Will we need a new roof for buyer to get insurance?
deaniesue
12 years ago
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sweet_tea
12 years agodeaniesue
12 years agoRelated Discussions
Buyer's insurance co wants info on seller's old claim - ??
Comments (3)Cordovamom is %100 correct. If I remember correctly a Clue reports list the claims on a property for the last 7 years, showing the date, the type of claim, amount of the claim, and who the payer and payees are. It does not tell if the payees actually used the money to repair the damage or if a quality repair was done. Requesting a CLUE report and the associated info of any repairs for claims on the report should be standard operating produre in todays market. The buyers and their insurance company are not accusing you of anything, they are just protecting their interests. This is just smart business with all the the claims regarding mold,water, fire, wind and other major damage. Relax, give them what you can. Perhaps you can go back to the original contractor(s) and get the supporting docs for the repairs. BTW, your said that your agent said that you may have to provide the info. to the buyers and their insurance. I'm not sure about the insurance company access, but you have to give consent to private parties to run a CLUE report on property that you own. Good luck!...See MoreHome we're buying had insurance claims & repairs were never done
Comments (26)A person who owns a home can file a claim to the insurance company that they pay a premium to-THEY pay the premium and in most cases it is up to them as to whether they use that money for repairs or otherwise. If they have a mortgage, usually the check is made out to the homeowner and the mortgage company-and because the mortgage company is part owner, they want the damages fixed and will normally inspect the project to assure that something they are vested in is repaired. It's the same with owning a car-if you own your car and get a dent, insurance will pay you but if you don't have it financed, you can choose to fix it or not with the check. The down side to that is-if you do not have it fixed or the home repaired with the money, the insurance company can refuse to renew your insurance when the time rolls around....See MoreDo we need a buyer's realtor?
Comments (38)I'll tell u the whole story.. we have had a hard time finding what we want in our walk to town geog. area we wanted. I have actually looked at streets we really like, gone on Zillow and noticed some nice homes that had been listed, but never sold. Left 3 or 4 notes in mailboxes and got 3 responses.. two of which we seriously considered, but weren't fits. In our anxiousness to find a house, I also started checking out foreclosures. I noticed a solid brick cape cod was about to be sheriff auctioned. I asked neighbors about it and was told that hoarders lived there. So I didn't feel comft. pursuing it. I watched as the buyer cleared out the house and finally I stopped to ask a worker if the house was going on the market. He said yes.. so he gave my number to the owner. A nice sharp mom of 3 young kids met me to show me the house. I'm like, how in the world did you get into flipping houses? Her husband is very successful and she does this on the side. She met an REO realtor who sold her her foreclosed mcmansion. She and this realtor work as a team in these investments. So owner does not make any sales w/o her realtor partner who finds her these good buys. So there you have it. And yes, we are smart enough to question flippers/quality/skimping, etc. She has allowed me to choose granite, tile, paint, lighting fixtures.. it's been great. I can go to the house whenever I like. She's given me assurances of their dedication to following codes, etc. We feel very good about it. I had even peeked inside while the company they hired was cleaning out the "hoard" .. it was not at all like the show thank goodness! Just a LOT of stuff. I even asked the workers about the condition of the house.. they told me has great bones and no mold/water issues. It sounds like she is relieved that we swooped in before her having to wait for the work to be done to list it as they have another house in a high end community that they need the $$ put toward. Plus, things have slowed down, interest rates are up a little... etc....See MoreHomeowners Insurance Wont Insure New Home Purchase
Comments (16)Thank you for the information. I believe that every insurance policy should be approached wisely. You have to know what life insurance policies provide and insurance pyramid scheme to figure it out. I believe that cash value life insurance may be one of the missing links that your organization needs in order for your teams, your executives and your owners to reinvest their core efforts and get back to reaching new heights as a competitive and friendly organization....See Moredeaniesue
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