Closings will be delayed because of Houston Flood. What you should know…

Closings will be delayed because of Houston Flood. What you should know…

Harris and Ft. Bend County have been declared “disaster zones.” If you were expecting to close on your home this week you likely will experience a delay in the closing process. Lenders are requiring the Appraiser to back out to the property to make sure no flooding has occurred over the last few days. All sellers are obligated to disclose any water damage to a home buyer. It is important to prepare for this delay. Any “Act of God” can permit a buyer to close later than the scheduled closing date. You should review your contract, speak to your Realtor, and obtain legal advice from a real estate attorney for any legal questions that you have.

Practically speaking, the appraiser has to drive to the house, perform an inspection, and turn in his report. Last Memorial Day weekend we experienced similar problems and the turnaround was about three days, but the severity of the current flood has been historical. I would expect a 5-7 day delay on all closings scheduled to close “this week.”

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