Posted by Yowheelz on 11/2/12 10:32am
Msg #441820

Closing cancelled after signing to re-appraise for damage

Superstorm Sandy is going to be a nightmare for borrowers in the Mid-Atlantic region. Borrower signed docs and got a call today that loan will not go through becaise his property will need to be re-appraised for storm damage. While center of storm went right over our heads we did not get the brunt of it like those on the coast and northeast side. I have a feeling November is going to be a really slow month until this is all sorted out.

Reply by desktopfull on 11/2/12 11:10am
Msg #441826

That's normal, it happened in Orlando after Charlie too.

They want to make sure the home still exists.

Reply by MW/VA on 11/2/12 3:06pm
Msg #441892

I had one that got cancelled for Wed. for the same reason.

It was a first for me, and I'd think the lender could have used a drive-by inspection. Apparently, re-appraisals are standard in the industry following a hurricane, and I'm sure are based on the extensive damage from storms in FL & then Katrina.