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.