Property damage from Hurricane Irene is prompting banks and other mortgage lenders to demand fresh inspections of numerous homes currently being sold, potentially slamming the brakes on real-estate deals from North Carolina to New York City. A Wells Fargo spokesman said the bank requires inspections for all unclosed loans secured by a property in federally declared disaster areas. Wells Fargo pays for the new inspection, the spokesman pointed out. With many other lenders, however, it is the home buyer who has to foot the re-inspection bill, which can run as high as $400.
Storm Slows Property Sales
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