Important for realtors!!! Get your flood insurance before Sept 30th!!

By
Mortgage and Lending with Florida Mortgage Solutions

"The NFIP is currently facing a Sept. 30 expiration, and trade groups are sounding the alarm as Congress returns for a month-long session"

What does this mean to you, in plain English: If you are selling or buying a home in a flood zone and your buyer doesn't get flood insurance before Sept 30th, and congress doesn't extend the NFIP, ( National Flood Insurance Program ), then you will not be able to close until they extend it. Sounds simple enough for congress to do but last time they didn't extend it for almost a month....so all of my closings that I was not able to get flood insurance in on time had to sit there. Let me tell you how much fun that is when you have a buyer and seller that don't understand, a bank with a short sale schedule that is not even realistic in the first place and a team of realtors calling you and asking why we aren't closing. Last time when it expired, the entire congress went on vacation. How could you go on vacation when there is a housing crisis and our economy depends on home sales... ugh. I'm going to stop here. Anyways, please make sure that your borrower and broker take care of this.

 

Hope this helps and call me if you have questions.

Comments (2)

Sharon Lord
Maracay Homes - Peoria, AZ
New Home Advisor

Wow, Pablo - THANK YOU for the heads-up! 

I strongly suggest everyone in a 500 year flood plain gets flood insurance, even though your lender won't require it over 100 yr flood plain.  My old house in Nashville went under water in their floods this summer - when they had a 500 year flood.  It can and will happen, and flood insurance is quite inexpensive for the piece of mind that comes with it!


Sharon Lord
Argent Decor
AZ Vacation Home Furnishing Service

Sep 14, 2010 06:40 AM
Neal Bloom
Brokered by eXp Realty LLC - Weston, FL
Realtor CRS-Weston FL Real Estate

I just reposted this in my version on my blog for you as well.

Sep 21, 2010 06:38 AM

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?