COVID-19: If I lose my job when I’m under contract will I still have to go through with the purchase?

This is a legitimate question during these unprecedented times. Generally speaking, if you’re paying cash, the answer is yes. But if you’re getting a home loan, the answer is no. In order to qualify for the purchase, you need to show proof of income and a job. If during the under-contract period, there is a sudden loss of income, your lender will not approve your loan and you can’t purchase the home. Know this though – you need to ensure your real estate agent has included these safeguards into your offer and/or the contract on the home. In addition, most markets we serve are now including mandatory COVID-19 addenda that provide additional protections for our clients. Now, more than ever, it’s critical to work with an experienced agent who is an expert in contract language. Speicher Group is here to serve. Contact us if you’d like to discuss your specific situation.