News & Events
We have been asked by many of our members to offer guidance on business practices during this unprecedented time. While we do not have the authority to dictate how or if brokerage firms conduct business, we can offer the following points in the hope it helps all of us as members come together and work together to provide clients and customers with the much-needed services they require.
We hope this notice finds all of you and all of your families, safe and well. GSMLS is continuing to operate remotely, and is available to your MLS needs. GSMLS is also continuing to evaluate what steps we can take to help our members during these difficult times.
Here is some information to help you address your clients’ concerns:
- OPEN HOUSES WITH VIRTUAL SHOWINGS
- PAUSING DAYS ON MARKET FOR TEMPORARILY OFF-MARKET LISTINGS
- REMOVING CLIENT FULL NO ADDRESS REPORT
1719 Route 10 E. Suite 223
Parsippany NJ 07054
Do you know a renter or homeowner facing foreclosure or loss of housing due to the COVID-19 crisis? The New Jersey Housing and Mortgage Finance Agency (NJHMFA) are committed to keeping you informed about NJHMFA homebuyer and foreclosure programs. Here's more information on how you can assist your clients and customers, and learn more about their resources:
First-Time Homebuyers: First-Time Homebuyers interested in NJHMFA's $10,000 down payment assistance or our NJHMFA mortgage programs, please visit TheRoadHomeNJ for more information or go directly to one of NJHMFA's participating lenders.
NJ Department of Community Affairs Recommends Municipal Affidavits
The Department of Community Affairs released a statement regarding fire inspections. In the release, it says that the state is canceling certificate of smoke alarm, carbon monoxide alarm, and portable fire extinguisher compliance (CSACMAPFEC) inspections, and is recommending that local inspection agencies do so as well. They also suggest that the municipalities switch to an affidavit system that will allow for the postponement of inspections until the emergency has died down so that closing can happen.
NCJAR Government Affairs department has reached out to the local Municipalities to ascertain affidavits and their procedures for inspections and CO's. Below is a link to the list of the towns that have responded so far to our request. As we receive these responses, we will update this list.
David Weisbrod, NCJAR's 2020 President, informs members that we are still waiting for NJ Governor Murphy, to respond to our request for clarity, defining if real estate licensees are considered "essential" amid the COVID-19 Crisis. The need for some real estate practices to be declared essential is to avoid the possibility of a New Jerseyan, without a place to call home, during a time where "home" is crucial.
As we progressed through February, the actual and expected impacts of COVID-19 continued to grow, with concerns of economic impact reaching the stock market in the last week of the month. As the stock market declined, so did mortgage rates, offering a bad news-good news situation. While short term declines in the stock market can sting, borrowers who lock in today’s low rates will benefit significantly in the long term.
NAR has prepared the above Open House Guidance for those hosting an open house during COVID-19.
NAR’s goal is to keep members informed about the evolving COVID-19 pandemic, its impact on the real estate industry, and to provide guidance on the many difficult decisions members are tackling on a daily basis. Consider how you may continue providing first-class services to clients, while also exemplifying REALTORS® as community leaders by demonstrating care for the health and well-being of clients, colleagues and the greater public welfare in reducing the risk of exposure to, and spread of, COVID-19.
We have been aggressively working with NJ Realtors®(NJR) and the National Association of Realtors®(NAR) on behalf of our members, responding to a flurry of activity aimed at providing economic relief from the COVID-19 virus. We are committed to ensuring that lawmakers continue to take into consideration the real estate industry, including independent contractors and small business owners. Below is a compilation of the letters NAR sent this past week, as well as the work we are doing with NJR to classify real estate services as essential services in emergency declarations. NAR is also working with the Department of Labor to get clarification on the calculation of employer thresholds for paid leave passed in the Families First Coronavirus Response Act. The discussions with lawmakers will continue this week, and we appreciate any feedback you can give us on the impact of COVID-19 on your businesses and communities.
Thank you for your calls and emails; your feedback has been invaluable. We hope you and your family are staying safe.
The latest newscast from our Governor has raised questions from members as to whether real estate licensees are considered essential personnel.
Our state association, New Jersey Realtors® (NJR), is reaching out to our Governor's office for clarification, and as soon as we have answers, you will receive notice from us and NJR. We are closely monitoring on day by day basis any information that concerns our industry, and as soon as we get the information, we will send it to you.
New Jersey Realtors® is still working with the governor's office with regards to title and deed searches at the county level and fire inspection and certificate of occupancy inspections at the municipal level.
We are here to answer your questions at any time. Contact us by email or phone.
NCJAR Chief Executive Officer
Visit the New Jersey COVID-19 Information Hub at https://covid19.nj.gov.
The Coronavirus pandemic has resulted in major disruptions of everyday life, including in the real estate industry. The imposition of governmental orders may impact the ability of both Buyers and Sellers to meet certain contractual deadline dates. By way of example, governmental executive orders may restrict the operations of many businesses, which quite possibly will lead to delays in the ability to complete property inspections, title searches and rundowns, property surveys, lender appraisals, certificate of occupancy inspections, OPRA searches, movers, etc….within the time constraints currently set forth in the contract and any addendum.
Accordingly, when reviewing new contracts many real estate attorneys are requesting (during attorney review) confirmation that both parties understand that all such deadline dates in the contract and any addendum shall be subject to extension if it becomes impossible for the parties to meet those deadline dates due to such restrictions. The parties are asked to agree to work with each other in good faith to establish new, reasonable deadline dates under the contract if same becomes necessary.