FEMA Bill Sign and Key West Closings Go Forward
Key West buyers and sellers are rejoicing! The Senante passed the National Flood Insurance Program Extension Act of 2010 (HR 5569) on Wednesday night (June 29, 2010).
For the last 30 days the closings have been on hold. Real estate agents, buyers, sellers and their families have been frustrated as they waited for the Senate to sign the FEMA bill.
The unsigned FEMA bill was blocking nearly 180 closings per day in Florida and keeping a buyer per day out of their new Key West home. Some of the largest banks created new policies to work around the FEMA issue at the beginning of the year when buyers and sellers went through the first closing hold when Congress went on summer break without signing the FEMA bill.
Larger banks had been allowing closings if the buyer provided a copy of their insurance application and a copy of the check showing showing that the policy had been paid for.