Can I as the seller get sued by the buyer if I don't grant the buyer a second extension which the bank requires in Brooklyn, NY?

Asked by jimbo6057, Brooklyn, NY Tue Nov 13, 2012

If I as the seller do not want to grant a second extension which the bank requires for a second inspection of my house, due to the Hurricane Sandy. My house was not affected by the storm. I'm in area B, whereas, area A was affected

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Maria Cipoll…, Agent, Coral Springs, FL
Tue Nov 13, 2012
A second home inspection after a hurricane, will ensure the buyer that he knows exactly the conditions of the property that he is buying and to the Lender will be a proof that the house remain in the original condition. Consult an attorney before you make any decision that you can regret.

Best of Luck,

Maria Cipollone

Century 21 Tenace
1 vote
Rhonda Holt, Agent, New York, NY
Tue Dec 4, 2012
The bank does have the right to go n for a second appraisal to make sure the hurricane did not effect the value of the home before they continue with the final approval of the buyers loan. Have your attorney check your contract in the mortgage area and to see if you can be sued.

But majority of the banks will go back in after a disastrous storm to see if the property was damaged, they did it to all the properties I'm selling now.

I hope I helped you, good luck.
0 votes
Rhonda Holt, Agent, New York, NY
Wed Nov 14, 2012
Your contract states everything you need to know and it is best if you speak with your attorney so you take the correct actions.
0 votes
Mitchell Fel…, Agent, Brooklyn, NY
Wed Nov 14, 2012
Dear jimbo6057:

This is a legal matter and cannot be answered in this forum because we do not have a copy of your contract of sale to see what you are or are not obligated to do based on the contract. Your best bet is to speak to your attorney.

I will say that with most deals in Brooklyn involving mortgages right now, the banks are wanting to re-inspect the property to make sure there was no damage caused by Hurricane Sandy regardless of if the property is located in an area A or area B zone.

If I can be of further assistance, please let me know. Good luck!

Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
0 votes
De Vonte Wil…, Agent, East Point, GA
Tue Nov 13, 2012
Good Evening. Your best bet is to run the question by your attorney...However, this is not unusual and is necessary to protect the interest of the potential lender. If you refuse, the Lender may not finance the property for the Buyer, which may ultimately cause the sale to fall a part.

I hope this answered your question! If you have any further questions, please feel free to contact me by the ways below.

Wishing you all the best,

De Vonte Williamson
Licensed Real Estate Salesperson
Proudly Serving Long Island
Coldwell Banker Residential
Mobile: (631)384-3695
0 votes
Anna M Brocco, Agent, Williston Park, NY
Tue Nov 13, 2012
Your attorney can better advise based on your contract, therefore consider a aware that most lenders are requiring a second inspection due to the storm, regardless damaged, or not....
0 votes
Robbie Vaughn, Agent, Mineola, NY
Tue Nov 13, 2012
Unfortunately, you can be sued for just about anything. However, your attorney is in the best position to advise if such a suit would be successful against you. Additionally, there are some steps that your attorney can take to reduce the likelihood of a suit against you. Good luck!
0 votes
Javier Menes…, Mortgage Broker Or Lender, Melville, NY
Tue Nov 13, 2012
Yes this is a question for your attorney. Technically NO, you don't HAVE to grant an extension. However, I can say that ALL banks who have not yet closed on loans in process where the properties are located in counties identified by FEMA as affected by hurricane Sandy, require re-inspections. There is no way for the bank to know if your property was damaged by the storm or not. The wind could have knocked down a tree on to your property, etc. if you're looking to close this deal, you should try to be as cooperative as possible. But speak to your attorney and see what he/she says. Good luck!

Javier Meneses
NMLS #23130
Senior Loan Officer
Sterling National Bank
0 votes
Kathryn Lilly, Agent, New York, NY
Tue Nov 13, 2012
This is a question for your Attorney.
0 votes
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