The California Association of Realtors Just Crafted a Corona Virus Addendum. We recently reported that some lenders have given notice to borrowers that they will not be funding laws because the non-QM market has seized up. This addendum may deal with these funding type problems going forward. Make sure you understand this form before you sign it.
There is a risk that prices will change dramatically during the period in which you extend out closing. Please be aware of your upside and your down side before signing.
Good job by the California Association of Realtors for acting so quickly. The Mortgage lending market seems to be seizing up right now.
Right now we are seeing larger risks of unemployment and great difficultly for business owners to access mortgages and the Federal Reserve having to purchase mortgage backed securites.
Its early… but this is probably Mortgage Crisis 2.0.