you have been waiting for a property to close because of the unavailability of flood insurance, your wait will soon be over. The U.S. Senate has just passed the National Flood Insurance Extension Act of 2010, which extends the National Flood Insurance Program through September of this year.
This is critical news. I have friends, both Realtors and non-agents, who have been in a hold pattern while Congress worked on this bill. If you are trying to buy a home in a flood zone, and there is no flood insurance available, you've got an issue. The lack of flood insurance has also affected the $8000 federal tax credit program, which was to end on June 30. Because some of these buyers have been unable to obtain flood insurance, they were not able to close by the June 30 deadline and receive the $8000 tax credit for homes that were under contract by April 30.
Beaufort, SC, of course, is located in the low-lying Lowcountry, so flood insurance is an important component of most real estate transactions. For more information on Beaufort, or the Beaufort, SC real estate market, don't hesitate to call me at 843.263.6886, or visit www.ExploreBeaufortRealEstate.com.
For more information on the flood insurance program visit www.realtor.org/government_affairs
Thanks for your visit.
Keith Strawn - www.ExploreBeaufortRealEstate.com
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