Image source: Reuters
Reuters published an article on the choices buyers – and sellers – are faced with when it comes to the decision to buy/sell a home in the Rockaways, especially a beachfront home. A number of people are sort of stuck – they were about the complete the sale just as Hurricane Sandy hit, and in many cases the home there were to buy was flooded or severely damaged. They are having to make a decision – go with the sale, or figure out a way to get out of it.
A reader forwarded this article to us last week about the lapse in the federal flood insurance program; it seems that the Senate adjourned for its Easter recess without extending HR 4851 along with a handful of other programs. In this reader’s case, the lapse was preventing her from closing on her house in Brooklyn. She’s not the only one: According to a spokesman for the National Association of Mutual Insurance Companies, while those with existing coverage will be covered retroactively when the Senate gets around to passing the bill, it is having a “serious impact” on folks looking to close. Has anyone else encountered similar difficulties?
Federal Flood Insurance Program Lapses [IFA News]