COVID Vendor Changes

[Jared Sandler]

Hey, y'all...what changes have you noticed from lenders or any vendor involved in the investment process? Change of rates? Change in turnaround time? Or no changes at all?

[Abel Curiel]

Originally posted by @Jared Sandler:

Hey, y'all...what changes have you noticed from lenders or any vendor involved in the investment process? Change of rates? Change in turnaround time? Or no changes at all?

Hello Jared,

Lenders themselves have kept the ball rolling pretty well with respect to issuing pre-approval letters and ordering appraisals. The back-end is what has slowed down a bit - appraisers are either hesitant to visit a site OR the property's occupants are hesitant to allow appraisers to end. Aside from that, most banks are pretty backed up due to all of the recent refinances. This can slow down your deal once its in the hands of the processors and underwriters.

With regards to other vendors...

Home inspectors have been great with respect to availability. They've taken additional precautionary measures when inspecting properties - Gloves, masks, booties to cover their shoes.

Attorneys are mostly working from home but have been pumping out contracts pretty quickly for our team which has been great.

Insurance agents haven't skipped a beat either - homeowner's insurance policies, renter's insurance policies, etc. have been coming back within 24-48 hours.

Realtors in some markets, including NY, have been restricted from showing homes or hosting open houses. However, if your property/rental is well priced, has high quality photos, and/or has a virtual tour, you can still get some good traffic!

Best of luck to you moving forward!

Abel