Believe it or not, YES…it will.

Hurricane IrmaWill Hurricane Irma Affect My Home Purchase in Atlanta?

As the storms approach Florida and Georgia, we have started to see some impact on the mortgage industry and wanted to pass along some important information regarding potential roadblocks for ALL real estate closings in GA and FL within the next 30 days.


* Whenever large storms go through an area, FEMA declares the area (and surrounding areas) as a disaster area. (NOTE: As of 9/9/17 at 3:50pm, Georgia has pre-emptively declared 94 counties as disaster areas – currently none of which are in the metro Atlanta area).

* If FEMA announces a disaster area locally, then all properties in that area will require the appraiser to re-inspect the property and determine if the subject property is still standing and has not been damaged. This inspection is billed to the impacted loan at a rate of $125.

* Please note, this is a national requirement dictated by FEMA and impacts all Fannie Mae, Freddie Mac, FHA , USDA, VA & Jumbo loans files.


* There are several insurance providers in GA and FL (Currently Allstate, USAA, Travelers and State Farm) that have suspended writing/binding insurance policies until the storms have passed. There are likely more providers that will follow suit over the next few days.

* What this means for a loan in process: If a policy has not been finalized and bound yet – it may ‘stall out’ and not be able to be bound until the storm passes. The insurance carrier doesn’t want to take responsibility for those potential claims


* The industry may experience closing delays early next week for a variety of logistical reasons: issues with power or internet to accommodate the physical closings, road closings, etc.

* If an appraisal re-inspection is required, this could also cause a closing delay.

* If an Insurance provider cannot finalize and bind the insurance policy for closings in the next few weeks, this will also cause a delay.


* If a closing is delayed, the borrower may be subject to lock extension fees.

If you are in the process of buying or selling a home in the Metro Atlanta area, be sure to check with your lender immediately for any potential delays in your closing!!! And your real estate professional as well. WHY? Because we are the ones who will work the paperwork and potential negotiations to extend your purchase contract and closing date.

Remember, that Seller may have that moving truck scheduled…or YOU the Buyer may have YOUR moving truck coming…and the pending storm may delay it all.

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