I received emails from two lenders warning of possibly repercussions of Hurricane Irene in Baltimore, in terms I hadn’t considered.
An excerpt from an email from Brian Nowakowski, of Academy Mortgage,
“it is very likely that settlements will be delayed next week.
Lenders across the board will require re-inspection of all properties should we be considered a disaster area by the government. As you can imagine if this is the case the appraisers will be overwhelmed trying to meet the demands of re-inspections.”
I hadn’t thought about the Baltimore appraisals that have happened and how the lenders for those banks will want to make sure the property is in the same condition as it was when they were appraised.
With the large amount of rain we are supposed to receive, in addition to the heavy rains we have received already, plus the high winds predicted, there are many homes that may be damaged.
Be prepared for Hurricane Irene in Baltimore using the tips I shared yesterday.
Buyers and sellers, if you are settling next week, please know it is likely you will be delayed!
BE SAFE, EVERYONE!