Timing is everything in a natural disaster...
shack
Posts: 11,154
This morning I closed a loan to buy a house for a client who is a college professor coming to The University of Tennessee from Tulane University. Good for her because if she was still in NO she would have no job for a while.
Last Friday she found out that the sale of her house in NO scheduled to take place tomorrow morning (Sept. 2) fell through because the buyer could not qualify. We were basically providing her with one day financing for her to buy a house here on the 1st and pay it off with the proceeds of the sale of her NO home on the 2nd. No big deal, I just extended the terms of her loan to give her time to find a new buyer. She was a little stressed. As it turns out...it wouldn't have happened anyway.
Sunday, the movers are packing up her stuff in NO (she is here) when they got the orders to evacuate. They left with none of her stuff. The hurricane hits and she is releived that it wasn't too bad. Then came the floods. When we talked today it was sort of a good thought/bad thought conversation. If as the news states that only 80% of NO is flooded, she is confident her home was not affected as she is in the highest part of NO. A BIG IF since she does not have any information at all. If that is true then she is pretty sure that the stranded people know that too and there is little chance that any of her belongings still remain. She said she hated the thought of people taking the stuff but she realized it could be replaced and was even ok with people living in the house if they needed it. She was truly sincere and it was a breath of fresh air.
There may indeed be a silver lining in it for this lady. If her house is spared from the flood it will be one of few. Once people start moving back to NO to rebuild, any standing, undamaged, structuraly sound dwelling will be in big demand and she should have no trouble selling it quickly. I would guess that she could demand an extremely high price if it is in good shape. Somehow I get the feeling that will not happen. She doesn't seem like the type....but we will see.
Interesting times.
Last Friday she found out that the sale of her house in NO scheduled to take place tomorrow morning (Sept. 2) fell through because the buyer could not qualify. We were basically providing her with one day financing for her to buy a house here on the 1st and pay it off with the proceeds of the sale of her NO home on the 2nd. No big deal, I just extended the terms of her loan to give her time to find a new buyer. She was a little stressed. As it turns out...it wouldn't have happened anyway.
Sunday, the movers are packing up her stuff in NO (she is here) when they got the orders to evacuate. They left with none of her stuff. The hurricane hits and she is releived that it wasn't too bad. Then came the floods. When we talked today it was sort of a good thought/bad thought conversation. If as the news states that only 80% of NO is flooded, she is confident her home was not affected as she is in the highest part of NO. A BIG IF since she does not have any information at all. If that is true then she is pretty sure that the stranded people know that too and there is little chance that any of her belongings still remain. She said she hated the thought of people taking the stuff but she realized it could be replaced and was even ok with people living in the house if they needed it. She was truly sincere and it was a breath of fresh air.
There may indeed be a silver lining in it for this lady. If her house is spared from the flood it will be one of few. Once people start moving back to NO to rebuild, any standing, undamaged, structuraly sound dwelling will be in big demand and she should have no trouble selling it quickly. I would guess that she could demand an extremely high price if it is in good shape. Somehow I get the feeling that will not happen. She doesn't seem like the type....but we will see.
Interesting times.
"Just because youre offended doesnt mean youre right." - Ricky Gervais
"For those who believe, no proof is necessary. For those who don't believe, no proof is possible." - Stuart Chase
"Consistency requires you to be as ignorant today as you were a year ago." - Bernard Berenson
"For those who believe, no proof is necessary. For those who don't believe, no proof is possible." - Stuart Chase
"Consistency requires you to be as ignorant today as you were a year ago." - Bernard Berenson
Post edited by RyanC_Masimo on
Comments
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Hmm. Good little story. I sure hope her house is intact and that her belongings aren't strawn all over the place.
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