Home sales and transactions across Texas could be delayed or cancelled in the wake of Hurricane Harvey, the Houston Chronicle reports.
Damaged homes will need repairs before sales transactions can be completed, and with construction workers in short supply, closings could be pushed back months or cancelled completely before repairs can be made. According to the Houston Association of Realtors, at the end of July more than 7,000 single-family homes were pending sale in the Houston area.
“Lenders are not going to allow properties to close without the repairs being done," said Ken Morris, Houston president of Coldwell Banker United. "They are going to want to have properties re-inspected by appraisers to make sure that the property is in good shape now. Even if there's no damage, most of the lenders are going to require a re-inspection.”
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