Loans By Kathy: August 2012

Severe Storms and Buying a Home

Severe storms and buying a home may seem like an unusual title for a blog, but the number and severity of a storm are going to impact many home purchases in the pipeline.  

Did you know that if threatening storms are predicted insurance companies will suspend issuing any new policies until after the storm has passed?

Home purchase transactions where the appraisal has already been completed, but not yet closed, must be re-inpsected by the appraiser.  This is to confirm that the home is in the same condition as the date of the appraisal prior to the storm. 

This policy will apply to homes in areas affected by tornados, hurricanes, flood zones, wild fires.

Should you find yourself in this situation, my best advice is to remain in communication with your insurance agent and loan officer.

Hopefully the hurricane heading up the Gulf of Mexico will spare the US any significant damage.

 

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Kathy Sheehan Senior Loan Officer

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Bay Equity LLC

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The opinions and general information in this blog are soley those of Kathy Sheehan.  Specifics regarding an individual case should be discussed in detail with a loan professional.  For a confidential consultation, please feel free to contact me via phone or email.  All terms and conditions are subject to change.

 

Comment balloon 4 commentsKathy Sheehan • August 26 2012 07:21PM
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