FEMA and Buying Real Estate

If you have a home/property under agreement right now and the appraisal was done prior to Hurricane Sandy and you were in the path, your appraisal may have to be redone.  It makes sense when you think about it.  The property that you are buying and getting mortgage on, may have suffered damage that reduces its value and/or requires repairs that are covered under disaster relief insurers such as FEMA.  So, look over your purchase and sale documents, review the insurance provisions and contact your lender.  This may also result in a delay in closing escrow, so be prepared and Good luck!