Seth Perlman, AP
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.
"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.
- How much did President Obama donate to his...
- Obamacare may not be as expensive as we thought
- Michaels stores confirm breach of as many as...
- Balancing act: French ban on after-hours...
- Allstate to open service center in Draper,...
- Budget office: Raising federal minimum wage...
- Moab's dilemma: Can recreation coexist with...
- Delta tops list of most profitable airlines...
- How much did President Obama donate to... 44
- Report projects health law's subsidies... 21
- Obamacare may not be as expensive as we... 21
- Budget office: Raising federal minimum... 11
- Balancing act: French ban on... 9
- March another record-setting month for... 5
- Striking a balance: Moab's future... 4
- U.S. 'tax freedom day' is 3 days later... 4