BUYERS AND SELLERS!
If you have a closing this week, Ida may have just put a damper on your plans.
Although it has been a quiet hurricane season for Floridians, there is a staanding rule that insurers will NOT bind homeowners insurance when a tropical system moves within a certain proximity to our area. Without insurance, mortgage companies will NOT underwrite their loan, which ultimately means buyers can't pay for the house at closing time.
Our standard Florida Association of Realtor contracts have a stipulation that covers rare instances like this and I urge buyers, sellers, and realtors to review the contract language. It's non-jeopardy for all parties, which is good.
The only problem I forsee is if a seller is consummating a short sale and the short sale deadling is the closing date this week. Hopefully the Loss Mitigation/Short Sale closer will be understanding, but that is not always the case.
About Me
- Rich Cornelius
- Born in New York, I retired to the Tampa Bay area at the ripe old age of 18 months, and have been a resident ever since. I attended Embry-Riddle Aeronautical University, received my Bachelors Degree in Aeronautical Science and became an airline pilot with a major carrier. After 5 years in professional aviation, I joined Sand Key Realty, Sales & Rentals. While at Sand Key Realty, I successfully sold more than $10M in residential real estate, including one of the highest sales on record on Clearwater Beach. In June of '07, I joined Coldwell Banker Residential Real Estate in Clearwater so I could better serve family, friends and clients alike and meet all of their real estate needs. In real estate, as in aviation, I do it right the first time because of the trust and responsibility placed in me by my clients. Simply put, it’s all about the details.
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