Closing a mortgage in October or November? Not so fast....

sgip

sgip

Well-known member
An FYI if you're planning to close your purchase or refinance in October or November: FEMA's declaration of a Disaster Area in OC will require lenders to re-certify that your property is not physically impacted. This can include an appraisal re-inspection or other means to meet the letter and spirit of the funding lenders requirements. Since FEMA has "OC" as a disaster area, this order stretches as far South as San Clemente, and as far North as parts of La Habra.

Most lenders are winding up processes to complete the re-certifications so that you can close in a timely manner. If you don't know about this... time to ask your lender what their deal-e-o is to solve this in time to close.

My .02c

Soylent Green Is People.
 
Soylent Green Is People said:
An FYI if you're planning to close your purchase or refinance in October or November: FEMA's declaration of a Disaster Area in OC will require lenders to re-certify that your property is not physically impacted. This can include an appraisal re-inspection or other means to meet the letter and spirit of the funding lenders requirements. Since FEMA has "OC" as a disaster area, this order stretches as far South as San Clemente, and as far North as parts of La Habra.

Most lenders are winding up processes to complete the re-certifications so that you can close in a timely manner. If you don't know about this... time to ask your lender what their deal-e-o is to solve this in time to close.

My .02c

Soylent Green Is People.
Click to expand...

interesting.. keep up the good work on informing us of the latest! 
 
Applies to all homes, purchase or refinance, resale or new.

The re-inspection costs are picked up by the lender. 

In some cases it's a certification rather than a re-inspect, but the majority of lenders require an appraiser going back out to the property. For all loans new in process, the appraisals do not need to address the disaster in any manner as the photos and data are contemporary. This disaster certification is only for in process transactions that have already had their appraisal completed but you haven't yet closed - All October and most November closings.

My .02c

SGIP
 
Soylent Green Is People said:
For all loans new in process, the appraisals do not need to address the disaster in any manner as the photos and data are contemporary. This disaster certification is only for in process transactions that have already had their appraisal completed but you haven't yet closed - All October and most November closings.
Click to expand...

This is helpful information.  We put our 2006 peak purchase condo for sale last week and have a signed contract, but I wasn't sure if the buyer was going to need a special inspection for this.  I could have walked down the hall and asked somebody, but it's convenient to have the info here.  LOL.
 
Liar Loan said:
Soylent Green Is People said:
For all loans new in process, the appraisals do not need to address the disaster in any manner as the photos and data are contemporary. This disaster certification is only for in process transactions that have already had their appraisal completed but you haven't yet closed - All October and most November closings.
Click to expand...

This is helpful information.  We put our 2006 peak purchase condo for sale last week, and have a signed contract, but I wasn't sure if the buyer was going to need a special inspection for this.  I could have walked down the hall and asked somebody, but it's convenient to have the info here.  LOL.
Click to expand...

Walk down the hall?
 
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