So what happens to real estate deals when a community like Long Beach is ravaged by a storm?
“Some are falling apart, without a doubt,” says Dan Ryan of Century 21 American Homes, which has offices in Long Beach and Oceanside.
If a house sustained severe damage, one buyer may want to renegotiate, while another may just want out, says Ryan, explaining that some would rather not wait for the recovery process.
Frank DeLucia of Petrey Real Estate in Long Beach says he has three listings in contract — two in apartment buildings and one house — and all parties are still onboard. Closings have been delayed, though. In the case of the house, the basement had water damage and is being redone. DeLucia says the buyer didn’t ask to renegotiate because the basement will be new.
Ryan shares a similar story about a house where the only water intrusion was in the basement. Still, the buyer was concerned about mold. The homeowners took a proactive approach and redid the basement down to the wiring, Ryan says, adding that the buyers still want the house.
But suppose the buyers didn’t want the house? It’s a legal issue, and it’s uncharted territory, Ryan says.
Picture: Debris covers Wisconsin Street in Long Beach as the cleanup continues in the wake of superstorm Sandy