Potential home buyers feel impact even if home was not affected - WMBFNews.com, Myrtle Beach/Florence SC, Weather

Potential home buyers feel impact even if home was not affected by flood waters

Mary Anne Dorio, Broker, Exit Coastal Real Estate Pros Mary Anne Dorio, Broker, Exit Coastal Real Estate Pros

HORRY COUNTY, SC (WMBF) - Myrtle Beach realtors say the recent floods are affecting the home buying process. Some local realtors told WMBF News that home buyers who are looking to close after the storms have experienced closing delays because many areas in South Carolina have been declared as a federal disaster area. 

Mary Anne Dorio, owner and broker for Exit Coastal Real Estate Pros in Myrtle Beach, said there is now a mandatory re-inspection required for any home that was pending in sale prior to the recent storm and floods. 

"The lenders are requesting that the appraisers go back out and inspect the properties to make sure they haven't been damaged by flood waters in any way shape or form," explained Dorio. 

Dorio says if a home sale was scheduled to close around or after the floods, then a loan appraisal company must send the same appraiser back out to that property to inspect it for water or flood damage.

"It has affected about four closings that I can think of this week, because they had to go out and do the re-inspections and so we were delayed and it did displace the purchasers," said Dorio. 

Dorio stated that lenders won't lend unless the property has been inspected, and the appraisers are back-logged because they are now required to go back out and conduct re-inspections in addition to their regular work load. 

Realtors in the Horry County area said they have experienced the same problem, but just like Dorio, they believe the re-inspections protects the buyer and the lender regardless of the inconvenience. 

She adds, "I would think that it's to protect both, to make sure that the buyers are not being forced to close on a property that has been damaged, but also for the lender because they need to make sure they are lending on a sound property."

Dorio said the appraisal re-inspections do not impact those buying a home with cash.  Homeowners should be prepared to deal with delays as many areas affected by the floods continue to recover.

"It's not the realtors that are doing this, it's not the loan officers that are doing it unfortunately, we're the ones that have to field it, but it's coming from a much higher level so really don't have much control over it," explained Dorio. 

The process only affects those that were looking to close in the recent weeks, but Dorio said the process of buying a home could be delayed until the water in still flooded areas begins to recede. 

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