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When your house is packed up and you’re ready to go to the closing table, there’s nothing worse than getting a call saying that your closing day has been delayed.
When there’s a storm like Dorian threatening the South Carolina and Georgia coasts, lenders will not allow a loan to close unless the insurance company will write the new policy. But insurance companies typically will not write new policies and bind them if the home falls in a particular geographic box (see 0:33 in the video for a graphic of this box). Recently, they have relaxed the policy a little bit; now, if there’s a hurricane watch or warning in place, they won’t allow a new policy to be written for homes in that box.
So what do you do if you’re trying to close on a home when a storm like Dorian hits?
Be sure to go check the property if there have been major storms (be they hurricanes, wind storms, heavy rains, or ice storms) to make sure everything is still in good shape.
Well, you’ve written a contract on your house, you have a closing date set, you’ve been through a home inspection, you’ve reached an agreement on all the repairs, and now you’re just waiting for the closing date. Now’s the time to contact your insurance company and pay for the policy so they can bind it in time for that projected closing date. Hopefully, that will eliminate any issues for you.
As a final tip, be sure to go check the property if there have been major storms (be they hurricanes, wind storms, heavy rains, or ice storms) to make sure everything is still in good shape. If you’re unsure about the roof, hire a roofer to do an inspection to determine what, if any, issues it has. Typically, this only costs around $75, and it can prevent you from taking on a problem that should be the current homeowner’s.
If you have any questions or would like more tips about buying and selling homes, feel free to reach out to me. And for home sellers, remember that with the Shannon Rollings Real Estate Team, you don’t have to go through the traditional listing process to get top dollar for your home—I’d be glad to tell you all about our guaranteed cash-offer program, in which we can get your home closed in just 21 days with no showings or open houses.