In the aftermath of Hurricane Irene the Federal Government has declared that all Counties of Connecticut are Disaster areas. So what does that mean to prospective buyers and current homeowners?
If you are the process of applying for a mortgage this can add time to your loan process. Your lender will be required to have a re-inspection done on the property typically by the appraiser to verify the home was not damaged. This could easily add 2 to 5 days to your loan process as appraisers throughout the state are now handling their current workload plus the re-inspections. If your closing is delayed, make sure to contact your loan officer to check if this will in any way affect your rate lock. You also want to make sure contractually that all agents and the sellers are aware of any delays to the closing as a result of the Hurricane.
If you are a current homeowner in Connecticut and your home was damaged you can apply for disaster assistance with FEMA. Disaster assistance is money or direct assistance for an individual, family or business in an area whose property has been damaged or destroyed and whose losses are not covered by insurance.