Hurricanes Bringing Bargains for Buying a Home

With more hurricanes brewing in the Atlantic fast on the heels of Isaac there could be even more deals to be had for those interested in buying a home…

Many homeowners have had enough of these storms and even those who haven’t been hit yet are becoming highly motivated to sell their homes and relocate. Others just don’t have the funds to prepare for another hurricane, to relocate even temporarily or to handle large increases in insurance premiums.

Then there are those who suffered damage from hurricane Isaac. Even in South Florida which didn’t see landfall there are already almost 20,000 claims being made to insurer Citizens alone. Most homeowners can’t afford repairs or even to protect homes from leaks and more damage until claim money comes in, if it ever does and most are completely unaware of how much they will really have to come up with out of pocket even if they do get a check. Plus, most don’t realize that if they are delinquent on their mortgages their lenders probably won’t release the checks to them anyway.

Many of these homeowners are ready to sell at big discounts and not all are underwater. Some may even consider creative owner financing and some even property swaps. Remember that mortgage lenders also have to be scared to some extent and are perhaps more willing to cut deals on these homes and in these areas via short sales and REOs.

It’s a great time for buying a home in these hurricane prone zones but for the same reasons they are on sale there could be an increase in demand for properties in San Diego or Connecticut.

Attractive deals are everywhere but don’t overlook one of the biggest lessons here and that is no matter where you are buying a home get insurance and make sure your coverage doesn’t lapse.