For 2 days I've been getting notices telling me that anyone who was buying or refinancing a home in the affected area of Sandy (which goes WAY beyond the main path of damage) wasn't going to be able to close on their loan until they can get an inspector out there to see if the property still existed, had any damage or damage in the area itself might lower values.
WHOOPSIE!
Good grief. Yeah, there's a lot of damage, but I'm not sure its that bad. We haven't had power since last night, but the only damage on my street is part of a tree fell and crushed a section of chain link fence. Maybe a couple hundred to replace. I've heard of a few friends on FB with minor damage, but nothing serious.
It's been inconvenient, but we'll survive.
Happened to us last year during Irene.
Standard Operating Procedure whenever a disaster area is declared. It is a hardship but a relatively small sub-set of borrowers are affected. Only if your appraisal was done before the storm but you don't close until after.
Suppose I agree, in writing, to give $5000 for your Snubly Super Sprint IV. While I go to the bank to get the money, a crane falls on the car. Am I obligated to give you the money anyway?
I am sorry for all the folks who were affected. I know what it feels like which ain't good
The big issue as I see it, is when your house survived but enough of the neighborhood was damaged that it affects value at the moment. And the houses that are technically in the path, but only went through a big thunderstorm. Inspectors will be tied up and there's no telling when they'll be able to close.
Do you want to close and risk the area rebounding? What about that poor seller? But then again he was going to get hit anyway.
Collateral is the name of the game. If the property isn't worth as much as it was before for whatever reason why should the money guy risk his money? Timing is definitely going to suck.
Now a refinance is another beast altogether. Lowering that payment (presuming we aren't talking a home equity loan here) would help them get it all back together and develop value again.
One of our people was about to close on a condo today and saw what was left of the building on the news earlier. She was relieved she didn't close earlier as everyone was wanting her to do.
You might want to be a bit suspicious of any CARS you might want to buy in those areas also.
Some of them might have a bit of a musty smell...
considering that AC lost parts of it's boardwalk... there is some damage.
For those that do not know.. the Boardwalk in AC is designed to hold several firetrucks in case of a fire.. so it is not something super flimsy, it is basically a long bridge with a wooden top
aircooled wrote: You might want to be a bit suspicious of any CARS you might want to buy in those areas also. Some of them might have a bit of a musty smell...
in other words, the east coast is the place to go if you want to find some good potential Chumpcar or LeMons racers..
mad_machine wrote: considering that AC lost parts of it's boardwalk... there is some damage. For those that do not know.. the Boardwalk in AC is designed to hold several firetrucks in case of a fire.. so it is not something super flimsy, it is basically a long bridge with a wooden top
thats nothing... I-10 bridge in pensacola looked like this after ivan ran though...
it's an interstate so it's made to hold LOTS of weight pushing down... not so much weight pushing UP (like water from underneath)... sure the boardwalk issue was similar...
I'm interested to see what happens to some of these homes on the coast and on those strips of sand. Let the insurance nightmare begin. Bet some of those homes won't be rebuilt because no one will want to insure them. Every big storm up here in Mass, you hear about another beach house being washed away. With the rising sea levels and the more frequent severe storms forecasted because of global warming, these places are just going to keep washing away.
aircooled wrote:
Meh I've driven my Sammy in water that deep on purpose (although one time when the water nearly hit the windshield I had my hand on the key...found some mucky residue in the airbox after that).
found out today I have off all week. Seems that all of the Harrah's properties suffered damage. I imagine Harrah's itself suffered the most.. even though it is on the bay, it's casino floor is only about 5 feet above the hightide mark (who builds a casino at ground level anyway?)
GameboyRMH wrote: Meh I've driven my Sammy in water that deep on purpose (although one time when the water nearly hit the windshield I had my hand on the key...found some mucky residue in the airbox after that).
Was this you 
http://www.youtube.com/watch?v=s5euSjOBYQY
^Wow, rear-mounted intake FTW!
tr8todd wrote: I'm interested to see what happens to some of these homes on the coast and on those strips of sand. Let the insurance nightmare begin. Bet some of those homes won't be rebuilt because no one will want to insure them. Every big storm up here in Mass, you hear about another beach house being washed away. With the erosion rates consistent with a sediment starved barrier island system and the more overhyped severe storms forecasted because of global warming, these places are just going to keep washing away.
FTFY. /flounder
GameboyRMH wrote:aircooled wrote:Meh I've driven my Sammy in water that deep on purpose (although one time when the water nearly hit the windshield I had my hand on the key...found some mucky residue in the airbox after that).
Salt water is wayyy different and I'm not sure I would even want to use those cars for Lemons. Talk about electrical nightmare.
I've driven my Samurai under deeper water too but it was always fresh water. A hose and some time and everything's okay with that.
It might be a refi pain... but I see why they might want to verify. Holy berkeley!
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