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Coronavirus Update: Real estate is still essential in Colorado, but with some exceptions

by | Apr 10, 2020 | Denver, News

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We know people all around Colorado are hurting right now. We hear from homeowners every day who have lost jobs and whose lives have been adversely affected by the coronavirus. For some of these people the best path forward is to liquidate their most important asset by selling their home. We fully acknowledge the seriousness of the public health crisis, and we also want to do our part to help these homeowners, many of whom are in personal and financial crisis. 

Yesterday, the Colorado Department of Regulatory Agencies issued guidance on how to safely transact real estate during this time. This guidance does enable closings to continue, as well as appraisals, home inspections and final walkthroughs after a purchase contract has been signed. However, in-person showings without a signed contract to buy and sell are prohibited. In short, buyers can still see a house before closing, but only once they are under contract.  

Here’s how Trelora can still help you buy or sell your home:

  • Closings can still continue as scheduled. Signloc and other title companies are focusing on remote signing when possible and are taking every precaution to ensure client safety during closings.
  • Inspection, appraisal, and final walkthrough can still proceed once a home is under contract. Buyers maintain the right to complete due diligence to make sure they are making a sound investment.
  • You can still write and accept offers based on virtual showings. We are recommending that offers be written with low or no earnest money, so that buyers can complete more due diligence after going Under Contract at low financial risk, while sellers can continue marketing their home with confidence that they have a potential buyer.
  • Sellers can still show their own home virtually. We know that seeing a home over video chat isn’t the same as seeing it in person, but you may be surprised how much you can learn without setting foot inside. The Colorado real estate market remains strong, with prices hitting an all-time high in March.
  • Your agent is working remotely, and is still available to help. We urge the Colorado Attorney General to act with compassion for those who need to sell their homes. He can do this by continuing to allow buyers to view homes while complying with the firm social distancing guidelines that Governor Polis has wisely put in place to limit the spread of the virus. 

Showings can be conducted safely by following CDC recommendations: using protective equipment and maintaining 6-foot minimum physical distancing. We at Trelora have been eager to adapt our process to a digital-first reality through working from home, virtual open houses, remote showings, and self-taken photography (all with guidance from experienced pros). Together with our clients and our colleagues in real estate, we have significantly reduced in-person interaction during the outbreak.
Protecting our clients and their financial interests is our foremost concern at Trelora, and we urge the Attorney General to ease the burden on financially distressed Coloradans by allowing them to conduct showings that follow social distancing guidelines to enable them to sell their homes during this trying time.
In the meantime, our clients should know that we hear you, we’re feeling for you, and we are here as always to help

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The information contained in this blog is for general information purposes only, and while believed to be accurate, Trelora assumes no legal responsibility for accuracy. Information provided within should not relied upon as legal advice. Please consult with your local advisors for independent information regarding availability and applicability in your market.

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