borrowers impacted by COVID-19. Uniform rules for such programs are being legislated, and will be rolled out soon. In the meantime, it should be noted that most mortgage servicers already have solutions to offer distressed […]

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Columbus Home Buyers, Keep Calm and Carry On

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As news about COVID-19 dominates the headlines, Columbus home buyers may feel uncertain about the future. Anyone who is experiencing a loss of employment or business disruption must understandably wait things out. But for buyers who have the wherewithal to stay in the market, it’s wise not to give in to fear. This too, shall […]

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Columbus Real Estate Market Tough for Home Buyers

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Home buyers in the Columbus Metro face a difficult market in 2020. The situation is such that Columbus was recently named one of the “Hardest Cities to Buy a Home” by Realtor.com. The ranking compared the number of homes available for sale per every 1,000 households in the largest U.S. metros. We’ll cut to the […]

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Most Ohio Home Buyers Become Happy Homeowners

March 3, 2020

How common is buyer’s remorse in Ohio? According to a new nationwide survey of 5,672 home buyers, most Ohioans are pretty happy with their home purchase. Out of 50 states, Ohio ranks #18 on the “Home Happiness Index.” The Lawnstarter.com survey included 118 questions, boiling down to 7 main topics: Quality of the home Local […]

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Credit Score Changes May Affect Some Columbus Home Buyers

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The most common credit scoring model in the country, FICO, will soon be changing how it calculates credit scores. This new change is predicted to affect over 8 million consumer credit scores, and not everyone will be happy with the results. Here’s what Columbus home buyers should know! A key element in the current FICO […]

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