Houston Business Journal, August 30, 2017

Amy Bernstein was all set to to close on a home in Meyerland when Tropical Storm Harvey hit the Houston area.

The Houston Realtor and founder of Bernstein Realty was representing the seller in the deal, set to close Aug. 25. But with a major hurricane in the forecast, the buyer refused to sign off on the contract, only settling for a verbal agreement to purchase the home after the storm.
The home, like many in the Meyerland area, flooded during Harvey’s torrential downpours.

“That transaction will probably never come to consummate,” Bernstein said.

Collapsed real estate deals like this one are playing out across the Houston area in the aftermath of one of the most destructive hurricanes in U.S. history. Damage to homes and cars alone are expected to range between $30 billion to $40 billion, according to Moody’s.

Realtors, who typically have the most closings during the last week of the month, were particularly impacted by the timing of Harvey’s landfall.

“We had a lot of closings — more than a dozen — set to close this week,” Bernstein said. “Some will still happen, but I don’t know about those homes that have flooded.”

Many brokerages have postponed these deals until prospective buyers can inspect the home for damage sustained by Hurricane Harvey.

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