ACAR’s Government Affairs Team has communicated with a number of cities regarding their POS policies, based largely on correspondence from a few members. If the Governor’s ‘stay home’ order comes back in the fall/winter (or whenever there might be a second wave), we need to know what issues were experienced during the transaction process in order to recommend alternatives to the cities. Share your experiences here: https://www.akronclevelandrealtors.com/members/advocacy/report-problem. Your input is crucial to our advocacy efforts.
One of the biggest issues that we have heard about has to do with interior point of sale inspections (or re-inspections) being delayed until after the transaction closes. Buyers are hesitant to allow a city to come into their new home, and there is some concern that this may impact financing, especially if unknown escrow amounts are required.
The municipality we’ve fielded the most questions about is University Heights, although there certainly have been others. We are working with University Heights to find common ground on interior inspections. Namely, we are asking if they will accept photos or video proof that repairs have been made on POS inspections ordered and started before the ‘stay home’ order was issued. At this moment, it does not appear that they will budge on the interior policy for those started during ‘stay home’ period. ACAR’s legal counsel is reviewing this to determine if there are grounds for legal action on the COVID 19 policy.
If you have a client experiencing issues with financing due to the interior inspection being punted to after closing, one city official recommended securing a letter from the lender expressing such. The city may work with you on the interior inspection on a case by case basis. I strongly emphasize ‘may’ work with you. There is no guarantee.
Finally, there is a list of amended policies on the ACAR site. However, you or your client should still contact the city for the latest updates, as things are fluid and cities are not necessarily notifying ACAR of changes to policy. Any notices received by ACAR will be in our newsletter.
Again, we need your input. Be sure to share your experiences here: https://www.akronclevelandrealtors.com/members/advocacy/report-problem.#ACARNews#GovernmentAffairsCommitteeUpdates