Hard to believe isn’t it? I had heard that congress had failed to renew the National Flood Insurance Program (NFIP) when it expired March 28th.
I guess they were too busy congratulating themselves for the healthcare program to consider extending the program prior to their recess. Hey, if you’ve got healthcare, why would you need a place to live?
I didn’t realize the implications until yesterday when I met Al Bobbitt of Sea Pines Realty. Al’s a delightful gentleman and we were discussing our respective real estate markets and, of course, Al was extolling the virtues of Hilton Head and all, when he said they can’t close a house here now (unless it’s a cash sale). Here in the coastal areas, and up to about 150 miles inland, lenders require flood insurance. No insurance, no closing, no kidding!
That’s right! People under contract to close – aren’t! People planning to move into their new homes – aren’t. Sellers who thought they were moving – aren’t. Realtors, who don’t get paid until a successful closing – aren’t bringing home a paycheck. All because congress failed to act. Everybody just stay right where you are til congress gets rested up and then decides whether they want to renew this thing or not!
On the bright side, it makes me glad I’m in Oklahoma where, for the most part, this isn’t an issue. We have very few areas where we’re affected by flood zones.
Al, I feel sorry for you buddy! There’s times I need to take home a paycheck!