What happens after the hurricane in order to close on your mortgage

Didier Malagies • October 14, 2024


After a hurricane, the process of closing on a mortgage may be impacted due to potential damage to the property or delays caused by the storm's aftermath. Here are the next steps to take:


1. Assess Property Damage

Inspect the Property: The first step is to assess if the property sustained any damage during the hurricane. This can be done by the buyer, seller, or a licensed inspector. Some lenders may require a re-inspection before closing.

Appraisal Updates: If there is significant damage, the lender may need a new appraisal to determine the property's current value.

2. Review Insurance Requirements

Homeowners Insurance: Make sure the homeowners insurance policy is active and covers the damage caused by the hurricane. Lenders require insurance to protect their investment.

Flood Insurance: If the property is in a flood-prone area, lenders may require flood insurance before closing. Confirm that this coverage is in place.

3. Communicate with the Lender

Discuss the Situation: Contact the lender to discuss any necessary extensions or changes to the loan terms due to the hurricane. Some lenders may offer flexibility in the closing process.

Updated Paperwork: Additional documentation or updates may be required if the closing date changes.

4. Repair or Re-Negotiate

Repair the Damage: If there is damage, determine who will cover the cost. The seller may need to make repairs, or the buyer and seller can negotiate a new agreement.

Re-Negotiate the Purchase Agreement: If repairs cannot be made before closing, the buyer may ask for concessions, such as a price reduction or repair credits.

5. Schedule a Final Walk-Through

Verify Repairs: If any repairs were made, schedule a final walk-through to ensure everything is in order before closing.

Confirm the Property's Condition: Make sure the property is still in the condition agreed upon in the contract.

6. Reschedule the Closing

New Closing Date: Coordinate with all parties to set a new closing date if the original was delayed.

Complete Closing Paperwork: Sign all documents and finalize the loan as per the new schedule.

Staying in close contact with your lender, real estate agent, and insurance company throughout this process is essential for a smooth closing after a hurricane.



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