SAR's News You Can Use

We understand that during these uncertain times it is important to stay informed, but with so much information that changes daily it is difficult to sort through everything. Therefore, our staff has been working diligently to stay on top of all the useful and relevant resources for our members to access through one page on the SAR website. You can find the links to this information on our ‘Plan of Action’ page, such as current updates from CEO Dave Tanner and the Executive Committee. This page also includes every jurisdiction that has passed an eviction moratorium in our area of representation. Even though there is a statewide eviction moratorium order, it is important to note that some of the local ordinances will still apply in certain circumstances. Please keep this in mind if you or a client owns rental property. Remember to continue to check our website for updated information as we continue to include new information as it is received.

On March 23rd in an effort to provide market liquidity during the coronavirus emergency, the Federal Housing Finance Agency (FHFA) directed Fannie Mae and Freddie Mac to provide alternative flexibilities to satisfy appraisal requirements and employment verification requirements through May 17, 2020. Fannie and Freddie will use alternatives to reduce the need for appraisers to inspect the inside of homes at a time when an increasing number of states have issued shelter-in-place directives or ordered the closing of non-essential businesses. This will allow for purchases and homes to be refinanced as the nation deals with the COVID-19 pandemic. In addition, lenders may now obtain employment verification by email from an employer, a recent year-to-date paystub from the borrower or a bank statement showing a recent payroll deposit. This is in lieu of the required verbal verification that may be hard to obtain when many businesses are closed.

The IRS issued guidance Thursday, April 9^th, to grant deadline relief for both 1031 like-kind exchanges and opportunity zone investments that are already underway. Both of these programs are designed to promote economic growth in communities, and NAR made the case that investors in these programs should not be harmed due to the effects of COVID-19.