The Effects of the Coronavirus Crisis on Illinois Real Estate Transactions

 Posted on March 25,2020 in DuPage County Real Estate Attorney

As a novel (new) coronavirus continues to spread in the United States and around the world, governmental authorities and agencies have taken serious steps to limit the reach of the virus. Here in Illinois, Governor J.B. Pritzker first ordered the closure of non-essential businesses, eventually to be followed by a “stay-at-home” or “shelter-in-place” order that became effective last weekend.

For many families, the COVID-19 outbreak coincided with their search for new homes or their attempts to sell their current homes. If this describes your situation, you may be wondering about the status of your transaction, as well as what the road ahead might look like.

Real Estate Is an Essential Industry

According to the governor’s list of essential and non-essential businesses, the real estate industry is considered essential. Under the Illinois shelter in place executive order, real estate businesses—including real estate brokers and attorneys—are permitted to remain operational, but they must remain compliant with social distancing and other required preventative measures. This means keeping a safe distance from other people, conducting as much business as possible using telephone, email, or video conferencing, and absolutely staying home if you feel sick.

With all of this mind, many real estate-related companies are putting their operations on hold for the time being. Similarly, many families have done the same with their plans while they focus on keeping their loved ones safe and secure at home. Real estate startups like Zillow, Opendoor, and Redfin have stopped making offers on homes until the uncertainty associated with the coronavirus subsides. The federal government has even ordered a freeze on all foreclosure and eviction proceedings.

You Can Still Reach Us

At Stock, Carlson & Asso. LLC, we recognize the challenges that you and your family may be facing in light of the COVID-19 health crisis. You might be especially concerned if you have a deal in the works to buy or sell a home. We would like to assure you that we are still here for you.

To remain in compliance with the orders and guidelines issued by proper authorities, we are limiting our in-office and in-person interactions. Instead, we are focusing on teleconferencing and other forms of electronic communication to stay in touch with our clients. While we look forward to being able to serve our clients in person again soon, we are here and ready to help you address the concerns you might have about your pending real estate matter.

Call a Wheaton Real Estate Attorney

From all of us at Stock, Carlson & Asso. LLC, we send our best wishes to all of our friends and neighbors, as well as to anyone else who is suffering as a result of the coronavirus. If we can help in any way, please do not hesitate to contact one of our experienced DuPage County real estate lawyers. Call 630-665-2500 for a confidential consultation today.

Source:

https://www.illinoisrealtors.org/blog/info-from-illinois-realtors-on-covid-19-coronavirus/

https://techcrunch.com/2020/03/23/zillow-suspends-home-buying-due-to-covid-19/