Home Buying & Selling During a Hurricane

We’ve got a Hurricane/Tropical Storm heading towards Florida and Georgia right now.  Many people are worried about what will happen, evacuation plans, and storm supplies  

A Realtor® has other concerns.  The storm is planned to hit the Savannah area and we have a closing scheduled and a buyer walk-thru.  What can happen to derail a closing? LOTS!  Here is what you need to keep an eye out for!

Did the buyer secure the Homeowner’s Insurance early enough?

We close on Friday, but this week, insurance companies blocked all new policies for our area.  So here’s hoping your Agent told you to secure your insurance before the storm started brewing. Typically this happens when the storm gets its official NAME.  Talk to your agent, because you may need to “bind” the insurance early if a storm is brewing in the tropics. 

Some insurance companies or appraisal companies will want to REINSPECT after the storm, and this could also delay closing. 

Did the buyer secure their closing funds?

With our closing on Friday, we have a potential for bank and office closings on Friday.  Banks are always early to close up, even though our storm should just be a rain/wind event.  So… make sure you wire the funds earlier rather than later.  We’ll just hope the closing attorney stays open for Friday since we can’t bump up closing to Thursday. 

Who is responsible for property damage while under contract?

Each contract can have different terms, so this is a good time to pull out those documents and read this section.  Typically, the SELLER is responsible, until the BUYER signs for the house on the bottom line.  

This is one reason many Realtors hate Lease Backs and early occupancy agreements.  It gets ugly, but it should all be in writing and should be considered before the process starts.