Do I enjoy to use a check from my homeowner's insurance to fix roof violate to a house I am selling?
Can I just keep the check? I don't live surrounded by the house and it is sitting vacant.
Answers:
I do not know at which stage in the sales procedures you are.
If you are using a definite estate broker, I would consult him.
In general, repairs are done before thehouse is put on the open market, unless you are selling as is and want the buyer to take care of adjectives the repairs.
Having an insurance, you will most likely end up by footing the bill, otherwise it will hurt your price.
Again, discuss it next to your broker. Source(s): I am a real estate broker.
You can just hold the check if you desire.
If the claim included water damage you'll inevitability to let the buyer know. A water disrupt claim will make it very difficult for the buyer to dig up insurance on the house and if the damage isn't repaired it will make it almost impossible. If you put up for sale the house without disclosing the damage you spread out yourself up to a lawsuit. Source(s): Independent Agent
Sure you can - but the insurance company won't pay for it again. Actually, since it's empty, if they didn't KNOW it was vacant, expect them to invalidate or nonrenew the policy. If it WAS vacant, expect them to wait 60 days, later ask for proof that the repairs were done, and if they weren't, THEN expect the cancellation become aware of.
The only other thing to consider, is that you'll enjoy to disclose the damage and lack of repair to the buyer, by decree. Which should adversely affect the selling price, likely by MORE than the cost to repair. You could be stuck on this vacant house for a long, long time, and the longer you dawdle to repair, the more it's going to cost. And the insurance company isn't going to give you any "supplemental payments" if it's more than six months after the claim date. Source(s): agent, 21+ years
Related Questions:
Answers:
I do not know at which stage in the sales procedures you are.
If you are using a definite estate broker, I would consult him.
In general, repairs are done before thehouse is put on the open market, unless you are selling as is and want the buyer to take care of adjectives the repairs.
Having an insurance, you will most likely end up by footing the bill, otherwise it will hurt your price.
Again, discuss it next to your broker. Source(s): I am a real estate broker.
You can just hold the check if you desire.
If the claim included water damage you'll inevitability to let the buyer know. A water disrupt claim will make it very difficult for the buyer to dig up insurance on the house and if the damage isn't repaired it will make it almost impossible. If you put up for sale the house without disclosing the damage you spread out yourself up to a lawsuit. Source(s): Independent Agent
Sure you can - but the insurance company won't pay for it again. Actually, since it's empty, if they didn't KNOW it was vacant, expect them to invalidate or nonrenew the policy. If it WAS vacant, expect them to wait 60 days, later ask for proof that the repairs were done, and if they weren't, THEN expect the cancellation become aware of.
The only other thing to consider, is that you'll enjoy to disclose the damage and lack of repair to the buyer, by decree. Which should adversely affect the selling price, likely by MORE than the cost to repair. You could be stuck on this vacant house for a long, long time, and the longer you dawdle to repair, the more it's going to cost. And the insurance company isn't going to give you any "supplemental payments" if it's more than six months after the claim date. Source(s): agent, 21+ years
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