The down side of a hurricane event on Maui - new appraisal needed?

By
Real Estate Agent with Hawai'i Life Real Estate Brokers HRE# 58089 - RS

The down side of a hurricane event on Maui - new appraisal needed?

Olinda Road, Makawao HI 96768While we didn't suffer much damage here on Maui from Hurricane Iselle, some areas had power outages and trees down.  Ulupalakua Ranch suffered some serious damages, with buildings knocked down and miles of fencing wiped out. Olinda Road in Makawao seemed to be the worst on the windward side, with some eucalyptus trees knocking out a pole or two and closing the road. We were spared any loss of life and serious property damage in Haiku.  Hurricane Julio was a no-show, to everyone's relief.  

If you were in the process of getting a loan to buy a home on Maui, then you might not be so lucky.  Some lenders will now be requiring another appraisal to prove that the house is alright.  This can be a delay to final loan approval, and another expense for the buyer.  Even if there is no damage, the lender will not pay for the added cost.  

When shopping for a Maui home, if you need the names of some local lenders, I can provide you with some great options.  

321 Kaomi Pl, Makawao Maui HI 96768

This nice Makawao home, at 321 Kaomi Place, is still available to buy, with NO storm damage.  It's a lovely 3BD/3BA home on a half acre lot in Upland Estates.  Listed for $699,000 - MLS#360911.

Call your Maui Realtor today and make an appointment. Search for Makawao Maui homes for sale here.

 

Georgie Hunter R(S) e-Pro, Hawai'i Life Real Estate Brokers

161 Wailea Ike Place C-103B, Wailea HI 96753

127 Hana Hwy. #G, Paia HI 96779

800 667-5028 ex 8241

direct: 808 283-0635

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Rainmaker
1,143,096
David Shamansky
US Mortgages - David Shamansky - Highlands Ranch, CO
Creative, Aggressive & 560 FICO - OK, Colorado Mtg

No shocker here. We see this ALL the time when a disaster happens. We have had them for both floods and fires out here so let the borrower know he/she is not being picked on its simply a requirement for ALL loans

Aug 11, 2014 01:34 PM #1
Rainmaker
1,717,952
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

Georgie - In California, we had a home in escrow during a large earthquake and all homes had to be reappraised. We didn't suffer any damage. Of course, the lender needs to know that too I guess.  :)

Aug 11, 2014 01:42 PM #2
Rainmaker
2,474,843
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

Glad you're okay, Georgina

Aug 11, 2014 04:50 PM #3
Rainmaker
3,233,512
Joan Cox
Metro Brokers - House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Georgie, sure glad you did not have a direct hit from those hurricanes.   I would imagine, sure does affect real estate!

Aug 11, 2014 10:52 PM #4
Rainmaker
1,110,891
Jane Peters
Home Jane Realty - Los Angeles, CA
Connecting you to the L.A. real estate market

Wow that is something I didn't think about, but it makes sense.  Glad you didn't suffer too much damage.

Aug 12, 2014 05:39 AM #5
Rainmaker
1,309,139
Georgie Hunter R(S) 58089
Hawai'i Life Real Estate Brokers - Haiku, HI
Maui Real Estate sales and lifestyle info

David - I guess we don't get enough disasters here to make this commonly known, but it's something to keep in mind.

Tom - even with no damage there could still be a delay.

Laura, Joan, Jane - thanks!  Yes we were spared again. It seems Maui is always dodging the worst events and we have been very lucky.

Thanks for your comments.

Aug 12, 2014 01:18 PM #6
Ambassador
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Barbara-Jo Roberts Berberi, MA, PSA, TRC - Greater Clearwater Florida Residential Real Estate Professional
Charles Rutenberg Realty - Clearwater, FL
Palm Harbor, Dunedin, Clearwater, Safety Harbor

It is a constant problem here during hurricane season. Also, insurance companies will not write a policy with a named storm out there.

Aug 16, 2014 09:58 PM #7
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Kristin Hamilton CA Realtor
Keller Williams Realty - Redlands, CA
(909) 557-6966, GREEN, SFR, CHS-Redlands/Loma Lind

Hi Georgie,

I think it would be so sad if a buyer had to pay for a second appraisal but life happens and hurricanes can cause property damage.

Aug 25, 2014 01:10 PM #8
Rainmaker
825,257
Gloria Todor
Century 21 Absolute Realty - Springfield, PA
& Doug Durren (484) 431-3686

Hi Georgie, Glad to hear you were all spared massive damage.  Yes extreme weather does play havoc in our line of work.  Not fun to have power outages for long periods of time, but sounds like not something that happened.  Now ay the islands be spared being hit by such a storm as it had been many years prior to these storm.

Thank you for stopping by!

Gloria

 

Aug 26, 2014 11:14 PM #9
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Rainmaker
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Georgie Hunter R(S) 58089

Maui Real Estate sales and lifestyle info
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