All Forum Posts by: Karen Margrave

At the beginning of this I responded to posts thinking this pandemic was being overblown. However; CA is now under stay at home order, and they're talking about Marshall Law, which of course being CA, most think it means it was done to give everyone a jump on summer vacation, and allow them to go to home stores and buy supplies for home improvement projects. Or that the hospital ships and field hospitals are being set up for something other than hospitals!  

Watch this if you want to see a graphic and explanation of why it's not overkill

Also, in our area of Redding, CA (and most of CA) there are no test kits to speak of, and many more have the virus than is being reported, and more deaths than we know, as without being tested they cannot report the death as being from the virus. This isn't an assumption. See the letter below, from an actual patient at one of our 2 local hospitals. Read the part highlighted. 

@Lucas Carl or go to AirDNA

I had planned on putting my house in Sunriver back on the market for sale this spring. Now with the virus, I thought for sure that it would be tough as people would be cancelling reservations. However; the LTR tenant (their lease is up in a few weeks) just texted me that all the homes in the cul de sac are rented and full! People are still going to Sunriver to get away from the cities, with all the open space, etc. Though the amenities of the waterpark, etc. are closed. 

Here in Shasta County and surrounding areas we have a huge demand for housing as so many homes were destroyed in the wildfires. However; CA is on Shelter in Place, and real estate is deemed "non essential" so no face to face showings. We are trying to figure out ways to sell houses via video, photos, etc. with contingencies to do final approval when the order is lifted. It's a surreal world. However; if this gets over relatively quickly, I think it'll bounce back strong. 

@Jay Hinrichs is your wife still able to go show properties? and what about you, are you isolating yourself? 

Yesterday in Bend, OR (Sunriver) I had a broker that was showing properties and wanted to show my house in Sunriver. It was a party of 6, and the tenant didn't want to allow over 2 people in at a time (the buyers), and the broker didn't want to work with that (supervision), so it wasn't shown. 

What are other real estate brokers, agents, title companies, home inspectors, etc. seeing in their areas? Are you allowed to still show properties, or are you shut down? What are some of the ways you're doing marketing? 

Has anyone sold any homes in the past week without "in person" showings? 

Thoughts? 

The NAR (National Association of Realtors) just sent out this communication to Realtors yesterday, Saturday the 21st. It covers various concerns of real estate agents, MFR property owners, Mortgage lenders, etc.

For agents on BP, what is your local associations telling you as far as showings? Ours is saying no face to face showings, but virtual showings, videos, etc. are allowed. Others are allowing agents to show (Sacramento) from what I've heard, even though CAR said it wasn't allowed. Therefore; I think NAR is trying to get a standardized policy.

My thoughts are if everyone would shut everything down for 2 weeks we may be able to #flattenthecurve , otherwise, there's no stopping this.

In case you need to be a member for link to work, it states: 

The National Association of REALTORS® has been responding to a flurry of legislative activity aimed at providing economic relief from COVID-19. NAR is committed to ensuring that lawmakers continue to take into consideration the real estate industry, including independent contractors and small business owners. NAR has urged lawmakers(link is external) "to recognize the millions of self-employed workers of America that lack the benefits and financial aid offered to traditional W-2 employees."

Below is a compilation of the letters NAR has sent, as well as a summary of the work NAR is doing with state associations to classify real estate services as essential services in emergency declarations. NAR continues to work with the Department of Labor to get clarification on calculation of employer thresholds for paid leave passed in the Families First Coronavirus Response Act.

NAR will continue fighting for relief for small businesses, employers and the self-employed workforce, which are the backbone of our economy.

Relief for Small Business and Independent Contractors

NAR sent a letter(link is external) to Congressional leaders urging them to include support for self-employed professionals and other small business owners as well as a follow-up letter(link is external) on this issue as Congress considers additional relief packages. NAR also signed a coalition letter(link is external) that would encourage Congress to provide readily accessible, unsecured credit to employers and self-employed individuals of all sizes to ensure they have the cash to pay their workers, rent, and other costs during this crisis:

• Suspend the filing of business returns and the payment of all business taxes to the federal government for the duration of the pandemic; and amend the Tax Code to, among other items, restore the ability of businesses to carryback any net operating losses against previous year tax payments;
• Suspend the application of the Section 163(j) limitation on interest expense deductions for tax year 2020 to avoid penalizing businesses for borrowing during this crisis; and
• Suspend the Section 461(l) loss limitation on pass-through businesses to allow businesses to full deduct any losses they incur this year.

Essential Real Estate Services

NAR is working with state associations, many of whom are reaching out to their Governors to request that certain real estate services be deemed "essential services" during emergency declarations. NAR is also working closely with ALTA and MBA whose members are also greatly impacted by county closures of recordation services.

Multi-family

NAR joined a coalition letter(link is external) representing for-profit and non-profit owners, developers and others involved in the provision of affordable rental housing. It asks for direct rental assistance for families who have income loss due to COVID-19, it cautions against blanket eviction moratoriums—feels they should be targeted to situations related to COVID-19 and provide relief for property owners in the form of mortgage or other financial obligation forbearance

1031 Like-Kind Exchange

NAR sent a letter(link is external) to the Treasury Department to include deadline relief for 1031 like-kind exchanges 180-day completion deadlines. There will be delays in settlements due to title companies and others closed during the outbreak. Also, they should extend the 45-day period for identifying possible properties as exchange candidates. Relief for this program has been provided in the past during other presidentially declared disasters.

SECURE Notarization Act

NAR is working with other trade associations and industry partners to support the "Securing and Enabling Commerce Using Remote and Electronic Notarization Act of 2020" (SECURE Notarization Act). NAR sent this letter(link is external) to lawmakers in support of the bill. This legislation would continue and expand access to remote online notary (RON). It would permit immediate nationwide use of RON, with minimum standards and provide certainty for the interstate recognition of RON. The SECURE Notarization Act builds on ongoing efforts of lawmakers to promote remote transaction options for consumers.

Opportunity Zones

NAR sent a letter(link is external) to the Treasury Department and the Internal Revenue Service to include deadline relief for the working capital safe harbor for Qualified Opportunity Funds with any forthcoming package of taxpayer relief measures.

In many areas of the country they are banning agents from showing occupied properties. We are closing what we can as fast as we can. Title companies, banks, etc. are doing everything basically by appointment, and with limited staff exposed to those coming in. It's strange.  We are seeing people nervous about agents coming into homes where kids are,  due to school closings, etc. We are doing video tours, slideshows of properties, podcasts, etc. trying to get creative. But the truth is, it's all going to come to a screeching halt, and let's pray in a few weeks time hopefully we will be on the other side of this. 

What are some of the things you're doing to adapt? 

Honestly I think it's too early to have any idea the impact this is going to have, what will be done by banks on mortgage loans, etc. Though I know everyone is hyped up with all that's going on, it's probably best to wait, let's see what's coming down the pike, and try to find solutions once the dust settles. 

It seems going to court, trying to evict tenants, at a time when there is so much upheaval, even court houses, title companies, etc. are closing, would be futile and a waste of money. In the next week we'll know more. 

@Hai Loc we have demand and offers being made daily. However; many areas are being told to shelter in place. Here's something that will tamp down everything until this virus passes. I know there have been a lot of rumors, but here's some real information. Check this out from Army Military Times