Houstonians are finding that they can not close on their homes because Congress let the National Flood Insurance Program lapse. A tropical storm is already brewing in the Gulf of Mexico, with Hurricane season upon us early this year.
Lenders are reluctant to allow the buyer to close on a property in a flood zone without the necessary insurance. Buyers are finding that they may lose out on the federal tax credit because they can not close in time. These delays are adding additional costs to the buyers and sellers as they await the outcome.
Insurance costs are rising greatly because of the many natural disasters which have taken place lately. The flood plain changes constantly as Houston’s rapid growth causes new araes to flood. It has gotten to the point where I have home owners whose insurance bills are higher than their home taxes. With no end in sight. My first advice to a client would be let’s check the flood map before we even think about an offer.
Call Bill Edge at 713-240-2949 to see Houston homes in 24 hours or less.