3 Post Superstorm Sandy Real Estate Issues
3 Post Superstorm Sandy Real Estate Issues ~ Could Superstorm Sandy create problems with 
your real estate transaction? If the property you are buying or selling was in “Frankenstorms” path. The short answer is YES!
- Inspection
- Homeowners Insurance
- Flood Insurance
Be proactive, ask questions! Talk with your real estate agent,your lender and your insurance company to see if anything additional needs to be done prior to settlement. Sandy was a rare event, both sides of the transaction have responsibilities. Don’t set yourself up for problems down the road.
If you have a property going to settlement postSandy and your inspection is already complete, your lender may require a re-inspection. Why? Because the lender has to protect the asset they are lending on. As a buyer you want to know if Sandy had any structural impact before you take ownership. Once the property transfers ownership, so do the problems Sandy may have caused. As a seller even a new latent defect has to be disclosed.
“Frankenstorm” has caused billions of dollars of damage in NJ, NY, DE and MD. My real estate prediction is that she has more damage to do to an unsuspecting few. Be proactive, don’t wait for her to come knock at your door. If the property you are buying or selling was in “Frankenstorms” path. Ask questions, talk with your real estate agent, lender and insurance company BEFORE you go to settlement.
3 Post Superstorm Sandy Real Estate Issues
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