Flood Insurace Update - IF you HAVE TO CLOSE on your new home ASAP - Follow these steps to get it done!

AS YOU ALREADY KNOW,  CONGRESS RECESSED WITHOUT RENEWING THE FLOOD INSURANCE PROGRAM.  THE SOONEST IT CAN BE CORRECTED IS APRIL 12. (If you haven't heard, I posted this information in a previous blog) 

SINCE THE GOVERNMENT UNDERWRITES ALL THE FLOOD INSURANCE AND THE HOUSE IS THE ONLY CRITERIA FOR THE COST, IT IS POSSIBLE THE TRANSFER A POLICY.

IF YOU ARE BUYING A NEW HOME THAT REQUIRES A FLOOD POLICY AND  HAS TO CLOSE BEFORE THAT TIME YOU CAN TRY THE FOLLOWING:

*-HAVE THE SELLER ADD YOU,  THE BUYER, AS ADDITIONAL INSURED TO THEIR PRESENT FLOOD POLICY

*-HAVE THE SELLER ADD YOUR (THE BUYER) BANK TO THE FLOOD POLICY AS AN ADDITIONAL  LOSS PAYEE

*-HAVE THE CLOSING ATTORNEY PRORATE THE COST OF THE POLICY SO YOU, THE BUYER, PAYS FOR THE REMAINING TERM OF THE POLICY

THE REMAINING TERM NORMALLY MUST BE GREATER THAT 6 MONTHS BUT SPEAK WITH YOUR LOAN OFFICER (MORTGAGE LENDER) TO SEE IF THEIR BANK WILL ACCEPT THIS METHOD.

 I hope this helps you in your new adventure as a homeowner along the coastal regions. If you have any questions or would like to buy or sell Real Estate in the Myrtle Beach area, don't hesitate to call me at 843-240-0431 or email at JakeLee@kw.com. I would love to hear from you!

Your LOCAL Real Estate Expert,

Jake Lee
www.SCRealEstatePartners.com