Fallen Limb on Home

A Hurricane is Coming? But I’m Buying a Home This Week!

meghanriley Home Buyer Tips Leave a Comment

Buying a new home alone is one of the most stressful processes you will go through in your life. Add to that an impending hurricane and you’ll be wondering who you ran over to bring on this amount of bad karma. Sadly, when you live on the east coast, things like this happen, but rarely does it affect your purchase in the ways you’re imagining…Admit it, the first thing you thought of was your home being washed away or tree landing on the roof…but there are some things that could affect your closing when a hurricane is on track for the area.

The first is obvious – the weather could prevent everyone involved from getting things done. The attorneys may not be able to get to their office, government buildings may close and prevent the deed from recording, and you may not be able to get where you need to in order to sign paperwork or do the walk-thru. All of this is possible if your closing is scheduled the day of the hurricane or a few days after. If everything is pretty well wrapped up with your closing and it’s not happening within that timeframe, chances are that it can go on as scheduled.

The second is not so obvious – insurance companies put policy writing on hold around hurricane activities. They don’t want to promise coverage for a scenario that may change. Most buyers need home insurance, because lenders require it before they will fund loans. As a result, closings get postponed until insurance coverage can be guaranteed.

Of course, property inside and around the cone of the hurricane is at risk for wind and flood damage. Lenders require North Carolina properties to have Wind & Hail Insurance. Properties in specific flood zones are required to have Flood Insurance. If something happens to the property, good chances it will be covered, and your real estate agent will work to have any damages resolved quickly.

Remember, we live here and this isn’t our first rodeo. If you’re our client, we do everything we can to make the buying process as smooth as possible. Things can quickly become complicated, especially if you’re selling your current home and have the moving van scheduled. There ARE options and we’ll do what we can to help you adapt to the situation. If your closing gets postponed, be thankful that the hurricane is happening BEFORE you sign anything and that your interests are being protected.

If you have any questions about buying in the Wilmington area, give us a call at (910) 202-2546 or send u a message through our Contact page.

About the Author
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meghanriley

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Meghan is the Client Care Coordinator for The Cameron Team and a published author of two young adult books.