Tips for a Smooth Post-Hurricane Irene Real Estate Closing on the East Coast

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Mortgage and Lending with loanDepot (203) 733-9408 NMLS 728949

Tips for a Smooth Post-Hurricane Irene Closing on the East Coast

Today we received several reports of some difficulties closing real estate transactions in the aftermath of Hurricane Irene.

The first is that certain loans may need to have an additional inspection performed by the real estate appraiser to verify whether or not the property in transaction sustained any damage from the storm. Read more about the procedure to be followed on the Freddie Mac website. Please have your buyers check with their mortgage professional to verify whether or not recertification of property condition is necessary.

Second, local utility companies are overwhelmed repairing downed power lines. Many homes still do not have power service in CT. You may be showing homes in the dark, or if a sale is scheduled, utility transfer may be difficult at least for the next few days. Ask the seller to delay turning off the lights at least until the buyer can verify that the transfer has been scheduled. Here is the map of outages by town in the State of CT.

Third, double check with your insurance company for any issues. Apparently in states where hurricanes are more frequent insurance companies avoid issuing policies in the days leading up to a disaster.

Hopefully, the home you are purchasing was unaffected by Irene and will still have power on closing day.

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Blog disclaimer: All content provided is for informational purposes only and is not legal advice, nor is it intended to provide a recommendation for a specific transaction. Parties to any real estate transaction should seek competent legal, financial planning and/or tax counsel to determine the legal, credit and tax consequences of buying or selling a home. Copyright © 2010, Dana Voelzke. All Rights Reserved. 

Comments (2)

Rosemary Brooks
BMC Real Estate - 209-910-3706 - Stockton, CA
The Mother & Daughter Realty Team

I hope it all works out and I am so glad that all that experience Irene is now OK and getting about the business of clean up.

Aug 31, 2011 10:58 PM
Rocky Progano
MediaCOM Inc - Stamford, CT

Hi Dana!

it is pretty great that, we're not in florida right!  I was shooting video for the news when Hurricane Earl hit us, it was scary, fun and ultimatly dissapointing, I thought it'd pick up my car, it came and went with just a bit of heavy rain and wind to cool us down for a bit.  It's great that not too many houses were affected by Irene.  Please continue to post, AR is a great way to network with other realtors and get some great referrals from a different area.  Check us out below for some great internet and television video marketing strategies to really AMP up your business!!

 

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Jan 24, 2012 03:15 AM