Realtors say many home purchases are delayed after Hurricane Matthew

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SOCASTEE, S.C. (WBTW)- Nearly two weeks after Hurricane Matthew made his way through South Carolina people still feel the impacts.

Realtors say many home closings have been delayed as a result of the damages caused by the storm.

“Well as soon as we have closings in progress and as soon as the storm is coming, we go ahead to plan to tell them that, hey listen, you’re going to probably experience delays and to anticipate those delays. We won’t know the breadth of it until of course later,” Watermark Real Estate Group Owner Radha Herring said.

That damage has included downed trees, flooded roads and flooded homes. Something that would prevent the bank from moving a sale forward.

“After the storm hit a lot of properties were damaged. So, any loan that was in progress, a lot of the banks will require that an appraiser come back to re-inspect the property before they close on that loan,” Herring said.

The flooding from last year and now in Hurricane Matthew is causing potential buyers to rethink where they want to make purchases.

“Because they hear about the flooding and the hurricanes, they’ll come to us and say hey I don’t want a property in a flood zone. Technically, every property is in a FEMA flood zone. Some flood zones, the lender won’t require insurance,” Herring said.

In addition, Herring says she advises clients to update their property disclosures with any damage. In South Carolina, sellers have to let potentials buyers know of the condition of their property.

“Just simply ask your agent to inquire about the aftermath of that property since the hurricane and that’s a good way to make sure you’re purchasing a property in sound shape.”