Do you have a property under agreement right now? Putting a mortgage on that property? If you are, and the property is in one of the states where a State of Emergency was called because of Hurricane Sandy, you may have a delay in closing. Why? Well, more lenders are sending out the appraiser for a re-inspection. The lender needs to see that the property is intact and has suffered no material damage. Makes sense. But, it can be pretty frustrating. Especially when you've hired the moving company, given notice to your Landlord and have contractors lined up. Oh well, this is what an Act of God is all about.
Additionally, some lenders won't close until the State of Emergency is no longer in effect. Find out what your lenders policy is.
Another note - read your purchase and sale agreement. There is provision in most contracts for any damage to the property that occurs during this period. The owner is usually required to continue insurance coverage and there are timeframes for repairs and limits on what is considered reparable.
Let's hope Mother Nature doesn't put us through this too many times!
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