It was less than a month ago that a client decided on a gorgeous home to purchase here in the Woodbridge Virginia area. Everything went well, from offer to countering, throughout the inspection process and it past the appraisal process with flying colors.
Last week we were on the home stretch, it was time to call the utility companies, insurance company, finalize the movers and check in with the lender and settlement company.
Due to Hurricane Sandy 2012.
USAA along with most insurance companies have put a moretorium on writing insurance policies. Settlement will not happen today!
Fasten your seat-belts...we just hit Turbulence!
Turbulence when flying is always chaotic and scary. Same goes in a real estate transaction. Emotions fly high when you have deadlines and contingencies that must be met there are some things that are just out of every-ones control.
Buyer wants to settle, lender wants to finalize the loan and seller is ready as well. Unfortuntely given the level of damage throughout the east coast today, chances are it could be a little time before any insurance company is writing policies. All parties will need to remain flexible. So that the lender, the REALTORS and the title company can guide both the purchaser and seller to a successful close.
Later today, I will be heading out to the home to photograph the exterior and video tape the inside to show the seller all is fine and just maybe we can send that to the insurance company to help expedite things on this end. I don't know, however it is worth a shot.
Read more here Hoping to Get Insurance Now? Good Luck
Related Article: Another item to add to our list of 88 Types of Turbulence in a Real Estate Transaction
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Note: This real estate blog is written by me Peggy James and it is is my opinion and may not reflect the opinion of Exit Choice Realty 14067 Crown Ct, Woodbridge Virginia 22193.
I have been blogging since 2008 and I am a full time REALTOR® .