Hurricane hit states----just curious

[DannySue]

What is the name of your state?What is the name of your state?Doesn't matter cause I don't have that sort of question.


What happens with homes that were to be sold/bought in those areas? Does the seller have to fix it before the close goes through or what? What if the homes can't be fixed before the buyer's want to close? I'm just curious...I don't know of anyone in this situation.

[HomeGuru]

Originally Posted by DannySue

What is the name of your state?What is the name of your state?Doesn't matter cause I don't have that sort of question.


**A: too bad.
*****

What happens with homes that were to be sold/bought in those areas?

**A: in what specific states?
******
Does the seller have to fix it before the close goes through or what?

**A: no, the home can be sold "as-is" unless it is a special loan program such as FHA/VA, HUD 103K etc.
****

What if the homes can't be fixed before the buyer's want to close? I'm just curious...I don't know of anyone in this situation.

**A: you need to be more specific.

[DannySue]

What if the homes can't be fixed before the buyer's want to close? I'm just curious...I don't know of anyone in this situation.

What I mean is that there's going to be alot to fix and there is just so many construction people around to do the work. I suppose it's going to be a long list and could take some time before they get to you.

[FloridaRob]

I am an appraiser in Central Florida. Every closing is put on hold until a reinspection is made of the property to verify there was no damage from the hurricane. If there was damage, it has to be repaired and the appraiser has to sign off on it before the lender will allow closing. There will be no funding of a home until it passes a reinspection. I dont know who pays for it. I know insurance will cover teh damage. But most policies have a 2% hurricane clause.

And Guru, you are wrong. Even conventional lenders are requiring reinsepctions of properties and reparis of hurricane damage in counties affected by the hurricane.

I have been resinspecting between 20 and 30 houses a week that were affected by the hurricane and 95% had conventional financing in place.

There were some refi closings that occured and came out of recision but the lender would not fund until a reinspection was made.

[DannySue]

Thanks, FloridaRob. This just interested me on how the buyers/sellers were getting through this emotional journey. I really feel for them and their situation.

[HomeGuru]

Originally Posted by FloridaRob

I am an appraiser in Central Florida. Every closing is put on hold until a reinspection is made of the property to verify there was no damage from the hurricane. If there was damage, it has to be repaired and the appraiser has to sign off on it before the lender will allow closing. There will be no funding of a home until it passes a reinspection. I dont know who pays for it. I know insurance will cover teh damage. But most policies have a 2% hurricane clause.

And Guru, you are wrong. Even conventional lenders are requiring reinsepctions of properties and reparis of hurricane damage in counties affected by the hurricane.

I have been resinspecting between 20 and 30 houses a week that were affected by the hurricane and 95% had conventional financing in place.

There were some refi closings that occured and came out of recision but the lender would not fund until a reinspection was made.

**A: please cite the Florida real estate law that states that a home damaged from a hurricane can not be sold "as-is"

I think what FloridaRob is talking about are homes that are currently "under contract" pending closing for which the buyer is obtaining financing. ANY HOME can be sold "As Is" without warranties or representations. No mortgage company in their right mind will finance them...but nevertheless, they can be sold as is !! But, I'm sure DannySue was not talking about homes that are listed For Sale but rather homes that have contracts on them. And it also depends on what the purchase agreement stipulates. Most, that I have seen, have clauses that stipulate that the seller is responsible for any damages that take place prior to closing. Contracts in Virginia have a clause that says the buyer has the option of having the seller repair, at seller's expense, or they can opt to take any insurance reimbursement. Again, it is how the contract is written. Yes...the buyer can agree to accept the insurance payment but it they are going for financing...forget it !! A mortgage company is not going to loan $$ on a property that has been damaged. And they DO have reinspections done after a catastrophy. Anyway, just thought I would throw in my 2 cents !!!

[HomeGuru]

Originally Posted by lagomarguru

I think what FloridaRob is talking about are homes that are currently "under contract" pending closing for which the buyer is obtaining financing. ANY HOME can be sold "As Is" without warranties or representations. No mortgage company in their right mind will finance them...but nevertheless, they can be sold as is !! But, I'm sure DannySue was not talking about homes that are listed For Sale but rather homes that have contracts on them. And it also depends on what the purchase agreement stipulates. Most, that I have seen, have clauses that stipulate that the seller is responsible for any damages that take place prior to closing. Contracts in Virginia have a clause that says the buyer has the option of having the seller repair, at seller's expense, or they can opt to take any insurance reimbursement. Again, it is how the contract is written. Yes...the buyer can agree to accept the insurance payment but it they are going for financing...forget it !! A mortgage company is not going to loan $$ on a property that has been damaged. And they DO have reinspections done after a catastrophy. Anyway, just thought I would throw in my 2 cents !!!

**A: that's fine and good but FloridaRob should maybe actually READ the writer's post then. The writer's post makes no reference to FINANCING at all.
In this regard my response was entirely correct and not wrong as this ignorant Rob has stated.

You know, Homeguru, I think the only person showing any ignorance is yourself. First of all, I read the post, I understood what this person was asking. And, after reading all of your posts, you seem to be the one to know it all. And to call someone ignorant ?! That just blows !! People are on this line for advice. And NOT for you to drill them. If you don't have any advice, don't answer. But, again, after looking at all of your posts....it seems like you have an answer for everything !!!! Rob understood what this person was asking, I understood....what's wrong with you ? ! Anyway, keep your snod remarks to yourself !!!

[FloridaRob]

Guru, come down from your almighty Tree. I assumed that the OP was speaking of sales or refis in process with financing.

[HomeGuru]

Originally Posted by FloridaRob

Guru, come down from your almighty Tree. I assumed that the OP was speaking of sales or refis in process with financing.

**A: didn't they teach you in real estate appraisal school to never assume?

[FloridaRob]

actually no. But why would you know that. IN Appraisal School they teach you that you have to make certain assumptions. Ever read a certification and limiting condition sheet. Is if full of assumptions. It is an art. Not a science. Not that you would know that....I assume......

[HomeGuru]

Originally Posted by lagomarguru

You know, Homeguru, I think the only person showing any ignorance is yourself. First of all, I read the post, I understood what this person was asking. And, after reading all of your posts, you seem to be the one to know it all. And to call someone ignorant ?! That just blows !!

**A: OK, smartie, then please show us where in the writer's post does it state anywting to do mortgage loan financing. And if the name ignorant fits, please use it ignorant idiot.
*********

People are on this line for advice.

**A: what line? Is this a telephone? Are we in a soup kitchen? What's your line "I'm Ignorant?"
**********

And NOT for you to drill them. If you don't have any advice, don't answer. But, again, after looking at all of your posts....it seems like you have an answer for everything !!!!

**A: no, just an answer for MOST things.

******
Rob understood what this person was asking, I understood....what's wrong with you ? !

**A: What's wrong with me? Well, first off, I'm sick and tired of reading posts by ignorant people like you.
*********

Anyway, keep your snod remarks to yourself !!!

**A: what's a snod remark? How ignorant can you be anyway?

[FloridaRob]

Originally Posted by HomeGuru

**A: didn't they teach you in real estate appraisal school to never assume?

and I see you totally disregarded my response. but you probably don't know what the certification and limiting condition sheet is.

But tell us again how much YOU know.....

[HomeGuru]

Originally Posted by FloridaRob

and I see you totally disregarded my response. but you probably don't know what the certification and limiting condition sheet is.

But tell us again how much YOU know.....

**A: please stop proving that you don't know.