Hurricane Sandy May Cause Closing Delays in Philadelphia

By
Real Estate Agent with The Somers Team at KW Philadelphia
If Hurricane Sandy results in a Federal Disaster Declaration in the county where your customer is under contract to buy or sell a home, and that transaction requires the buyer to obtain a mortgage please read this. 
If the appraiser has already completed the inspection, under Fannie Mae, Freddie Mac and Government Agency (FHA, etc.) rules, the appraiser must return to the house, re-inspect it and confirm that there is no storm damage. This must be done prior closing. If you have a closing scheduled for the days immediately following the storm, and there is a Federal Disaster Declaration in the County, there could be mortgage related delays while appraisers get out doing the re-inspections. To reduce closing stress, inform your buyers and sellers of this rule and ask them to prepare to be flexible regarding the closing date. If the Hurricane Irene experience of last year is a guide, delays were seldom more than two days. 
Keep in mind that the appraiser will charge the buyer for the return trip. If you have an appraisal inspection scheduled for the days preceding the arrival of the storm, postpone them until after the storm passes. Any appraisals with a site visit date after the passage of the storm will not require a re-inspection, saving your buyer $75 to $150. 
Source:  Kelly Nyikita, CB Home Loans
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Tags:
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Rainmaker
698,927
Chris and Dick Dovorany
Homes for Sale in Naples, Bonita Springs and Estero, Florida - Naples, FL
Broker/Associate at Premiere Plus Realty

Christopher and Stephanie, we sincerely hope everything will go ok and you will just get a little rain, NO SNOW.

Oct 27, 2012 02:48 AM #1
Rainmaker
495,132
Daniel J. Brudnok, REALTOR
Berkshire Hathaway Home Services Fox & Roach, REALTORS - Exton - PA License #RS-225179-L / Delaware License #RS-0025038 - Downingtown, PA
SRES, e-PRO,ABR,GREEN,CSP

Hi Christopher and Stephanie,

Our area os certainly tying down everything around here.....this looks like a big one and one that will not just pass us by.....be safe my friends.

Oct 27, 2012 02:50 AM #2
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