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Coronavirus and the Front Range Real Estate Market – 3/26/2020

Message from David Lampe
Yesterday, Governor Polis issued a “stay in place” order for the entire state. It took effect this morning and ends Saturday, April 11, unless it’s rescinded or modified. The order will have a significant impact on real estate transactions in Colorado.

When Denver’s “stay at home” order went into effect, the city listed real estate as an “essential business.” The state did not. Until the order is lifted, many sales will be put on hold. It will be difficult to move forward with transactions if home inspectors, appraisers, title company representatives, buyers, sellers, and agents must stay home.

Our team put two homes on the market last week and each had a large number of showings; both were under contract by Saturday. We’re working with our sellers and the buyers’ agents to look at deadlines and determine how best to move forward. Fortunately, we have a new contract addendum that lets buyers and sellers negotiate a “delay period” in case settlement service providers like title companies or appraisal companies shut down or are forced to shelter in place as we are now.

Buyers and sellers could agree to a delay period of 14 days, for example. If the deadline for an inspection is March 30, 2020, but the inspector is unable to inspect the property due to the shelter in place order, the inspection deadline, inspection objection deadline and the inspection resolution deadline, as well as the closing date – and all other deadlines that haven’t yet passed – would be delayed by 14 days. This should be extremely helpful to people who are in the process of buying and selling.

The Colorado Association of REALTORS® is working to get state and federal authorization to process real estate transactions online. They’ve sent a letter to Colorado’s Secretary of State requesting an Executive Order to allow for the use of remote notarization technology to satisfy the “personal appearance” requirement to remotely complete real estate notarization. This would help more transactions close.

Right now, the Principal Team is prioritizing simple solutions that work best for everyone. We’re committed to clear communication, sharing resources and supporting our community. We’re staying open and looking at all the ways we can adapt to this unprecedented moment.

Things are changing quickly. Don’t hesitate to call us if you’re wondering about your options now. We’ll do whatever we can to support your goals and help you prepare for what’s next. Call David at 720-408-7409.