While Hurricane Sandy threatens to hit the Atlantic Coast, it could also slow down the sales of unaffected homes after the storm passes, according to Bankrate.
In areas that are declared a disaster area by the Federal Emergency Management Agency, mortgage lenders will often want to have the home inspected again.Comment on this story
"Generally, the seller is obligated to deliver the house in the same condition of when it was inspected, and the seller is expected to maintain insurance on the house," Christine Smith, a real estate agent at Buyers Brokers Only, a brokerage company in Canton, Mass., told Bankrate.
Buyers should make at least one walk-through before closing a sale on the house. Often, the closing contract allows buyers to get their deposit back and walk away from the sale if there is significant damage to the house.
If the damage is minor, the seller and buyer might just agree on a price that takes these into account.