FEMA Bill Sign and Key West Buyers and Sellers Can Close!

By
Real Estate Broker with Key West, Key Haven, Geiger, Sugarloaf, Cudjoe, Summerland 3112649

FEMA Bill Sign and Key West Closings Go Forward

Key West buyers and sellers are rejoicing!  The Senante passed the National Flood Insurance Program Extension Act of 2010 (HR 5569) on Wednesday night (June 29, 2010).  

For the last 30 days the closings have been on hold.  Real estate agents, buyers, sellers and their families have been frustrated as they waited for the Senate to sign the FEMA bill.

The unsigned FEMA bill was blocking nearly 180 closings per day in Florida and keeping a  buyer per day out of their new Key West home.  Some of the largest banks created new policies to work around the FEMA issue at the beginning of the year when buyers and sellers went through the first closing hold when Congress went on summer break without signing the FEMA bill.

Larger banks had been allowing closings if the buyer provided a copy of their insurance application and a copy of the check showing showing that the policy had been paid for.

 

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Topic:
ActiveRain Community
Location:
Florida Monroe County Key West
Groups:
Investors
Living Key West
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Posts to Localism
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Comments 2 New Comment

Rainmaker
563,896
Robert Rauf
HomeBridge Financial Services (NJ)

Maya, this is good news, but it is only another extension of the NFIP... I am getting a little tired of the political foot balls in DC, Especially since they have been tossing around RE related ones a little too much this year!

Lets hope the prez signs this one quickly, and the "politic-ing" stops by time it needs to be extended again.

July 01, 2010 11:43 AM
Rainmaker
173,778
Maya Thomas LLC, Broker
Key West FL Historic Old Town Estates, Bungalows
Key West, Key Haven, Geiger, Sugarloaf, Cudjoe, Summerland

Hi Robert,
Excellent point!  I'm so glad that you mentioned it!  I couldn't agree with you more. 
Maya

July 01, 2010 11:56 AM
Rainmaker
173,778

Maya Thomas LLC, Broker

Key West FL Historic Old Town Estates, Bungalows
Call me now! (305) 522-1398
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