Irene and the floods were devastating to many families. Locally, Lancaster County and many other Counties in PA have been declared as major disaster areas. For the mortgage and real estate industry, BIG changes in how we do business for a while. Every single home that was appraised for a home purchase or refinance, before the big storm, needs a final inspection with pictures taken of the basement and ceilings.
This is keeping the appraisers VERY busy. Now they are running like crazy to inspect all of the homes that are going to settlement soon and charging accordingly, further raising the costs of the buyers or the lender. And hopefully, there is no water damage, but if there is... the damage has to be addressed. Typically adding new costs and reduced proceeds on the sale of the home.
Temporary for sure, but what a necessary pain in the back for the time being.
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