Ruthie Smythe is quoted in today’s Post and Courier
National Flood Insurance Program lapses & home buyers face a major hurdle as many wait for congress to reauthorize coverage. “This has crippled the real estate industry,” said Ruthie Smythe of Charleston-based Lane and Smythe Real Estate. “It has shut down any closings and any new policies. The fact that they have left us hanging here for two weeks is just horrendous. We are just starting to see some glimmers of hope and this is what they are doing to us.” Reach Warren Wiseat 937-5524 P&C March 31, 2010http://www.postandcourier.com/news/2010/mar/31/homebuyers-face-major-hurdle/
April 1st, 2010 at 12:29 am
Ruthie, all the insurance agent / mortgage person needed to do was let the buyer know by last Friday to get their flood insurance and they could close this week or next without a problem.
Also, there are private flood insurance available at competitive rates that can be used and just yesterday FNMA and others announced that they would allow the closings to occur if the buyer applied and paid the premium now even though the policy would not be in effect.
So, hopefully buyers will get out and buy now before the tax credit runs out. Just wanted to let you know, Sincerely, David Wertan of RE/MAX Advanced Realty