If your home is under contract, inspections completed, remedies worked out, appraisal meets sales price value, mortgage commitment is given, and you have received a clear to close from the buyer's lender. Attorneys have set a closing date, movers are scheduled, kids are registered in their new school, you’ve taken a week off from work to move, and then...
A HURRICANE HITS!!
Be aware that you may not be able to close without an appraiser coming to view the house again and get back to the the lender with information on any damage done to the house. The borrowers also have to sign an addendum to the residential loan application that states they have inspected the property they are purchasing and that there was no damage to the property as a result of the sever storm or flooding. They also have to state that the property is habitable and the condition is acceptable to them. This may delay your closing, so...
When you are checking off your emergency pack check list , along with the batteries, flashlights and canned goods, include a call to your Realtor to find out the lender's requirements in case of storm damage. If you have other questions feel free to send them to: REquestions@erataylor.com.