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Hurricane Sandy Is Causing A Delay In A Closing.

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Real Estate Agent with Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate 303829;0225082372

This is a good one.

We're scheduled to close on a house tomorrow morning. 

The title company wanted to do it this morning since Leesburg will be virtually shut down tomorrow.

My buyer says NO.

They figure, if the storm is going to cause any of those big trees to fall on the house (many and close), they want it on the seller's insurance company.  Not theirs.

We're rescheduled for Wednesday.

 

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Comments (25)

Rene Fabre
ARFCO Media - Renton, WA
Practicing Philosophical Eclectic of the Arts

I hadn't thought about it until this afternoon when I got back to the office. I heard about the airlines canceling flights but hadn't thought about closings. Corporate relayed a message from the Feds to Escrow that many of our wires will be affected (even here in Washington State) because of power outages etc. which will delay closings. Be safe and take care!

Oct 29, 2012 11:48 AM
Mike Cooper, Broker VA,WV
Cornerstone Business Group Inc - Winchester, VA
Your Neighborhood Real Estate Sales Pro

That's not bad logic on the buyer's side, Lenn.  8=)  I trust you're doing OK.  It's messy over here, but I have a feeling you all are taking a harder hit on that side of the mountain. 

Oct 29, 2012 12:06 PM
Tammie White, Broker
Franklin Homes Realty LLC - Franklin, TN
Franklin TN Homes for Sale

I think that is a pretty smart buyer. Why take the chance if you don't have to?

Oct 29, 2012 12:41 PM
Richard Iarossi
Coldwell Banker Residential Brokerage - Crofton, MD
Crofton MD Real Estate, Annapolis MD Real Estate

Lenn,

I was thinking of the same thing today. If I was scheduled to close I would wait until after the storm too.

Rich

Oct 29, 2012 12:49 PM
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate Services

Lenn, I had lunch today with one of my lending partners.  She said that many lenders would not fund on any properties back east today!  Closing are being delayed because of Hurricane Sandy.  Can you imagine closing on a home that was destroyed in a hurricane ... what a disaster multiplier.

Oct 29, 2012 12:54 PM
Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

My buyers are at the end of a rent back...sellers moving to Annapolis. Walk through is Wednesday. Nail biting time.

Hope your closing is a smooth one.

Stay safe.

Margaret

Oct 29, 2012 02:43 PM
Sharon Parisi
United Real Estate Dallas - Dallas, TX
Dallas Homes

Lenn, here's hoping that the property comes away from the storm unscathed and the transaction closes on Wednesday.  Please know that we are thinking about all of you.  Take care.

Oct 29, 2012 04:49 PM
Tom Arstingstall, General Contractor, Dry Rot, Water Damage Sacramento, El Dorado County - (916) 765-5366
Dry Rot and Water Damage www.tromlerconstruction.com Mobile - 916-765-5366 - Placerville, CA
General Contractor, Dry Rot and Water Damage

Lenn - I guess a lot of things can get shut down during these natural disaster. I remember the big quake in the SF bay area in the late 80's, all homes in escrow had to be re-inspected.

Oct 29, 2012 05:06 PM
Liz and Bill Spear
Transaction Alliance 513.520.5305 www.LizTour.com - Mason, OH
Transaction Alliance Cincinnati & Dayton suburbs

Lenn, Makes perfect sense if you're the buyer.  I'm a long ways from Sandy, but the howling winds here make me a little anxious about all our trees anyway.  We've had a number split earlier this year, but fortunately all well away from the house.  I'd rather not need any more time spent on the chain saw.  Bill

Oct 29, 2012 08:18 PM
Conrad Allen
Re/Max Professional Associates - Webster, MA
Webster, Ma, Realtor

Hi Lenn.  It sounds like you have a very intelligent buyer.  Good for them.

Oct 29, 2012 08:49 PM
Gary L. Waters Broker Associate, Bucci Realty
Bucci Realty, Inc. - Melbourne, FL
Eighteen Years Experience in Brevard County

I have run into that before but had buyers want to do another home inspection first! Of course I had the sellers who were not happy but we still closed!

Oct 29, 2012 08:57 PM
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

That's a pretty smart move in my book.  Hope you are OK, Lenn.  Looks like it was an awful storm.

Oct 29, 2012 10:58 PM
Andrea Swiedler
Berkshire Hathaway HomeServices New England Properties - New Milford, CT
Realtor, Southern Litchfield County CT

Lenn, hope you are doing ok. I would say that is a smart buyer for sure. As soon as I can I have a few homes to check out. But wires are down, debris on the roads, trees on some, I am waiting until tomorrow.

There is nothing I could do anyway.

Take care, my guess is you are without power today, so I do hope you are up and running soon, with minimal damage. Make that NO damage.

Oct 30, 2012 12:43 AM
Beth Atalay
Cam Realty and Property Management - Clermont, FL
Cam Realty of Clermont FL

Lenn- That is one smart buyer! Hope there were no damages to do house. I wonder if lenders will resume with closings on Wednesday or wait till the homes are inspected.

Oct 30, 2012 02:01 AM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Lenn make sure you give the Lender a call so that you do not have a surprise about your Wednesday Closing.  All the Lenders that I know of here in Connecticut will not allow a Closing unless the Appraiser has gone back out to the property to verify that that property did not sustain any damage from the storm.  Depending on the Appraisers schedule, that could hold a closing up 2-3 days.

Oct 30, 2012 02:15 AM
Carla Muss-Jacobs, RETIRED
RETIRED / State License is Inactive - Portland, OR

Good thinking.  You're pretty quiet now. Hope everything is okay.  I imagine the power might be out.  Stay safe.

Oct 30, 2012 04:33 AM
Jay Markanich
Jay Markanich Real Estate Inspections, LLC - Bristow, VA
Home Inspector - servicing all Northern Virginia

Wow, how interesting they are waiting like that!  Hopefully the house comes through unscathed!  Today wasn't as bad as I expected - I had a thermal imaging inspection in Leesburg!

Oct 30, 2012 05:25 AM
Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

Jay.  The house came through fine and we closed yesterday, the Sapp family on Battery Point.  One shutter came down.

Carla.  My power was out but then I couldn't get to my house because of the utility trucks on the road.

George.  Not a problem.  The loan was funded Monday and we closed yesterday afternoon.  I had to take the buyers by the house to let them know there was no damage.  Not a problem.

Beth.  We closed.  I just showed them the house after the storm and it's fine.

Andrea.  I went to a motel last night but got in this morning and everything's fine.

Gabe.  I'm fine.  It was a terrible storm.

Gary.  I checked the house out early yesterday and since it was fine, I showed it to the buyers and we went to closing.

Conrad.  I thought they were smart too, but I wouldn't let them settle with damage to the house.  I had a delay worked out with the lender but it wasn't necessary.

Liz and Bill.  You can't drive a 1/2 mile without the sound of the saws, everywhere.

Tom.  Makes sense to me.  I didn't blame the buyers at all.

Sharon.  Thanks.  Everything went fine.

Margaret.  Everything went fine.  Thanks.

Kathleen.  Goodness, I wouldn't let them close with damage.   The house they bought is in Leesburg and it's in a subdivision.  Most of the homes damaged around here are in the country with trees.

Richard.  Not to worry.  We did.

Tammie.  Agreed.

Mike.  It was pretty bad.  We didn't have any snow but the wind was relentless and the rain incessant.

Rene'.  I can't imagine how this storm could affect Washington State.

Lou.  We closed yesterday after we walked the house.

Sussie.  Thanks.  No insurance damage at that house or, whew, at mine.

Cindy.  This was an FHA loan.  Went fine.  I did have a pre-drywall inspection scheduled for Monday that was pushed back to Thursday.

 

 

 

 

 

 

 

 

 

Oct 31, 2012 05:12 AM
Charles Stallions
Charles Stallions Real Estate Services - Pensacola, FL
850-476-4494 - Pensacola, Pace or Gulf Breeze, Fl.

Congratulations on your closing as well as coming through the storm Lenn, been praying for the folks.

Oct 31, 2012 10:48 AM
Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

Charles.  Thanks.  Your prayers were heard.

Oct 31, 2012 08:05 PM