Good News for Real Estate During Shelter-in-Place

Eco, Honest, Independent Since 2007

Big Update: Good News for Real Estate During Shelter-in-Place

To our clients, colleagues and friends on March 23,2020:

Real estate has been deemed an ESSENTIAL business during the shelter-in-place period. This is good news for the economy as well as for home buyers and sellers! That said, we are taking every precaution during the COVID-19 prevention period to protect your health and the health of our team, our partners, colleagues and our communities.

Rest assured Beyond Properties continuously adapts according to shelter-in-place policy requirements and resulting market conditions.

All of our Brokers are working remotely and are readily available via cell phone and email!

For Sellers' Home Sale Closings

For the time being, we expect that closings will continue as scheduled and without interruption .

Attendance. In most cases, only attorneys and closers are allowed in the room. Some title companies are doing “drive-by closings,” where documents are dropped off curbside.

We encourage you to pre-sign closing documents and deliver them to your attorney as you will likely not be at closing.

Normally our brokers are at all closings, however, Beyond Properties Brokers are not allowed to attend closings at this time. Please know that this is for the health and safety of all.

Notarization. Remote online notarization is likely forthcoming. Until it is available, you will need to interact with a notary to execute your closing documents. Please discuss options with your attorney.

Keys. Please discuss with your attorney and your broker how to best handle the transfer of keys. Since brokers will not be at closing, many are leaving keys in the lockbox for buyers and providing a day code to retrieve keys after closing.

For Buyers' Home Purchase Closings

For the time being, we expect that closings will continue as scheduled and without interruption.

Final Walk Through. This is normally done just before closing. In an effort to support social distancing, we suggest the following options:

1. Your broker can do a video walk-through for you, using face-time or a similar tool.

2. Your broker can open the property for you while you walk through. Please keep a safe distance from one another (6 feet), and wash your hands thoroughly upon entry and after you leave the property. Only touch anything in the property when absolutely necessary.

Attendance. In most cases, only attorneys and closers are allowed in the room. Some title companies are doing “drive-by closings,” where documents are dropped off curbside.

We do not advise anyone to attend closings at this time unless completely necessary.

To the extent that your mortgage lender will allow, your attorney may be able to sign loan documents for you by power of attorney. Please discuss this with your attorney ASAP so that there is ample time to work with your lender to get necessary approval.

We encourage you to pre-sign closing documents and deliver them to your attorney as you will likely not be at closing.

Normally our brokers are at all closings, however, Beyond Properties Brokers are not allowed to attend closings at this time. Please know that this is for the health and safety of all.

For Active Sellers

Because Real Estate has been deemed essential business during the shelter-in-place period, MRED’s Board has made changes to policies impacting for-sale properties. This action provides sellers and their brokers with more decision-making flexibility.

We will be reaching out to each client with the latest information in order to discuss which option is the best fit for your personal circumstances.

These are the options as sent directly from MRED:

Option 1- Active Status

Properties in Active Status must facilitate some sort of showing. MRED’s Board has voted to give you extra time and flexibility as you determine the best way to facilitate showings for properties in an Active Status. Many brokerages are conducting Facebook live showings, or other virtual tour / remote showings. This is okay! Our standard rule, which required an in-person showing within 72 hours of a request, will be temporarily suspended. We will not fine you for showing violations as long as a “Stay at Home” Order is in effect in Illinois. Active properties will continue to be sent to 3rd party websites so that consumers can see Active properties on those websites. Market Time will continue to accrue for properties that maintain an Active Status.

Option 2- TEMP Status

If your seller does not want to allow showings of any type (including virtual), and they do not want Market Time to accrue on their listing, please change the status of the listing to TEMP. On March 20, 2020, MRED’s Board unanimously voted to stop Market Time from accumulating while a listing is in TEMP Status. MRED’s system is being modified to recalculate the Market Time accumulation for listings using TEMP Status. TEMP listings may be displayed on 3rd party websites as off-market. This could impact leads coming to your listings from that site. 3rd party sites may or may not show TEMP listings. That is not in MRED's control.

Showing Requests

The following language will be added to our showing instructions : Please use a cloth or Kleenex to open doors to the home. Please refrain from touching any surfaces. Before and after opening the lockbox to get keys, please wipe down with disinfectant cloth and wash your hands immediately following or use hand-sanitizer.

After each showing, we suggest that sellers wipe down surfaces, doorknobs, etc. with a disinfectant. Our brokers are advised to stay at a safe distance from clients and not drive together in the same car when showing homes.

For Active Buyers

You have a few options regarding seeing homes:

1. Your broker can walk you through the home via video (Facetime or something similar).

2. Should you choose to physically go to the home, your broker will take every precaution

necessary to protect you, the seller, and themselves.

3. We ask the following of you for your health and safety:

Do not shake hands or hug your broker. Please do not be offended! We love our clients but this is best for all of us at this time to keep a safe distance from one another (6 feet!)

Please use a cloth or Kleenex to open doors to the home. Please refrain from touching any surfaces. Before and after opening the lockbox to get keys, please wipe down with disinfectant cloth and wash your hands immediately following or use hand-sanitizer.

After each showing, we suggest that you clean your hands again with soap and water, disinfectant wipes, or hand sanitizer.

Our brokers are advised to stay at a safe distance from clients and not drive together in the same car when showing homes.

How We'll Continue Keeping Your Best Interest at Heart

We are continuing to monitor guidelines with respect to COVOID-19 prevention and will take all precautions necessary to put the health of our clients, staff, and advisers first. We are also up-to-the-minute with real estate protocol during the shelter-in-place time period!

While life is changing for all of us, people are still buying and selling homes under the current market conditions. Please let us guide you toward success during these unprecedented circumstances.

We’re so grateful to have you in our extended family and look forward to continuing to serve you!

Warm Regards,

Erica Cuneen,

Managing Broker/Owner, Beyond Properties

Beyond Properties: Eco, Honest, Independent Since 2007

708.386.1366 | 708.220.2025

109 N. Marion Street, Oak Park, IL 60301 | 4343 N. Western Avenue, Chicago, IL 60618