Tropical Storms, Hurricanes and Home Buying Delays

    Hurricanes and home buying delays

    Did you know….

    When a named storm moves into the Gulf of Mexico, home purchases in New Orleans come to a screeching halt because insurance companies stop writing both home owner’s and flood insurance policies.

    Closing Delays

    Unless you are paying cash and opt to forego insurance (something we NEVER recommend), if your home sale or purchase is scheduled for a day when a named storm is in the Gulf, you will be delayed.

    Should I try to close sooner or delay?

    Our advice to buyers is to delay, in the event that any damage is caused to the property you are attempting to purchase. If the property is damaged, it will be the responsibility of the seller to make all of the repairs before you close.

    What if our contract is expiring?

    Ask the seller for an extension to the closing date. Since we typically don’t have an exact date that the “all clear” will be given, we recommend the extension be written to move the closing date to 5-7 business days after title and mortgage companies reopen for business and insurance companies resume writing new coverage.

     

    Need more home buying advice? Call us at 504-327-5303. We’re ready to answer your questions. 

     

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